LoansAsSecurities_FAQ (May 20, 2019)

Are broadly syndicated term loans securities for the purposes of federal and state securities laws? That critical question, which has been percolating around the loan market for decades, is the subject of an amicus brief that the LSTA recently filed in a federal district court in New York. The LSTA argues that they are not and explains the materially negative consequences to borrowers and other stakeholders were a court to reach the opposite conclusion.

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