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Syndicated Lending

Book Description

Syndicated Lending aims to increase the readers awareness of the benefits and risks involved in taking part in the Syndicated Loan market.

This book covers:
*Who the major players in the syndication loan market are
*Why syndication loans are used
*Syndication loan structures and documentation
*Secondary syndication loan market

*Inspired from the basic entry level training courses that have been developed by major international banks worldwide.
*Will enable MSc Finance students, MBA students and those already in the finance profession to gain an understanding of the basic information and principles underlying the topic under discussion
*Questions with answers, study topics, practical "real world" examples and text with an extensive bibliography and references ensure learning outcomes can be immediately applied

Table of Contents

  1. Cover image
  2. Title page
  3. Table of Contents
  4. Copyright page
  5. Foreword
  6. Chapter 1: Introduction to syndicated loans
    1. What is a syndicated loan?
    2. The growth of the syndicated loan market
    3. The secondary market in syndicated loans
  7. Chapter 2: Attractions of the syndicated loan market
    1. The borrower
    2. The participants
    3. The arranger and the agent
    4. Tombstones
    5. Syndications timetable – from mandate to drawdown
  8. Chapter 3: Responsibilities and obligations of syndicated loan participants
    1. The borrower
    2. How the borrower chooses an arranger for the syndicated loan
    3. The participants and their responsibilities
    4. Other considerations affecting participants in a syndicated loan
    5. Roles of the arranger and the agent
  9. Chapter 4: The major players in the syndicated loans market
    1. League tables
    2. Barclays Capital
  10. Chapter 5: Structures used in syndicated loans
    1. Overview of syndications
    2. Term of loan
    3. Revolving facilities
    4. Committed and uncommitted facilities
    5. Single currency or multi-currency
    6. Repayment profiles
    7. Repayments via bond issues/acquisition finance
    8. Evergreen facilities
    9. Senior debt, mezzanine finance, and subordinated loans
    10. A subordinated loan
    11. Securitization
    12. Trade finance/pre-export finance
    13. Stock loans
    14. Project finance
    15. Aircraft finance
    16. Ship construction finance
    17. Non-recourse loans
    18. Standby credits
    19. Property finance
    20. Vodafone AirTouch
  11. Chapter 6: The loan agreement
    1. The preamble
    2. Definitions
    3. The facility
    4. Purpose
    5. Conditions precedent
    6. Utilization
    7. Repayment
    8. Prepayment
    9. Interest rate
    10. Fees
    11. Taxes and other deductions
    12. Other indemnities
    13. Guarantee
    14. Representations and warranties
    15. Undertakings
    16. Indemnities
    17. Currency
    18. The agent and lenders
    19. Sharing payments
    20. Transfers of participations
    21. Changes to the obligors
    22. Waivers, amendments, and consents
    23. Partial invalidity
    24. Governing law and jurisdiction
    25. Legal opinions
  12. Chapter 7: Loan covenants
    1. The function of loan covenants
    2. Types of covenants
    3. Negotiating the covenants in the loan agreement
    4. Functioning of covenants during the loan
    5. Breach of covenant
    6. Other issues
  13. Chapter 8: Secondary loan markets
    1. History and development of the secondary loan market
    2. LSTA
    3. LMA
    4. Syndicated loans and credit rating agencies
  14. Glossary
  15. Index