9780750659079

Syndicated Lending

by
  • ISBN13:

    9780750659079

  • ISBN10:

    0750659076

  • Format: Paperback
  • Copyright: 2004-11-22
  • Publisher: Elsevier Science
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Summary

Syndicated Lending aims to increase the readers awareness of the benefits and risks involved in taking part in the Syndicated Loan market. This book covers: *Who the major players in the syndication loan market are *Why syndication loans are used *Syndication loan structures and documentation *Secondary syndication loan market *Inspired from the basic entry level training courses that have been developed by major international banks worldwide. *Will enable MSc Finance students, MBA students and those already in the finance profession to gain an understanding of the basic information and principles underlying the topic under discussion *Questions with answers, study topics, practical "real world" examples and text with an extensive bibliography and references ensure learning outcomes can be immediately applied

Table of Contents

Foreword ix
1 Introduction to syndicated loans 1(6)
What is a syndicated loan?
1(1)
The growth of the syndicated loan market
2(4)
The secondary market in syndicated loans
6(1)
2 Attractions of the syndicated loan market 7(22)
The borrower
7(5)
The participants
12(7)
The arranger and the agent
19(3)
Tombstones
22(3)
Syndications timetable - from mandate to drawdown
25(1)
Exercise 1
26(1)
Answers to Exercise 1
27(2)
3 Responsibilities and obligations of syndicated loan participants 29(14)
The borrower
29(2)
How the borrower chooses an arranger for the syndicated loan
31(2)
The participants and their responsibilities
33(3)
Other considerations affecting participants in a syndicated loan
36(1)
Roles of the arranger and the agent
37(3)
Exercise 2
40(1)
Answers to Exercise 2
41(2)
4 The major players in the syndicated loans market 43(23)
League tables
43(20)
Barclays Capital
63(3)
5 Structures used in syndicated loans 66(23)
Overview of syndications
66(1)
Term of loan
67(1)
Revolving facilities
68(1)
Committed and uncommitted facilities
68(1)
Single currency or multi-currency
69(1)
Repayment profiles
69(1)
Repayments via bond issues/acquisition finance
70(2)
Evergreen facilities
72(1)
Senior debt, mezzanine finance, and subordinated loans
73(1)
A subordinated loan
73(1)
Securitization
74(1)
Trade finance/pre-export finance
75(1)
Stock loans
76(1)
Project finance
77(5)
Aircraft finance
82(1)
Ship construction finance
83(1)
Non-recourse loans
83(1)
Standby credits
83(1)
Property finance
84(1)
Vodafone Air Touch
85(4)
6 The Loan agreement 89(36)
The preamble
90(1)
Definitions
91(5)
The facility
96(1)
Purpose
96(1)
Conditions precedent
97(1)
Utilization
98(2)
Repayment
100(1)
Prepayment
101(2)
Interest rate
103(2)
Fees
105(1)
Taxes and other deductions
105(1)
Other indemnities
106(1)
Guarantee
106(2)
Representations and warranties
108(2)
Undertakings
110(4)
Indemnities
114(1)
Currency
115(1)
The agent and lenders
115(1)
Sharing payments
116(1)
Transfers of participations
116(3)
Changes to the obligors
119(1)
Waivers, amendments, and consents
120(1)
Partial invalidity
120(1)
Governing law and jurisdiction
121(1)
Legal opinions
121(4)
7 Loan covenants 125(21)
The function of loan covenants
125(4)
Types of covenants
129(3)
Negotiating the covenants in the loan agreement
132(5)
Functioning of covenants during the loan
137(3)
Breach of covenant
140(3)
Other issues
143(3)
8 Secondary loan markets 146(22)
History and development of the secondary loan market
146(3)
LSTA
149(4)
LMA
153(3)
Syndicated loans and credit rating agencies
156(12)
Glosssary 168(15)
Index 183

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