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...

Guide to LMA leveraged finance precedents: term sheets, mandate and primary syndication documents, senior and super senior facilities, mezzanine drafting, intercreditor agreements, and RFR-based interest

Published by a LexisNexis Banking & Finance expert

Practice notes

Development of the Loan Market Association (LMA) documentation

The initiative to create the LMA’s investment grade suite started in 1998, driven by market calls for a uniform syndicated facility agreement. The project emerged in response to market demand for a standardised syndicated facility agreement. Development of the LMA’s leveraged materials followed a comparable path: an initial facility agreement for leveraged acquisition finance transactions was released in 2004, with the recommended Intercreditor Agreement for leveraged acquisition finance (senior and mezzanine) issued in 2009. Since then, the LMA has continued to issue further precedents to reflect demand and changes in the market. There are now standard forms available for deals involving senior secured notes. In addition, there are forms for structures that feature both senior secured notes and high yield notes, recognising the significant volume of transactions financed in part or in full through high yield debt. The purpose behind both sets of LMA standard forms is to save time and cost by offering a position that reflects prevailing market practice for the relevant transaction type. However, the documents are intended only as a starting point, and it is not feasible to use them without making appropriate amendments or additions...

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Web page updated on 27/05/2026

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