Jurisdiction(s):
United Kingdom

Key definition

Syndicated facility definition

What does Syndicated facility mean? A syndicated facility is a loan or revolving credit made by a group of lenders under a single facility agreement, each lender committing a stated amount and being liable only for its own obligations (several, not joint). If one lender defaults, the others are not responsible for its share. This is a descriptive finance term, not defined by statute or case law, and its usage is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Typical features include administration by a facility agent (handling drawdowns, payments and communications) and, where secured, a security agent/trustee holding security for the lenders. Decisions...

Practitioners’ Guide to LMA Investment Grade Syndicated Loan Documents: Mandate and Syndication, Facility Agreement Structure and Key Clauses, including Risk‑Free Rate Provisions (English law)

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Practice notes

Development of the Loan Market Association (LMA) documentation

The initiative to create the LMA’s Primary Documents commenced in 1998, prompted by market appetite for a consistent template syndicated facility agreement. It arose in direct response to widespread demand for a standard form that the market could rely on for syndicated facilities. The recommended investment grade syndicated facility agreements (the Primary Documents) were produced collaboratively by representatives of the LMA, the British Bankers’ Association (now part of UK Finance), the Association of Corporate Treasurers and major City law firms. Their purpose is to reduce time and expense by offering a baseline that mirrors prevailing market practice for a syndicated loan to a corporate borrower with an investment grade credit rating. These papers are intended only as a foundation; in practice, they cannot be used without tailored amendments or additions. The LMA has revised the Primary Documents to accommodate the transition away from libor to risk-free rates. Guidance on the LIBOR transition is available in Practice Note: Introductory guide to LIBOR transition. All of the LMA documents referenced in this Practice Note can be found on the LMA website, with full access available to subscribers...

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Web page updated on 21/05/2026

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