The provision of a term sheet to prospective participants in a syndicated loan transaction is a well-established and key component of the primary syndication phase of any deal. However, a lack of consistency with respect to content, and sufficiency of content, negatively impacts an investor's ability to appropriately analyse risk at a key stage of the investment decision process. The LMA and the ELFA joined forces with the investor community, and specialist review providers, to identify a list of provisions that are of material importance to investors' investment decisions, which are now set out in this Best Practice Guide.

On 18 November 2020, we published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables. The Brexit Note and destination tables are intended to provide participants in the syndicated loan market with prior notice of the changes that will be made by the LMA to its English law facility documentation to take account of the end of the Brexit transition period.

On 21 October 2020, we published a note (the "pre-cessation note") highlighting considerations relating to inclusion, in the LMA's Revised Replacement of Screen Rate Clause, of a specific pre-cessation trigger relating to a benchmark rate no longer being representative.

Guidance on the application of the Green Loan Principles in the real estate finance (REF) investment lending context – Green buildings

Guidance on the application of the Green Loan Principles in the real estate finance (REF) lending context – Retrofit projects

On 19 October, the LMA has updated its Data Protection Privacy Notice to clarify the service providers to whom the LMA can disclose personal data to (e.g. professional advisers).

Click here to view the updated policy.

The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.

As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.

Read more to learn how to change your password.