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The Alts Institute / Credit
What Is a Liability Management Exercise?
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A liability management exercise, or LME, is a transaction, or series of transactions, in which a borrower restructures existing debt, often to extend maturities, reduce interest costs or exchange existing instruments for new ones. Learn more about these transactions that are common in distressed or opportunistic credit situations.
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For illustrative purposes only. Participation in a liability management exercise involves risks, and outcomes may vary significantly based on the issuer’s circumstances, transaction structure and negotiations among creditors. Participation does not guarantee improved terms, enhanced protections, favorable economic outcomes, or higher repayment priority.
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