Read more
The definitive guide for navigating today's credit agreements
Today's syndicated loan market and underlying credit agreements are far more complex than ever. Since the global financial crisis, the art of corporate loan syndications, loan trading, and investing in this asset class have changed dramatically. Lenders are more diverse, borrowers more demanding, and regulations more stringent. Consequently, the credit agreement has evolved, incorporating many new provisions and a host of revisions to existing ones.
The LSTA's Complete Credit Agreement Guide brings you up to speed on today's credit agreements and helps you navigate these complex instruments. This comprehensive guide has been fully updated to address seven years of major change-which has all but transformed the loan market as we knew it. It provides everything you need to address these new developments, including what to look for in large sponsor-driven deals, the rise of "covenant lite" agreements for corporate borrowers seeking fewer covenant restrictions, Yankee Loans, other products resulting from globalization, and other product developments driven by the diversification of the investor class.
You'll benefit from the authors' in-depth coverage of all the nuances of today's credit agreements, as well as their tips on how to protect your loan, manage defaults, and navigate cross-border deals. This reliable guide covers:
o Commitments, Loans, and Letters of Credit
o Interest and Fees
o Amortization and Maturity
o Conditions Precedent
o Representations
o Covenants
o Guarantees and Security
o Defaults and Enforcement
o Interlender, Voting, and Agency issues
o Defaulting Lenders
o Assignments, Participations, and Disqualified Lender ListsBorrower Rights
o Regulatory Developments
Structuring and managing credit agreements has always been a difficult process - but now it's more complicated than ever. Whether you work for a company that borrows money in the syndicated loan market or for a bank, a hedge fund, pension fund, insurance company, or other financial institution, the LSTA's Complete Credit Agreement Guide puts you ahead of the curve of today's credit landscape.
List of contents
PrefaceChapter 1: The Credit Agreement
Chapter 2: Commitments, Loans, and Letters of Credit
Chapter 3: Interest and Fees
Chapter 4: Amortization and Maturity
Chapter 5: Conditions Precedent
Chapter 6: Representations
Chapter 7: Covenants
Chapter 8: Guarantees and Security
Chapter 9: Defaults and Enforcement
Chapter 10: Interlender, Voting and Agency Issues; Defaulting Lenders
Chapter 11: Assignments and Participations
Chapter 12: The Boilerplate
Chapter 13: Borrower Rights
Chapter 14: Regulatory Developments
Appendix I Table of Authorities
Appendix II LSTA Model Credit Agreement Provisions
Appendix III LSTA Form of Contractual Recognition ProvisionIndex
About the author
Jerome McCluskey is a partner in the New York office of Milbank, Tweed, Hadley & McCloy and a member of the firm's Leveraged Finance Group. He has extensive experience advising clients on domestic and crossborder financing transactions, including leveraged buyouts, recapitalizations, bridge and mezzanine financings, and DIP and exit facility financings. McCluskey is a member of the Commercial Law and Uniform State Laws Committee of the Association of the Bar of the City of New York.
Michael Bellucci is a partner in the New York office of Milbank, Tweed, Hadley & McCloy and a member of the firm's Leveraged Finance Group. His practice centers on bank financing and other financing matters. His clients include US and foreign banks and institutional lenders, investment advisors, and US and foreign borrowers and financial sponsors. He has extensive experience across a wide range of industries in domestic and international financing transactions.
