GRA 6290 Finansiering, pant og garantier
All companies need funding for starting and maintaining their business activities. Thus they have to finance their operations. This course gives an introduction to the basic rules of law pertaining to such financing. However, financing through the securities markets is not included in this course as such financing is the subject in another course.
The students will acquire knowledge on
- equity financing
- debt financing including the types of transactions, bank loans vs bond loans
- loan agreements
- mortgage and security as an element in financing the companies
- leasing/sale- and leaseback as a method of financing
The student should be able to:
- evaluate complex issues related to the assessment and choice of financing structures and methods, where funding costs, time frames, the size and structure of the company, risks, etc. are taken into account and evaluated towards which legal structure that should be applied in various situations.
- identify and assess the basic issues related to the legislation and contract regulation of equity- and debt financing, mortgages and guarantees according to financing of companies.
The students should get the following general competence:
- be able to understand how different ways of financing a company have an impact on how the company is driven.
- be able to have a precise dialog with banks and financial institutions regarding financing of companies.
- Overview of possible financing structures and alternatives. When, why and how?
1.1. The main differences between equity- and debt financing: The shareholders’ vs the creditors’ position
- Equity financing
2.1. Share issues. The Joint Stock Companies Act, Chapter 10
- Capital increases. Bonus issues or issues of new shares towards payment of par value or above par value
- Right issues vs private placements
- The applicable procedures for the share issues
- Debt Financing. The types of transactions. Bank loans vs bond loans
3.1. Subordinated loans
3.2. Loan Agreements
3.3. Mortgage and guarantees. Negative pledges.
3.5. Leasing/Sale- and leaseback
3.6. Asset finance
- The Loan Agreements
4.1. The lender
4.2. The terms of the loan. The conclusion of a loan agreement. Set offs
4.3. Loan agreements for a fixed amount
4.4. Loan agreements for credit lines
4.6. Due date clauses
- Mortgage and security
5.1. The relationship between the loan agreement and the mortgage. The secured sum and the underlying effective debt.
5.2. The background and considerations
5.3. The assets to be mortgaged
5.4. Legal protection and priority
5.5. The parties’ right to dispose of the mortgaged assets
5.6. The termination of the mortgage period. Forced sales.
7.1. Introduction. What is a guarantee
7.2. The types of guarantees
7.3. Entering into guarantee agreements. The guarantee terms
7.4. Due dates for guarantees
7.5. Termination of guarantee periods
7.6. Which defenses may the guarantor invoke towards the creditor
7.7. The guarantor’s recourse claim against the main debtor.
- Leasing/Sale- and leaseback
Students will learn through regular lectures and case discussions. The course lends itself to bringing up relevant topics discussed in the regular press.
It will also be taught through blended learning, through relevant digital platform-discussions of current events in the news etc.
Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class.
Bachelorgrad som kvalifiserer til opptak til studiet. I tillegg kan kurs i andre, tredje og/eller fjerde semester ha egne forkunnskapskrav og gå ut ifra at studenter har fulgt normal studieplan. For studenter på utveksling eller i gradssamarbeid vil tilsvarende kurs bli godkjent.
Avvik i undervisnings- og eksamensformer kan forekomme dersom eksterne rammebetingelser eller uforutsette hendelser tilsier dette.
Eksamen ved neste kursgjennomføring
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Forberedelse til undervisning
Studentenes eget arbeid med læringsressurser
Gruppearbeid / oppgaver
Et kurs med 1 studiepoeng tilsvarer en arbeidsmengde på 26-30 timer. Et kurs på 6 studiepoeng tilsvarer derfor en arbeidsmengde på minimum 160 timer