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 Newsletter: January 24, 2020

This week we recap secondary trading for 2019, give an update on LIBOR transition in the U.K., and let you know that we’ve published a credit agreement for investment grade term loans.

LSTA Secondary Trading 2019 Executive Summary

After recording consecutive record highs during the fourth quarter of last year ($211 billion) and again during the first quarter of this year ($212 billion), secondary loan trading volumes decreased 10% in the second quarter, to $191 billion.

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.