- 01 July 2020LMA launches new REF Security Documents
The LMA is pleased to announce the launch of two new security agreements intended for use on real estate finance transactions (the "New REF Security Documents"), as well as consequential changes to the LMA REF facility agreements.
- 19 June 2020DAC6 and LMA recommended forms of facility documentation
The LMA has published a guidance note and optional riders relating to EU rules enacted under the Directive on Administrative Cooperation (commonly known as "DAC6").
- 27 May 2020An updated version of the Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions
An updated version of the Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions dated 20 March 2020 has been uploaded to include a full mark-up at Section 6 (Mezzanine Drafting).
- 05 May 2020Launch of new guidance documents to support the Green Loan Principles and the Sustainability Linked Loan Principles
Global loan market associations launch new guidance documents to support the Green Loan Principles and the Sustainability Linked Loan Principles.
- 20 March 2020Update to Facility Agreements
Further to the publication of revised IG and REF investment facility agreements on 28 February 2020, we have today published revised versions of a number of our other recommended form facility agreements, Users Guides, RFR documentation and other associated documents.
- 28 February 2020Update to LMA Facility Agreements
We have published revised versions of our recommended forms of Investment Grade Facility Agreements, Users Guide, REF Investment Facility Agreements, RFR documentation and other associated documents. The main change that has been made to the facility agreements is the inclusion of the LMA recommended form of replacement of screen rate clause as part of the amendments and waivers clause.
- 20 February 2020LMA note on "LMA Exposure Drafts of Compounded RFR Facilities Agreement – outstanding requirements for the production of LMA recommended forms"
This note is intended to highlight to market participants the outstanding requirements that need to be satisfied before the Exposure Drafts can be published as LMA recommended form documentation.
- 18 December 2019LMA Rider – Revised Definition of Delayed Period Commencement Date
The LMA has published a Rider, "LMA Rider – Revised Definition of Delayed Period Commencement Date" which can be agreed by the parties to a secondary par loan trade transaction at the time of trade and included as an "Other Term of Trade" in the Trade Confirmation.
- 25 October 2019The LMA publishes exposure draft of reference rate selection agreement for transition of legacy transactions to risk-free rates
The LMA is pleased to announce the publication of an exposure draft reference rate selection agreement ("Reference Rate Selection Agreement") for use in relation to legacy transactions transitioning from LIBOR to alternative reference rates.
- 02 October 2019The LMA releases guidance note on €STR publication and changes to EONIA
The LMA has published a note, '€STR publication and changes to EONIA', which provides guidance for market participants in respect of the publication of the euro short term rate (€STR) by the ECB and the changes made to EONIA as of 2 October 2019.
- 23 September 2019The LMA publishes exposure drafts of compounded risk-free rate facility agreements for sterling and US dollars
The LMA is pleased to announce the publication of exposure drafts of: (i) a compounded SONIA based sterling term and revolving facilities agreement; and (ii) a compounded SOFR based dollar term and revolving facilities agreement (the "Exposure Drafts"). SONIA and SOFR are the chosen replacement near risk-free rates ("RFRs") for LIBOR in the sterling and US dollar markets respectively.
- 07 August 2019LMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreads
The LMA has published a note, 'LMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreads', which provides guidance for market participants in relation to considerations to be borne in mind in respect of the application of credit adjustment spreads in the context of the move from LIBOR to near risk-free rates ("RFRs").
- 05 July 2019The LMA publishes LSTA Market Advisory on Risks of Trading English Law Loans on LSTA Par/Near Par
The LMA has made available on its website (with thanks to the LSTA) an LSTA market advisory which addresses situations where market participants are trading syndicated loans issued under a facility agreement governed by English law on a Par/Near Par Trade Confirmation published by the LSTA.
- 16 May 2019The LMA releases note on U.S. QFC Stay Rules and syndicated loans
The LMA has published a note on "U.S. QFC Stay Rules and syndicated loans" which provides guidance for market participants on the new U.S. QFC Stay Rules and their application to syndicated facility documentation.
- 01 May 2019The LMA releases guidance note on recent developments relating to the future of EONIA
The LMA has published a note, 'EONIA – planned change in methodology and discontinuation', which provides guidance for market participants on recent developments relating to the future of EONIA.
- 10 April 2019The LMA publishes a supplemental guidance note on jurisdiction provisions
The LMA has published a supplemental guidance note which covers the documentary implications of Brexit in relation to the jurisdiction provisions in LMA facility documentation.
- 10 April 2019The LMA publishes a revised version of The LMA Recommended Form of Bail-in Clause and Users Guide
The LMA publishes an updated version of "The Recommended Form of Bail-in Clause and Users Guide". The updated form of Bail-in Clause is intended to allow for the UK's departure from the EU and the revised Users Guide provides supplemental guidance on the impact of Brexit in relation to contractual recognition of bail-in requirements.
- 20 March 2019The LMA, APLMA and LSTA publish Sustainability Linked Loan Principles
The LMA has, together with the Loan Syndications and Trading Association and the Asia Pacific Loan Market Association, launched the Sustainability Linked Loan Principles (SLLP).
- 03 January 2019New version of the LMA's German Law Multicurrency Term and Revolving Facility Agreement
A new version of the LMA's German Law Multicurrency Term and Revolving Facility Agreement has been uploaded to our website today. In paragraph (b) of the definition of "FATCA Application Date", the word "or" was missing and this typo has now been corrected.
- 06 December 2018Guidance note: United States and European Union sanctions
The LMA has updated its note entitled "Guidance note: United States and European Union sanctions" which was originally published in July 2014, to reflect the increased relevance of EU blocking legislation following the reinstatement of US sanctions against Iran.
- 31 October 2018LMA announces publication of new Schuldschein Loan Agreements and User Guide
The Schuldschein Documentation was put together by an experienced working party, consisting of representatives from the Verband Deutscher Treasurer (Association of German Treasurers), domestic German and international banks (including in-house lawyers) and major law firms active in the Schuldschein market.
- 18 October 2018LMA produces a Mezzanine mark-up of a Senior Facility Agreement used for REF
The LMA has produced a mezzanine mark-up of a senior facility agreement, for use on REF investment transactions which anticipate both a senior and mezzanine loan being advanced.
- 17 October 2018LMA publishes updated version of revised Replacement of Screen Rate clause, which is now publicly available on the Bank of England website
The LMA has published an updated version of its "Revised Replacement of Screen Rate Clause". This update takes into account the publication of the Clause by the Sterling Risk Free Rate Working Group, along with the correction of some minor typographical errors.
- 15 October 2018LMA Updates Secondary Documents to Account For The Revocation of The ERISA Fiduciary Rule
The LMA has updated its Standard Terms and Conditions and each of the Participation Agreements to take account of the revocation on 21 June 2018 of the ERISA fiduciary rule that was introduced in the US in June 2017.
- 12 September 2018LMA Produces Supplementary Note on Documentary Implications of Brexit for LMA Facility Documentation
Further to the note first produced by the LMA in September 2016 on the documentary implications of Brexit for LMA facility documentation (the "2016 Brexit Note"), the LMA has produced a supplementary note to inform members of market discussions/concerns in this area (the "Supplementary Note").
- 15 August 2018LMA Confidentiality User Guide Update
The LMA has updated its confidentiality user guide to clarify the position with regards to exclusion of liability for information supplied to designated parties under the LMA's template confidentiality agreements (the "Confidentiality Agreements").
- 03 August 2018LMA launches standard Agency Details Form
The LMA is pleased to announce the publication of a recommended template agency details form as part of its ongoing commitment to support operational efficiency initiatives across the market.
- 31 May 2018Global Administrative Details Form Released
The LMA and LSTA have together launched a standard Administrative Details Form ("ADF") to be used in transactions globally. Whilst not all fields will be relevant to every transaction, it is hoped this template will constitute a market standard for communicating key administrative details. It is hoped that broad based adoption of the ADF will lead to efficiencies in both time and effort in compiling this detail.
- 25 May 2018LMA publishes revised Replacement of Screen Rate clause to provide further flexibility in light of uncertainty over the future of LIBOR
The LMA has published an updated version (the "Revised Replacement of Screen Rate Clause") of the optional "Replacement of Screen Rate" clause that has been included in the Primary Documents and the Leveraged documents since November 2014.
- 17 May 2018LMA publishes new form of leveraged intercreditor agreement for a super senior revolving facility and senior term facility structure
The LMA is pleased to announce the launch of a new recommended form of intercreditor agreement for leveraged acquisition finance transactions with a super senior revolving facility and senior term facility structure (the "Super Senior/Senior ICA")
- 25 April 2018The LMA launches a new Export Credit Agency Buyer Credit Facility Agreement
The LMA is pleased to announce the launch of a new recommended form of facility agreement for use in export finance buyer credit transactions supported by an export credit agency (the "ECA Buyer Credit Facility").
- 21 March 2018The LMA publishes Green Loan Principles
The LMA has, together with the APLMA, launched the Green Loan Principles (GLP) with the support of the International Capital Market Association (ICMA).
- 12 March 2018LMA and ACT produce joint guide on "The future of LIBOR: what you need to know"
The LMA and the ACT have produced a joint guide on LIBOR benchmark reform. The Guide is intended to provide an overview of developments and key issues with respect to the proposed transition away from LIBOR benchmarks.
- 08 March 2018Update to LMA Confidentiality and Front Running Letter for Primary Syndication and New User Guide
The LMA has published an updated version of its Confidentiality and Front Running Letter for Primary Syndication, with a number of key changes.
- 01 March 2018Publication of South African law mandate letters (best efforts and underwritten)
The LMA is pleased to announce the publication of two South African law mandate letters (best efforts and underwritten) for use in syndicated loan transactions governed by South African law.
- 30 January 2018The LMA publishes a recommended Timeline for Settlement of Primary Syndication Incorporating Delayed Settlement Compensation
The LMA has launched the publication of a recommended Timeline for Settlement of Primary Syndication Incorporating Delayed Settlement Compensation, intended to be part of the LMA's efforts to reduce settlement times for primary syndications.
- 22 December 2017LMA updates secondary terms and conditions to take account of discontinuance of LIBOR
The LMA has released the following documents from its secondary debt trading suite: (i) Terms and Conditions; (ii) Trade Confirmations; and (iii) Users Guide.
- 20 December 2017LMA launches template developing markets revolving facility agreement with letter of credit facility
The LMA is pleased to announce the publication of a single currency unsecured revolving facility agreement (incorporating a letter of credit facility) for use in developing market jurisdictions.
- 15 December 2017LMA publishes revised pending Standard Terms and Conditions
The LMA has published a revised version of the Standard Terms and Conditions for Par and Distressed Trade Transactions on the pending page of the LMA website to correct the use of a defined term in Condition 11(a).
- 13 December 2017LMA publishes revised Developing Markets facility agreements and users guide
The LMA is pleased to announce the publication of revised forms of its developing markets facility documentation and users guide. The key amendments incorporate provisions relating to optional fixed interest rate language and basic sanctions definitions.
- 07 December 2017LMA issues minor updates to private placement facility documentation
The LMA has published revised versions of its Pan-European Private Placement Facility Agreement, Subscription Agreement, Users Guide, Confidentiality Letter and Term Sheet.
- 06 December 2017LMA updates secondary terms and conditions to take account of discontinuance of LIBOR
The LMA has released, as pending, the following documents from the secondary debt trading suite; (i) Terms and Conditions; (ii) Trade Confirmations; and (iii) Users Guide. The documents will go live on 22nd December 2017.
- 25 September 2017LMA updates Secondary Documents to reflect, amongst other things, recent changes to ERISA
The LMA has updated the following documents from its secondary debt trading suite:
1. Terms and Conditions, revised with respect to the delayed settlement compensation and settlement calculation, and to reflect recent changes to ERISA
2. Participation Agreements, revised in relation to the transfer provisions, which now allow the Grantor to carry out its KYC checks on the new participant before being required to sign a Transfer Certificate, and to reflect recent changes to ERISA.
3. Secondary Debt Trading Documentation Users Guide, revised to reflect the amends stated above. In addition, the LMA has also a supporting produced note, explaining the background and recent changes to ERISA.
The documents are now live and can be accessed here.
- 13 September 2017LMA issues minor updates to real estate finance facility agreements
The LMA has published revised versions of its Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions, Single Currency Term Facility Agreement for Real Estate Finance Development Transactions, and their respective user guides. The changes include updated cross-references across the documents.
- 05 September 2017LMA updates Secondary Documents to reflect, amongst other things, recent changes to ERISA
The LMA has released, as pending, the following documents from its secondary debt trading suite: (i) Terms and Conditions; (ii) Participation Agreements; and (iii) Secondary Debt Trading Documentation Users Guide. The documents will go live on 25 September 2017.
- 31 August 2017LMA launches new fronted agreements for leveraged acquisition finance transactions
We are pleased to announce the launch of new forms of: (i) fronted funding and distribution agreement; and (ii) fronted distribution agreement, for leveraged acquisition finance transactions (the "Fronted Agreements").
- 15 August 2017LMA updates its paper "Issues to consider when trading"
The LMA has updated its paper "Issues to consider when using the LMA's recommended form of secondary debt trading documentation", which highlights the types of issue that the parties to a trade should consider prior to agreeing the trade, and when agreeing the trade.