11/13/2014 01:00 p.m. - 02:30 p.m. PST
Geoffrey R. Peck
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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.
CLE credit will be offered.
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