United States: The LSTA's Complete Credit Agreement Guide, Second Edition, Co-Authoredby Milbank Partners Michael Bellucci And Jerome Mccluskey

Michael Bellucci and Jerome McCluskey, partners in Milbank'sNew York office and Global Leveraged Finance practice group, have co-authored The LSTA's Complete Credit Agreement Guide, Second Edi-tion.  The first edition of the Guide, published in 2009 and also written by since-retiredMilbank partners, has been updated by the co-authors to reflect the tremendous changes that have occurred in the loan market post-financial crisis.  Since the publication of the first edition, this book has been widely viewed in the industry as thedefinitive guide for navi-gating syndicated credit agreements.

Today's syndicated loan market and underlying credit agreements are far more complex than ever. Since the global financial crisis, the art of corporate loan syndications, loan trading, and investing in this asset class have changed dra-matically. Lenders are more diverse, borrowers more demanding, and regula-tions more stringent. Consequently, the credit agreement has evolved, incor-porating many new provisions and a host of revisions to existing ones.

The LSTA's Complete Credit Agreement Guide brings readers up to speed on today's credit agreements and helps navigate these complex instruments. This comprehensive guide has been fully updated to address seven years of major change—which has all but transformed the loan market as we knew it. It pro-vides everything needed to address these new developments, including what to look for in large sponsor-driven deals, the rise of "covenant lite" agreements for corporate borrowers seeking fewer covenant restrictions, Yankee Loans, other products resulting from globalization, and other product developments driven by the diversification of the investor class.

Readers will benefit from the authors' in-depth coverage of all the nuances and historical underpinnings of today's credit agreements, as well as their tips on how to protect your loan, manage defaults, and navigate cross-border deals. This guide covers:

  • Commitments, Loans, and Letters of Credit
  • Interest and Fees
  • Amortization and Maturity
  • Conditions Precedent
  • Representations
  • Covenants
  • Guarantees and Security
  • Defaults and Enforcement
  • Interlender, Voting, and Agency issues
  • Defaulting Lenders
  • Assignments, Participations, and Disqualified Lender Lists
  • Borrower Rights
  • Regulatory Developments

Structuring and managing credit agreements has always been a difficult pro-cess – but now it's more complicated than ever. Whether one works for a com-pany that borrows money in the syndicated loan market or for a bank, hedge fund, pension fund, insurance company, or other financial institution, the LSTA's Complete Credit Agreement Guide puts readers ahead of the curve of today's credit landscape.

To order a copy of The LSTA's Complete Credit Agreement Guide, it can be found here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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