Arranger meaning

For further details on the documents outlined below, please refer to Practice Note: Issuing debt securities—key documentation. Appointment of the arranger The issuer (Issuer) designates an arranger (Arranger) to set up the programme. The Arranger may additionally serve as a dealer or manager for later note issues under the programme. Responsibility —Issuer and Arranger. Appointment of the dealers The dealer(s) (Dealers) will enter into a dealer agreement with the Issuer and the Arranger. For a syndicated issue, the Dealers and the Issuer may also sign a subscription agreement. New dealers may be added to the programme after launch via a dealer accession letter. Responsibility —Dealers, Arranger and the Issuer. Appointment of the agents The Issuer will appoint agents to act on its behalf for the programme. These may include a fiscal agent (Fiscal Agent) or a trustee (appointed by the Issuer to represent the interests of the noteholders),...

Loan Market Association investment grade facilities agreement This commentary draws on the Loan Market Association (LMA)’s recommended LMA Multicurrency Term and Revolving Facilities Agreement that incorporates Term SOFR (the LMA facilities agreement). The LMA provides various precedent loan agreements for investment‑grade deals, and single‑currency forms may suit a particular transaction better—the commentary can nonetheless be applied in that context. The provisions in the LMA facilities agreement, and in the LMA’s other precedent forms, are drafted on the basis of a series of assumptions. It is essential to recognise these, as amendments will usually be required where any assumption does not hold true. For further detail on those assumptions, see Practice Note: Loan Market Association investment grade documentation. That Practice Note also outlines the range of LMA‑recommended investment‑grade facility agreements and indicates the circumstances in which each is appropriate. In addition, the LMA publishes recommended form facility agreements for specialist transactions, including leveraged, real estate, trade and developing markets transactions. For more on these, please refer to our...

This Practice Note reviews the principal finance participants actively engaged in a syndicated loan arrangement or syndicated loan facility. It examines the functions and obligations of the arranging bank, facility agent, security agent (also called the security trustee), the syndicate lenders and the issuing bank(s), with specific reference to the Loan Market Association (LMA) loan documentation forms. Loan Market Association documentation The LMA is the leading organisation within the European, Middle Eastern and African (EMEA) syndicated loan market across the region. Its aim is to enhance liquidity, efficiency and transparency across the primary and secondary syndicated loan markets. LMA documentation is developed following wide consultation with prominent loan practitioners and law firms, to reflect a shared consensus on documentation structures...

In a securitisation deal, a bank or other financial institution can assume several positions. The degree of an in‑house counsel’s engagement will be shaped by those functions and by the nature and complexity of the specific transaction. This Practice Note principally addresses ‘true sale’ securitisations issued under Regulation S of the Securities Act of 1933 (as amended), where there is a third‑party originator and the bank serves in an agency role. It highlights points to consider that are additional to, or distinct from, those relevant to a vanilla bond issue (see Practice Note: Tips and traps for in‑house lawyers—key issues in issuing syndicated vanilla bond issuances). Other considerations will apply to different securitisation structures, or where the bank or a bank affiliate originates or purchases the assets before they are securitised. General points to consider What role(s) is the bank being appointed to undertake? The first matter to settle is which role(s) the bank is appointed to perform in the transaction. Has the bank been named as...

To be printed on the headed paper of the arranger [ s ] [ insert date ] To: [ insert full name and address of borrower ] Dear [ insert full name of borrower ] 1 We refer to the facilities agreement dated [ insert date of facilities agreement ] among [ insert full name of the borrower ] as the Borrower, [ the subsidiaries of the Borrower listed in [ insert Schedule containing borrowers' details ] as Original Borrowers ], [ the subsidiaries of the Borrower listed in [ insert Schedule containing guarantors' details ] as Original Guarantors ], the financial institutions set out in [ insert Schedule containing lenders’ details ] as Original Lenders, [ insert full name of arranger [ s ] ] as the Arranger, and [ insert full name of facility agent ] as the Agent, ...

[ To be printed on the headed paper of the agent/security agent ] [ insert date ] To: [ insert full name and address of [ parent ] ] Dear [ insert full name of parent ] 1 We refer to the facilities agreement dated [ insert date of facility agreement ] made between: [ insert full name of the parent ] in its capacity as the Parent; the Parent’s subsidiaries named in [ insert Schedule containing borrowers' details ] as the Original Borrowers; the Parent’s subsidiaries identified in [ insert Schedule containing guarantors' details ] as the Original Guarantors; the financial institutions set out in [ insert Schedule containing lenders details ] as the Original Lenders; [ insert full name of arranger [ s ] ] as the Arranger; [ insert full name of facility agent ] as the Agent; [ insert full name of security agent [ s ] ] as the Security Agent; ...

[ On headed notepaper of a potential syndicate member ] To: [ enter the complete name and address of the arranger ] [ enter date ] Dear [ enter the complete name of arranger ] Facility in [ enter currency ] [ enter amount ] to [ enter name of borrower ] (the Borrower) by [ enter name of Arranger ] (the Arranger) with [ enter name of Agent, as agent ] (the Agent)...