2nd Edition of LSTA’s Complete Credit Agreement Guide

Leveraged Finance attorneys publish comprehensively updated guide to global loan market that has undergone substantial change since financial crisis

Global Leveraged Finance partners Michael Bellucci and Jerome McCluskey of Milbank, Tweed, Hadley & McCloy LLP have published a comprehensively updated manual for the global syndicated credit market, The LSTA’s Complete Credit Agreement Guide, Second Edition, in conjunction with the Loan Syndications & Trading Association (LSTA).

Seven years and one global financial crisis after the first edition of the guide, Messrs. Bellucci and McCluskey and have produced a one-stop resource, covering all layers of the international loan market and reflecting the transformations and upheavals that have shaped syndicated credit agreements since 2009. The first edition quickly won an industry-wide reputation as the definitive reference, and the new edition remains the only updated single-volume guide to navigate the syndicated loan market and its underlying credit agreements.

Andrew O’Brien, global head of Loan Capital Strategy for JPMorgan Chase, calls the second edition: “an excellent resource that provides clear explanation and rationale for the more complex components of today’s credit agreements. It is a very useful tool for anyone involved in the loan market.”

Thomas Finke, CEO of global investment manager Barings LLC, said: “This is the comprehensive resource for deciphering the complexities of a syndicated credit agreement. A must-have guide for today’s global loan market that unbundles the intricate layers of credit terms, market trends, and global forces that together impact the ultimate deal cut between the corporate borrower and its lenders.”

The book will be available in hardcover and electronically. In addition to all eRetailers, the book can be purchased from Amazon.com and Barnes & Noble.com.

The LSTA’s Complete Credit Agreement Guide portrays the many changes that have occurred among lenders as well as borrowers since the recession and closely covers the evolving regulatory landscape of credit agreement provisions. Never a simple or an easy process, structuring and managing credit agreements are now more complicated than ever – whether for borrowers or lenders such as banks, hedge funds, pension funds, insurance companies, and other financial institutions.

We believe this book is a cutting-edge resource for loan market participants,” said Mr. Bellucci, “as well as a historical guide to the evolution of many standard credit agreement provisions and practices. We are excited for its publication.”

Mr. McCluskey added: “Since the last edition of the book was published in 2009, there has been a tremendous amount of turbulence and disruption in the syndicated loan markets. The standard credit agreement has been a great indicator of the substantial changes that have come to bear and we have tried to make sense of it all. Our goal was to build upon the excellent foundation provided by the first edition and to update what I believe is commonly known as the go-to reference guide for the loan market.”

Included among the timely topics in the more than 700-page guide are:

• What to look for in large sponsor-driven deals
• The rise of “covenant lite” agreements for corporate borrowers seeking fewer covenant restrictions
• Yankee Loans
• Commitments, Loans, and Letters of Credit
• Interest and Fees
• Amortization and Maturity
• Conditions Precedent
• Representations
• Covenants
• Guarantees and Security
• Defaults and Enforcement
• Interlender, Voting, and Agency issues
• Defaulting Lenders
• Assignments, Participations, and Disqualified Lender Lists
• Borrower Rights
• Regulatory Developments

Author: Dylan Jones

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