the authoritative voice of the EMEA market

Whats New

LMA makes revisions to its leveraged acquisition finance documentation and launches new security agreement for REF, as well as more general updates to its suite of Facility Agreements

The LMA is pleased to announce the launch of: revised forms of term sheet, senior facilities agreement, intercreditor agreement and hedging letter for leveraged acquisition finance transactions; and a new security agreement intended for use on real estate finance transactions (the "REF Security Document"), as well as consequential changes to the LMA REF facility agreements and term sheets.

Fitch Ratings article: European leveraged credit may suffer if US-style guidelines are introduced

In this article Edward Eyerman, Managing Director, and Paul-Antoine Conti, Director, from the European Leveraged Finance team at Fitch Ratings seek to explain the potential impact of US-style leveraged lending guidelines being introduced in Europe, following the ECBs announcement it will publish an exposure draft outlining its proposals before the end of the year.

Loan Market Insight

European Loans Monthly (July 2016)
Read Dealogic's statshot

55% Drop in EMEA Volume Pushes Global IG Loans to Three Year Low (April 2016)
Read Dealogic's statshot

European Leveraged Finance at a glance (February 2016)
Dealogic's review of 2015

Thomson Reuters LPC's Global Loan Market Data & Analytics (July 2016)
Thomson Reuter's LPC Report

CreditMatters EMEA (July 2016)
Standard & Poor's Ratings Services Report

Capital Markets View TV: European Debt Markets Shrugs Off Brexit Uncertainty (August 2016)
Standard & Poor's Ratings Services Report

CreditMatters TV interview: Overview of Corporate Recovery Rating Request for Comment (July 2016)
Standard & Poor's Ratings Services Report

EMEA Infrastructure Finance Outlook Monthly Newsletter (August 2016)
Standard & Poor's Ratings Services Report

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Spotlight on the LMA leveraged documentation: Key recent changes

Video interview with Matthew Dunn, Partner at Clifford Chance LLP, on the key changes to the leveraged documentation. On 18 November 2016, the LMA published revised versions of its documentation for leveraged acquisition finance transactions.

LMA launches new mezzanine facility agreement drafting guide for leveraged acquisition finance transactions

The Mezzanine Facility Drafting Guide (the "Mezzanine Guide") was produced to provide guidance on drafting mezzanine facility agreements for leveraged transactions. The Mezzanine Guide illustrates the changes that might be made to a final form of senior facilities agreement when producing a mezzanine facility agreement based on the LMA leveraged facilities agreement.

Consequential updates have been made to the LMA intercreditor agreement for leveraged acquisition finance transactions.

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LMA January 2017 Monthly Update

For the latest documentation updates, regulatory submissions, legal and regulatory news, and upcoming LMA events.

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LMA launches e-learning programme

We are pleased to launch an e-learning platform to complement our existing range of training. It is particularly targeted at market participants who may be unable to access our training days, but is equally suited to all professionals in the market.

The inaugural course, entitled "Understanding the Loan Market", aims to up-skill participants to an expected baseline understanding of syndicated loans. Further information can be found by clicking the arrow.