This guidance note provides a practical introduction to infrastructure financing, highlighting the structures, documentation and credit features commonly seen in the market.

The note covers: 

• Infrastructure financing's place within the debt financing market.
• Key infrastructure asset classes.
• The relationship between infrastructure financing and leveraged/acquisition finance.
• Common documentation formats.
• Key documentation and credit features, including covenants, security and intercreditor considerations.

The latest edition of the LMA's Fund Finance Insights series explores the growing use of Rated Note Feeders (RNFs) as a means for institutional investors to access private credit, infrastructure debt, asset-based finance and other private market strategies. 

The paper examines how RNFs operate in practice and highlights key structuring, rating and financing considerations, including the interaction between RNFs and subscription facilities, creditor protections and recent market developments. 

This latest Insights Paper (produced in collaboration with A&O Shearman) focuses on Distressed Disposals and Non-Pro Rata LMEs.

The paper examines: 

• how distressed disposal provisions operate in English law-governed intercreditor agreements;
• how these provisions are being used in liability management exercises (LMEs) to deliver non-pro rata outcomes as demonstrated by the 2025 Selecta uptiering LME;
• recent litigation in Selecta, Hunkemöller and Hurtigruten, and the growing focus on the abuse of power principle.