Direct Lending vs. Private Placements: Note Purchase Agreements, Credit Agreements, Documentation, Market Factors

This CLE webinar will discuss the evolving capital market and the convergence of direct lending with private placements under the umbrella term "private credit." Our faculty will highlight pertinent distinctions between two of the common financing documentation structures, drafting considerations, and key legal frameworks to consider before embarking on a capital-raising effort.

Direct lending and private placements are converging in today's capital markets, often described collectively as "private credit." Together, they are key drivers of a $3 trillion private credit market, one that is forecasted to exceed $5 trillion by 2029. As private markets evolve, practitioners are increasingly called upon to navigate equity-based private placements and direct lending transactions in their day-to-day practice—sometimes even within a single deal.

Both direct lending and private placements offer access to private capital and private negotiation; however, these capital-raising efforts require different structures, attract different lenders/investors, and appeal to companies of different sizes. It is important to understand the nuances of each offering to ensure clients are guided to the right capital-raising or investment vehicle that matches their risk and deal needs and to possess the drafting skills necessary to execute the underlying deal documents. During this webcast, our faculty will assess trending market practices and dynamics; identify principal parties to these transactions; and walk through transaction documentation, highlighting material terms and important nuances for credit agreements, note purchase agreements, and private placement documents.

Listen as our experienced faculty provides a practical comparison of direct lending investments and private placements, market opportunities, deal risks, and considerations for document drafting.