I should probably know this, but are companies required to refinance their debt if they are acquired?

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Unless they have a portable capital structure.

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What does that even mean?

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Unless the term sheet states that they have to, they don't, but most acquirers do it anyways

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Means the company does not have to refinance after change of control.

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^Usually included in term sheets yes but not required

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Usually have to due to Change of Control provision. Portable cap structures are a big no-no at my bank.

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Thought major creditors have a first right of refusal on the acquisitions terms before a deal is closed. If they don't agree then another creditor would be required.

Portable cap structures are only for the very best in class credit

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