Pages-from-LSTA-Investment-Grade-Revolving-Credit-Facilities-Term-Sheet-January-6-2020

Is designed to be used for revolving credit facilities for investment grade borrowers.  The detailed term sheet can be used with the LSTA’s credit agreement, the LSTA’s Form of Investment Grade Revolving Credit Facility Agreement published in October 2017 and contemplates letters of credit, swingline loans, and competitive bid loans (which have been included more for reference given that they are rarely used in today’s market).  it also makes reference to representations, covenants, and events of default that would be typical for IG borrowers. We plan to work with Professor Aaron Wright of Cardozo Law School and his team at  OpenLaw to automate the term sheet.

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LSTA-Investment-Grade-Revolving-Credit-Facilities-Term-Sheet-January-6-2020.docx

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LSTA Publishes its Second Credit Agreement

Today the LSTA published a new addition to its document library – the LSTA’s Form of Credit Agreement – Investment Grade Term Loan. This form is designed for a standalone term loan for investment grade borrowers.

LSTA Newsletter – January 17, 2020

A short one this week: one article on the borrower’s arguments for “hardwired” LIBOR fallbacks, and another article on the latest in what the LSTA is doing in the ESG space. Oh–and a friendly reminder to treat MLK Day as a holiday for delayed comp purposes.

LSTA’s Recap of Brexit: Britain To Withdraw

Today, the LSTA hosted a webinar, “Brexit: Britain to Withdraw on January 31st”, presented by Clifford Chance Partner, Simon Crown. The UK has been stuck in a holding pattern since the 2016 Brexit referendum, but that was broken by the results of the UK’s General Election, which took place on December 12th, when the UK’s Conservative Party were returned to government with a strong majority in the House of Commons.

The Borrower’s Argument for Hardwired Fallbacks

According to recent research by Fitch, borrowers should have a compelling appetite for “hardwired” LIBOR fallbacks. The downside risk of the amendment fallback – ending up in Prime – may be more likely than borrowers appreciate and the cash flow and ratings implications could be material. We discuss all below.