Secured facilities with longer maturity periods

Typically, these facilities have maturity periods of three to five years and are structured as term loan or revolving credit facilities, often including an accordion facility for additional flexibility. Such facilities are often designed to contemplate relegation and promotion (rather than being subject to a renewal on an annual basis), for example, requiring the repayment structure or pricing to be changed, additional collateral to be posted or part prepayment in the event of promotion or relegation.