• 28 April 2022
    LMA publishes revised versions of real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset

    We have published revised versions of our real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset. Cumulative mark-ups against the previous LIBOR referencing documents have also been published so that members may see the changes which have been made.

  • 11 April 2022
    LMA publishes security agreement and associated users guide for use in various common law African jurisdictions

    We have published a security agreement and associated users guide for use in various common law African jurisdictions (these being Kenya, Nigeria, Tanzania, Uganda and Zambia) in the hopes that this will facilitate standardisation in cross border African deals by introducing a common framework and boilerplate across different legal systems.

  • 18 February 2022
    LMA publishes revised Trade Confirmations for Secondary Trading

    The LMA is pleased to have published revised Trade Confirmations with an effective date of 18 February 2022. The revised Trade Confirmations incorporate amended wording in Other Terms of Trade tick-boxes for the exclusion of CAS and inclusion of zero floor options where Delayed Settlement Compensation applies. The revised Trade Confirmations (and amended wording for the tick-boxes) has not changed the position on these commercial issues and whether or not they apply to a particular trade must continue to be agreed by the parties at the time of trade. The Standard Terms & Conditions dated 4 January 2022 also remain unchanged.

  • 21 January 2022
    LMA publishes compounded TONA schedule, the French language version of the RFR French law document, an updated designated entity clause and updated RFR destination table

    The LMA is pleased to have published further documentation to assist the market with the transition to RFRs including a compounded TONA schedule, the French language version of the RFR French law document, an updated designated entity clause and updated RFR destination table.

  • 04 January 2022
    LMA publishes revised Secondary Debt Trading documentation (effective date of 4th January 2022) to assist secondary loan market with LIBOR transition

    The LMA is pleased to have published revised Standard Terms and Conditions, Trade Confirmations and forms of Participation Agreement to the Secondary Trading Documentation page under the LMA Documentation Index with an effective date of 4 January 2022. The revised Standard Terms and Conditions will therefore apply to all trades with a Trade Date on or after 4 January 2022 and will replace the previously published version.

  • 22 December 2021
    LMA publishes RFR Destination Table and RFR versions of its German, Spanish and French law documentation

    The LMA has published its RFR Destination Table, which is intended to assist members in identifying the LMA RFR-referencing document which is most directly comparable to any given LMA LIBOR-referencing document. Where there is no direct equivalent, the table sets out the RFR-referencing document(s) which is/are most closely related and may be most helpful. The LMA has also published versions of the existing suite of German, Spanish and French law investment grade documentation based on compounded RFRs from the outset in place of LIBOR along with accompanying updated user guides.

  • 15 December 2021
    LMA publishes leveraged RFR suite of documentation and updated compounded rate facilities commentary to assist the market with LIBOR transition

    The LMA has published versions of the existing suite of leveraged documentation, including facility and intercreditor agreements, based on compounded RFRs from the outset. Each facility agreement provides the option for users to select observation shift or not (rather than two versions being produced of each agreement). The commentary to the LMA compounded rate facilities agreements has also been updated.

  • 01 November 2021
    LMA publishes updated Exposure Draft of Standard Terms and Conditions for secondary debt trading together with accompanying documentation to assist the secondary loan market with LIBOR transition

    In line with its core aim of improving liquidity in secondary syndicated loan markets, the LMA is pleased to have published an updated Exposure Draft of its Standard Terms and Conditions for secondary debt trading together with an accompanying Explanatory Note (and Example Settlement Calculations) and updated Trade Confirmations.

  • 27 October 2021
    LMA publishes term SOFR exposure draft and commentary for use in developing markets

    The LMA is pleased to have published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions alongside a commentary.

  • 29 September 2021
    LMA publishes a new recommended form of borrowing base facility agreement

    The LMA is pleased to have published a recommended form of revolving facilities agreement for use in borrowing base transactions (the "Borrowing Base Finance Document"). A user guide has been published alongside the Borrowing Base Finance Document.