Matt Levine's Money Stuff - December 13, 2023

Acquisition financing just got more flexible. A new term—the "applicable margin election"—is allowing acquirers to extend deal timelines beyond original outside dates while maintaining favorable lender economics, solving one of M&A's most persistent timing problems.

Noetica’s AI models unearthed a first-of-its-kind tariff-based event of default term in Superior Industries’ latest credit deal. Is this term an ad-hoc inclusion, or the first of many to come in this new macro-environment?

JPMorgan hands Warner Bros. a $17.5B bridge loan and suddenly the studio is writing new rules for bondholders.