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 CLE webinar with Q&A


Conducted on Thursday, November 13, 2014

Recorded event now available

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Program Materials

This CLE webinar 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.

Description

As the syndicated loan market continues to grow, loan provisions are evolving to address anticipated problems. One trend is for borrowers to negotiate amend-and-extend provisions to give flexibility to extend existing loans while lenders are receptive.

Cashless rolls are being used with much greater frequency in refinancing of syndicated facilities and amend and extend transactions.  Borrower and affiliate lender buybacks, institutionalized during the credit crisis, are standard today.  As such, cashless roll and buyback provisions have been included in the newest version of the LSTA’s Model Credit Agreement Provisions.

While the pro-rata sharing principle is conceptually simple, credit agreement parties must carefully approach crafting and enforcing the provisions due to the complexity and host of legal issues that emanate from pro-rata sharing.

Listen as our authoritative panel of finance attorneys discusses the drafting of several critical provisions for syndicated loan agreements.

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Outline

  1. Overview of current conditions in syndicated loan market
  2. Amend and extend facilities
  3. Borrower and affiliate lender buybacks
  4. Cashless rolls
  5. Disqualified Institutions
  6. 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
Geoffrey R. Peck

Partner
Morrison & Foerster

Mr. Peck has extensive experience representing investment banks, commercial banks, private equity funds, hedge funds,...  |  Read More

Bridget K. Marsh
Bridget 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

Tess Virmani
Tess Virmani
Assistant General Counsel
The Loan Syndications and Trading Association

Ms. Virmani works with the LSTA’s Primary Market Committee and Trade Practices and Forms Committee on...  |  Read More

Ted Basta
Ted Basta
Senior Vice President of Market Analysis & Data
The Loan Syndications and Trading Association

Mr. Basta manages key strategic partnerships and products of the LSTA, including the LSTA’s trade and settlement...  |  Read More

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