The Loan Market Association (LMA) has as its key objective improving liquidity, efficiency and transparency in the primary and secondary syndicated loan markets in Europe, the Middle East and Africa.
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What's New

LMA Secondary Documentation: LIBOR & EURIBOR References

We have updated our Standard Terms & Conditions for Par & Distressed Trade Transactions (Bank Debt/Claims), and accompanying Users Guide, to include updated (1) definitions of EURIBOR and LIBOR, to reflect the changes to the administrators of each of these rates; and (2) mechanics for calculating an alternative benchmark rate for trades which settle in Australian dollars, New Zealand dollars, Canadian dollars, Danish krone and Swedish krona. Condition 32.4 (Electronic communication) has also been updated, to make it consistent with the most recent changes to the primary documents. The IBOR references have also been updated in the LMA Form of Early Termination Amount Statement for Par and Distressed Trade Transactions.

Changes to Confidentiality and Front Running Letter for Primary Syndication and the LMA Mandate Letters (both Underwritten and Best Efforts)

LMA produces term sheet for use with the term facility agreement for pre-export finance transactions.

LMA March Monthly Update

For the latest legal & regulatory news, regulatory submissions, briefing notes and upcoming LMA events.

LMA launches Template Private Placement Documentation

We have launched template documents for use in European private placement transactions (the "Private Placement Documents").  The LMA project to develop the Private Placement Documents was commenced in response to demand from LMA members active in the private placement market, who were keen to promote the development of this product as a viable financing tool in Europe. It is hoped that standardisation of documentation will assist in creating a more unified and efficient private placement market. 

LMA News H1 2015 (published Dec 2014)

Articles include: loan market commentaries for UK, France, Germany and the Nordic region; Economic outlook for 2015, EMEA leveraged finance market update; impact of sanctions on loan/credit transactions; and more.

Briefing Note on new tax rules for restructuring and amending corporate debt

In 2013, HMRC published a consultation document suggesting that the tax treatment of debt should change so that (amongst other things) corporate restructurings involving the capitalisation or release of debt of UK companies would be fully taxable, with fewer exemptions than at present (if any).  The LMA responded to the consultation, highlighting the crucial importance of ensuring appropriate tax relief was available in cases of corporate rescue, in an effort to avoid unnecessarily rendering debtors insolvent.  This began a process of formal and informal consultations which led to the publication, following the Autumn Statement, of a draft Finance Bill which preserves the existing reliefs for capitalising/releasing debt, and adds a new general exemption for releases forming part of a corporate rescue.

EU sanctions relating to Ukraine and Russia

The LMA has produced a Memorandum on "Clarification of the prohibiting on new loans and credit under council regulation (EU) No. 833/2014".