Jurisdiction(s):
United Kingdom

English law LMA investment grade facilities agreement: clause-by-clause drafting and negotiation guide, with risk-free rate/Term SOFR interest, multicurrency options, letters of credit, tax, transfer and enforcement

Published by a LexisNexis Banking & Finance expert

Practice notes

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 Loan Market Association (LMA) collection...

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Web page updated on 21/05/2026

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