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Syndication closing when the total amount of a financing has been fully allocated, the loan price has stabilized and there is little risk of lender loss on the loans when they are...
When can interest margin change?
A margin flex allows bookrunners to unilaterally adjust to a loan’s margin during syndication to reflect a change in prevailing market conditions, to facilitate its successful synd...
When are syndicates organized?
Finance structuring in loan syndication involves the designing and negotiating of a financing with the borrower by the lead arranger, commonly together with other members of the sy...
When are syndicates established?
To establish a syndicate, one or more arrangers are mandated by a borrower to arrange the financing and organize and lead the syndicate. The financing syndication starts with its...
When are commitment letters used?
In the US loan market, a commitment letter issued by the appointed lead arranger may be used instead of the term sheet and mandate letter to set forth the mandated lead arranger an...
What ratios are used in lease underwriting?
Lease underwriting credit analysis includes financial ratios to assess the transaction collateral credit quality. Whereas equipment lease credit criteria are commonly limited to l...
What other fees are incurred post-syndication?
If the lead arranger provides a letter of credit together with a revolving facility, as is commonly the case in leveraged finance (e.g., acquisition finance or project finance), a...
What lenders perform due diligence?
The information memorandum provides a detailed description of the borrower, its business and financial condition and the proposed financing to be used by prospective syndicate part...
What leases qualify as leveraged leases under US GAAP?
Leveraged leases have a separate accounting classification under US GAAP; IFRS does not have the concept of leveraged leases. Under US GAAP, a leveraged lease qualifies as an oper...
What leases are structured as nontax leases?
Operating leases for accounting purposes can be structured as nontax leases to allow the lessee to take advantage of the tax benefits of asset ownership while having off-balance sh...
