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.
Results of LMA Members' Survey - outlook for the syndicated loan market in 2015
We have surveyed our membership on the outlook for the syndicated loan market over the next 12 months. The survey comprised multiple choice questions covering the primary and secondary loan markets in general, real estate finance and the developing markets specifically, as well as regulation. Results were collected anonymously and represent the views of our members, from 32 countries, actively working in the loan market.
LMA December Monthly Update
For the latest legal & regulatory news, regulatory submissions, briefing notes and upcoming LMA events.
LMA launches new Super Senior High Yield Facility & Intercreditor Documentation
We have launched a new recommended form of Super Senior Multicurrency Revolving Facility Agreement and associated Intercreditor Agreement for use in those transactions which assume a super senior revolving facility, senior secured note and high yield note structure (the "Super Senior HY Documents").
Revised suite of Facility Documentation
We have published revised versions of the LMA facility documentation to correct a minor drafting error in the Timetables Schedule. The revised mark-ups still show all changes made to the revised suite i.e. the comprehensive revision of the interest provisions; the operational changes; and the auditor control provisions.
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".