Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Acquisition finance definition

What does Acquisition finance mean? acquisition finance is the debt and/or equity raised to fund the purchase price and costs of an acquisition. It is a market term, not defined in legislation or case law, and is used across corporate, banking and leveraged finance practice. Funding may include bank term and revolving facilities, private credit/direct lending, bridge-to-bond loans, high‑yield bonds, mezzanine, vendor loan notes, and equity (for example, a share issue or private subscription). In leveraged buyouts it is commonly secured on the buyer/target group with upstream and cross‑stream guarantees, subject to corporate benefit, distributions rules and financial assistance restrictions. Across England & Wales,...

UK leveraged acquisition finance under LMA senior facilities: representations, information and general undertakings, financial covenants, baskets/exceptions, incurrence features, liability management, documentary relaxation clauses, and events of default

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Practice notes

This Practice Note discusses:

the aim and customary Representations found in a leveraged senior facilities agreement (SFA), and how they vary from those in an investment‑grade facility agreement
typical sponsor approaches to narrowing the scope of those representations
the usual timing for delivering representations
the function of, and standard information undertakings in, a leveraged SFA
the role of, and common general undertakings within, a leveraged SFA
how ‘baskets’ are used to moderate the effect of the general undertakings
the rationale for, and usual events of default

The material here proceeds on the basis of an SFA broadly aligned with the senior multicurrency term and revolving facilities agreement for leveraged Acquisition finance transactions available to members on the LMA website (LMA Leveraged SFA). For details on other components of a leveraged finance facilities agreement, see Practice Note: Introductory guide to leveraged finance facilities agreements. For explanations of terms used in this Practice Note, see: Glossary of acquisition finance terms and jargon. This Practice Note offers introductory material only. Each section links to any relevant further reading. It does not address bond documentation...

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Web page updated on 21/05/2026

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