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Syndicated Lending by Andrew Fight

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Chapter 1

Introduction to syndicated loans

What is a syndicated loan?

A syndicated loan is a loan which is provided to the borrower by two or more banks known as participants, which is governed by a single loan agreement. The loan is arranged and structured by an arranger, and managed by an agent. The arranger and the agent may also be participants. Each participant provides a defined percentage of the loan, and receives the same percentage of repayments.

The syndicated lending market is international by nature – that is to say, many of the borrowers and projects being financed are international – taking place in Europe, Eastern Europe, Africa, the Middle East, etc. Furthermore, in order to place these large loans (e.g. up to several hundred million ...

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