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The New edition contains exclusive advice for borrowers on LMA Defaulting Lender and Market Disruption Provisions
Slaughter and May and the Association of Corporate Treasurers (ACT) have today launched a new edition of the ACT Borrower’s Guide to the Loan Market Association Documentation for Investment Grade Borrowers. The ACT has worked with the Loan Market Association (LMA) on the development of the Investment Grade Agreement (and its revisions) since the project was first launched in 1996. The Guide is produced by Slaughter and May for the ACT and provides detailed negotiating advice for treasurers. The Investment Grade Agreement has become a benchmark in the UK and international loan markets for the documentation of syndicated loans to investment grade credits. Banks and borrowers use or refer to it on a range of deals. The Guide is written as a reference tool for borrowers as they navigate the terms of the Investment Grade Agreement, and has emerged as a widely quoted reference point for borrowers dealing with loan documentation. Designed as a companion volume to the ACT Borrower’s Guide to the LMA Facilities Agreement for Leveraged Transactions, which Slaughter and May produced for the ACT in 2008, the Guide is tailored for use by treasurers rather than lawyers. It gives a general overview for readers unfamiliar with LMA documentation, and clause by clause commentary, highlighting key points for borrowers to address. The new edition includes substantial new material. Of particular use will be the new commentary on the LMA Defaulting Lender and Market Disruption Provisions. These provisions provide some protection against the risk of Finance Party default and market turbulence of the kind witnessed since the collapse of Lehman Brothers, and are therefore broadly to be welcomed by borrowers. As yet, though, these provisions are untested, and the Guide is currently the only published source of comprehensive borrower-friendly advice on them. Andrew Balfour, partner and head of financing, and Jane Hands, support lawyer, of Slaughter and May produced the Guide. Andrew commented: “Since the financial crisis, borrowers have of course been finding tougher terms proposed by their lenders. The new edition of the Guide contains detailed advice for treasurers on how to negotiate in the current climate, as well as assistance on the new Defaulting Lender language.” Stuart Siddall, Chief Executive of the ACT, added: "We are delighted to have worked with Slaughter and May to provide this valuable advice. ACT qualified treasurers are well aware that while pricing of loans is important the first priority is to get the most appropriate terms and conditions. This Guide will help borrowers to spot and negotiate the crucial clauses." The ACT Borrower’s Guide to the LMA Investment Grade Agreement is available for download from the ACT website (www.treasurers.org) or via the Slaughter and May website (www.slaughterandmay.com).
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