LMA Guide and Latest Updates

Loan Documentation

Essential resources for anyone contemplating negotiating loan documentation for an issuing company.

ACT Guide to the Loan Market Association Documentation for Investment Grade Borrowers

This Guide explains the LMA investment grade loan facility documentation with particular emphasis on the advantages and disadvantages for borrowers and points for negotiation. It is a substantive update of the original 2004 guide and with new material on a range of topics including all the previous periodic updates.

The Guide has been produced by the ACT with assistance and sponsorship from Slaughter and May.

Download the June 2007 Guide to the LMA loan documentation

Further information and latest updates (to December 2007)

NEW Guide to the LMA Loan Documentation
Money Laundering Regulations 2007 Update (December 2007)

The Impact of the Companies Act 2006 on Loan Documentation:
Briefing Note for Treasurers (December 2007)

Loan documentation - A Beginners Guide: Five Steps to preparing for the negotiation
The ACT Policy and Technical Department has prepared a checklist of the preparatory steps to be taken before embarking on a loan negotiation. Careful planning, and thinking through what terms and conditions are going to be acceptable will greatly ease the actual negotiation phase.

Extract from The International Treasurer's Handbook 2007: An Introduction to Loan Finance
Written by Clifford Chance LLP, this extract gives an overview of the types of loan finance generally available, and on the documentation.

Syndicated loan facilities: non-bank Lenders, and the influence of credit derivatives: current issues and opportunities for Borrowers (July 2007)

Part 1: Non-bank Lenders: current issues and opportunities for Borrowers
Part 2: The influence of credit derivatives on syndicated loans

LMA briefing: Dealing with confidential and price sensitive information (April 2006)
A commentary by the LMA mainly directed at the lenders. For further comments on confidentiality see the ACT Guide pages 52 and 67

ACT/LMA joint statement: The implications for loan documentation of the move to IFRS accounting. (September 2004)

About Slaughter and May
Slaughter and May is a leading international law firm, which is well known as an advisor to corporate treasurers in their dealings in the domestic and international banking markets. Andrew Balfour, a partner of Slaughter and May, is an Honorary Fellow of the ACT and a member of its Technical Committee. He has been a member of the Working Party of lawyers contributing to the development of the LMA form of syndicated loan agreement since it was first established.