Syndicated Loan Agreements: Amend and Extend, Borrower and Affiliate Lender Buybacks, Cashless Rolls and Disqualified Institutions
Structuring Provisions to Address Lender and Borrower Objectives and Risks
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will provide fianance market participants with an analysis of recent trends in syndicated loan documentation – amend and extend transactions, borrower and affiliate lender buybacks, cashless rolls, disqualified institutions and pro-rata sharing. The panel will discuss how to structure provisions to protect all parties to the agreement.
Outline
- Overview of current conditions in syndicated loan market
- Amend and extend facilities
- Borrower and affiliate lender buybacks
- Cashless rolls
- Disqualified Institutions
- Pro-rata sharing provisions
Benefits
The panel will review these and other key issues:
- Structuring loan provisions that facilitate approval for amend and extend provisions in the face of loan terms requiring pro-rata repayments
- Objectives of sharing clauses
- Implementing and drafting cashless rolls
- Issues with disqualified institutions, including the LSTA’s new Disqualified Institution Structure
- LSTA Model Credit Agreement Provisions, LSTA Form of Cashless Roll Letter, and other drafting considerations
Faculty
Geoffrey R. Peck
Partner
Morrison & Foerster
Mr. Peck has extensive experience representing investment banks, commercial banks, private equity funds, hedge funds,... | Read More
Mr. Peck has extensive experience representing investment banks, commercial banks, private equity funds, hedge funds, business development companies, asset managers, specialty finance companies, borrowers and issuers in large-cap, middle market and mezzanine financings and restructurings. His experience covers a broad range of transactions, including acquisition financings, first/second lien financings, unitranche financings, subordinated financings, hybrid debt/equity financings, bridge financings, preferred equity financings, asset-based financings, private placements, project and infrastructure financings, trade financings and subscription-backed financings. He led three separate transactions named ‘Deal of the Year’ by leading industry publications.
CloseBridget K. Marsh
Executive Vice President - Deputy General Counsel
The Loan Syndications and Trading Association
Ms. Marsh heads the LSTA’s Primary Market Committee and Trade Practices and Forms Committee and leads the... | Read More
Ms. Marsh heads the LSTA’s Primary Market Committee and Trade Practices and Forms Committee and leads the legal projects for the development and standardisation of the LSTA’s documentation. She is responsible for responding to and addressing secondary loan market trading disruptions and ensuring that the LSTA’s primary market and trading documentation reflects current market practices. She regularly speaks on the loan market at conferences. Prior to joining the LSTA, she practiced as a corporate finance attorney at Milbank, New York, and as a lawyer in the corporate/M&A department of Simmons & Simmons.
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Tess Virmani
Executive Vice President & Associate General Counsel
Loan Syndications & Trading Association
Ms. Virmani works with the LSTA’s Primary Market Committee and Trade Practices and Forms Committee on legal... | Read More
Ms. Virmani works with the LSTA’s Primary Market Committee and Trade Practices and Forms Committee on legal projects for the development, standardization and revision of the LSTA’s documentation and is also involved in resolving secondary loan market trading disruptions. In addition, she participates in the LSTA’s advocacy efforts, including comment letters and engagement with regulators.
CloseTed Basta
Executive Vice President of Market Analytics & Investor Strategy
LTSA
Mr. Basta manages key strategic partnerships and products of the LSTA, including the LSTA’s trade and settlement... | Read More
Mr. Basta manages key strategic partnerships and products of the LSTA, including the LSTA’s trade and settlement data initiatives, the LSTA/Thomson Reuters LPC Mark-to-Market Pricing Service and the S&P/LSTA Leveraged Loan Index. In addition, he manages the LSTA’s Market Data and Analysis team which is responsible for the Association’s analytical and reporting initiatives all of which enhance market visibility, transparency and liquidity. Those efforts include the continued development, expansion and distribution to loan market participants of market analytics and secondary trading and settlement data.
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