CARES 法案 – Federal Reserve 大街贷款计划

2020年4月9日 冠状病毒资源中心:返回业务 博客
作者: 托马斯·斯皮兰 黄权武 杰米·N·班 辛西娅·哈克斯尼斯 贾斯汀·D·劳里亚·班塔

CARES法案(“Act”) enacted on March 27, 2020 provides the Treasury with $454 billion to make loans, loan guarantees and other investments in Federal Reserve programs and facilities that will give support to eligible businesses, States and municipalities. On April 9, 2020, the Federal Reserve released information on the Main Street Lending Program established pursuant to Section 13(3) of the Federal Reserve 法案 that will leverage the Treasury’s $75 billion equity investment of CARES 法案 funds to provide up to $600 billion in new financing to small and medium-sized businesses. 大街新贷款计划将为符合条件的借款人提供新的贷款便利,大街扩展贷款计划将在2020年4月8日之前为符合条件的借款人和符合条件的放款人提供适当的贷款便利,以增加现有的贷款额度,从而扩大现有的贷款便利。定期贷款债务。财政部长努钦宣布这项贷款计划“对于雇用3500万美国人的40,000家中型企业而言,这将产生重大影响。” 

在大街新贷款计划和大街扩展贷款计划下(“大街贷款计划”),美联储将向面临财务压力和流动性问题的中小企业直接贷款的合格贷款人提供流动性。 美联储将贷款给单一用途的汽车(“SPV”)。 反之,SPV将从合格贷款人那里购买面值95%的合格贷款(合格贷款人保留5%的合格贷款),购买贷款的限额为6000亿美元。  SPV将按比例与合格贷款人分担预支资金的风险。  Loans under the 大街贷款计划 are reported to be available until September 30, 2020 unless the programs are extended or the funds are expended. 

合格贷款人

Eligible lenders are U.S. insured depository institutions, U.S. bank holding companies, and U.S. savings and loan holding companies. 合格贷款人 will be required to make certain attestations, including that (i) proceeds of the upsized tranche of the eligible loan will not be used to repay or refinance pre-existing loans or lines of credit made by the eligible lender to the eligible borrower, including the pre-existing portion of the eligible loan, (ii) it will not cancel or reduce any existing lines of credit outstanding to the eligible borrower, and (iii) the entity is eligible to participate in the 大街贷款计划, including in light of the conflicts of interest prohibition in section 4019(b) of the CARES 法案.

借款人资格 

  • 拥有10,000名员工或2019年年收入高达25亿美元的借款人(目前尚不清楚“affiliation rules”将适用于员工人数)。
  • 借款人是在美国或根据美国法律创建或组织的,在美国有重要业务活动,并且其大部分员工位于美国。 
  • 进行所需借款人证明的能力(如下所示)。
  • 借款人也可以参加“薪水保护计划”。
  • Borrower may only participate in one of the 大街贷款计划 and would not be eligible to participate in the Federal Reserve’初级市场公司信贷融资。 

大街新贷款计划

根据该计划,美联储将购买2020年4月8日或之后产生的贷款的参与权。 

合格贷款

  • 4年到期。
  • 本金和利息的摊销递延一年。
  • 隔夜担保利率的可调率(SOFR)+ 2.5%–4.0%(截至2020年4月8日,SOFR为0.01%)。
  • 最低贷款额为100万美元。
  • 最高贷款额为(i)2500万美元和(ii)金额,取其较小者后的较小者’现有未偿还但已承诺但尚未提取的债务,不超过借款人的四倍’s 2019 EBITDA. 
  • 贷方将向SPV支付美联储购买的贷款本金的1%的设施费,但可能(可能会)要求借款人支付设施费。
  • 借款人将支付贷款本金的1%作为启动费。
  • SPV将向贷款人支付贷款参与部分的0.25%的服务费。
  • 没有预付款罚款。
  • 贷款是无抵押定期贷款。 

大街扩大贷款计划

根据该计划,美联储将购买在2020年4月8日之前发起的现有贷款的较大部分的投资,前提是该较大部分在2020年4月8日或之后生效。

合格贷款

  • 4年到期。
  • 本金和利息的摊销递延一年。
  • SOFR可调率+ 2.5%– 4.0%.
  • 最低贷款额为100万美元。
  • 最大贷款额为(i)1.5亿美元,(ii)借款人的30%中的较小者’现有的未偿还但已承诺但尚未提取的银行债务,或(iii)当加至借款人时的金额’现有未偿还但已承诺但尚未提取的债务,不超过借款人的六倍’s 2019 EBITDA. 
  • 借款人将在扩大规模时支付扩大部分的本金的1%的启动费。
  • SPV将向贷款人支付贷款参与部分的0.25%的服务费。 
  • 没有预付款罚款。 
  • 贷款是有抵押或无抵押的定期贷款。 任何抵押品,无论该抵押品是根据合格贷款的原始条款还是在增资时抵押的,都将按比例获得贷款参与权。

Required Borrower Attestations for 大街贷款计划 Include: 

  • 借款人应避免在全额偿还贷款之前,将贷款的收益(或较大的部分,如适用)用于偿还其他贷款余额,以及偿还优先级较低或同等优先级的其他债务(强制性本金除外)。  
  • 借款人不会寻求取消或减少其任何未偿信贷额度。
  • 由于冠状病毒的紧急情况,借款人需要融资。
  • 借款人将在贷款期限内做出合理的努力来维持其工资单并留住员工。
  • 借款人符合EBITDA杠杆条件。
  • Borrower will follow compensation, stock repurchase and capital distribution restrictions that apply to direct loan programs under section 4003(c)(3)(A)(ii) of the CARES 法案 (see the first two bullets on the “Restrictions” section below). 
  • Borrower certifies that it is eligible to participate in the loan program, including the conflicts of interest prohibition in section 4019(b) of the CARES 法案.

限制条件 

  • 直到还清贷款后的12个月内,在股票借方或母公司的国家证券交易所都不会回购股票证券的股票(2020年3月27日之前签订的合同义务除外),也不会在普通股上支付股息或进行资本分配借款人的库存。
  • 在贷款执行至偿还贷款后的一年期间:(1)冻结(在连续12个月的基础上)2019年总薪酬超过425,000美元的高级职员和员工(通过2020年3月1日之前签订的现有集体谈判协议),(2)薪资超过$ 425,000的高级职员和员工不能获得超过其2019年总薪酬的两倍的遣散费,以及(3)没有任何职员或员工的总薪酬超过$ 3 2019年的百万美元薪酬(连续12个月)可能超过(i)300万美元和(ii)超过2019年收到的总薪酬300万美元的50%。
  • 贷款不符合宽恕条件。
  • Compliance with Section 13(3) of the Federal Reserve 法案 requirements (not subject to be waived), including the following:
    • 美联储必须为所有抵押品分配一个值,以确保有足够的抵押贷款来保护纳税人免受损失。
    • Borrowers cannot be insolvent as defined by the Dodd-Frank 法案 or as the Federal Reserve determines.

某些借款人的实际考虑 

  • Borrowers will need to determine their eligibility for the 大街贷款计划 and decide on participation among the two 大街贷款计划 and the Primary Market 企业法人 Credit Facility. 
  • 借款人将需要审查现有的融资和合同承诺
  • 借款人应审查协议以限制额外借款,并准备与他们现有的放款人讨论使用大笔付款的可能性,以及可能的同意,修正和弃权。  
  • 借款人应审查其资产,以识别参与“大街扩展贷款工具”所需的可用抵押品,同时牢记确保现有贷款工具抵押的任何抵押品也将获得更大的一部分。 

Due to the evolving nature of the 大街贷款计划 and the indication by the Federal Reserve that the Treasury and Federal Reserve may make adjustments to the terms and conditions of the 大街贷款计划 and will continue to seek input from lenders, borrowers, and other stakeholders, please keep your 佛利 contact apprised of any steps that you take so we are best positioned to assist once the Treasury and Federal Reserve release further guidance. 

佛利 has created a multi-disciplinary and multi-jurisdictional team, which has prepared a wealth of topical client resources and is prepared to help our clients meet the legal and business challenges that the coronavirus outbreak is creating for stakeholders across a range of industries. 点击这里 for 佛利’冠状病毒资源中心可随时了解相关发展,见解和资源,以在这个充满挑战的时期为您的业务提供支持。要直接在收件箱中接收此内容, 点击这里 并提交表格。 

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