Syndicated lending is multilateral lending that is originated, arranged and structured by one or more banks (lead arrangers) and marketed and distributed on a borrower’s behalf to...
Syndicated lending is multilateral lending that is originated, arranged and structured by one or more banks (lead arrangers) and marketed and distributed on a borrower’s behalf to...
What is successful syndication?
A successful syndication is achieved when the participation of each of the underwriters in the syndication of financing facilities is reduced to the final hold specified in the man...
Subordinated debt is all debt that ranks after asset-based financing, senior secured term loans and unsubordinated debt but ahead of equity investments. Whereas in Europe subordin...
What is structural subordination?
Structural subordination is subordination by virtue of the company group structure, where indebtedness incurred at the parent or holding levels in a corporate group is subordinated...
Senior debt is debt that is unsubordinated to other debt of the borrower. It ranks ahead of other secured debt, unsecured debt and subordinated debt with regard to claim on the bo...
A revolving credit (RC) is financing made available to a borrower by bank lenders up to a maximum amount that may be drawn down, repaid and re-drawn up to the preset limit over a f...
Initial underwriting is when a financing transaction is underwritten by mandated lead arrangers, which triggers the start of syndication. After this, and depending on the syndicat...
What is participation syndication?
A US transacted participation is a financing arrangement that involves the true sale of an undivided interest in a loan and commitment by the lender of record (grantor) to particip...
Mezzanine debt is a private term loan with a bullet maturity whose claim to interest and principal payments ranks after senior secured debt but ahead of equity, commonly raised wit...
