The Law of Multi-Bank Financing: Syndicated Loans and the Secondary Loan Market

This new work provides analysis of the legal and regulatory facets of syndicated loans, secondary loan market practice and other related financial practices. Acknowledging the dynamic growth in the secondary loan market Mugasha covers loan trading, credit derivatives, collateralised debt obligations, mezzanine and hybrid debt solutions - all topical issues for structured finance lawyers. Practices have changed noticeably over recent years and Mugasha addresses new legal issues that have arisen. Firstly, there are new methods of conducting business, through electronic trading platforms, the internet and a wide range of information providers (Capital Data, LoanWare and rating agencies). Secondly, regulatory aspects have evolved and initiatives like Basel II and the Equator Principles 2003, and are examined, as are the roles of significant players such as the Loan Syndications and Trading Association and the Loan Market Association. As multi-bank financing remains a major instrument of commerce and finance in the national and international arenas and is notoriously complex, banking and corporate finance lawyers and in-house counsel at banks will value this practical text

1. Multi-bank financing: What it is and is not ; 2. Multi-bank Financing: Who uses it, where and why? ; 3. Arranging Syndicated Loans, Sub-Participants and Loan Participations ; 4. Nature of Credit Facilities Used in Syndicated Loans and Secondary Loan Markets ; 5. Legal Relations Between the Parties in a Syndicated Loan ; 6. Legal Relations Between the Parties in Loan Participations ; 7. Legal relations in Sub-participation Agreements ; 8. The Secondary Market for Syndicated Loans:Loan Trading, Credit Derivatives, and Collateralised Debt Obligations ; 9. The Agent in Syndiacted Loans and Loan Participations ; 10. Insolvency Proceudres, Workout and restructuring in Syndicated Loans ; 11. The Regulation of Syndicated Loans and the Secondary Market Loan Practices ; 12. Conclusion