On April 24, 2024, the Loan Market Association (the “LMA”) published its Sustainability Coordinator Letter (the “LMA Letter”). According to the LMA, the LMA Letter is “intended to provide a starting point for a sustainability...more
In March 2024, a group of associations in the fund finance industry announced the release of the latest addition to the Sustainable Lending Library, A Guide to the Application of the Sustainability Linked Loan Principles in...more
Effective choice of court clauses (also known as jurisdiction clauses) are central to finance agreements. Reliable, certain process to enforce contractual obligations is essential for cross-border trade and finance...more
From Q1-Q3 of 2023, the U.S. loan market was marked by novel deal patterns and uneven market activity. Initially, the bulk of deals were portfolio work, including amend & extend transactions, covenant relief amendments and...more
On June 29, 2023, the Financial Conduct Authority, the UK’s financial markets regulator, released a summary of its concerns over the market for sustainability-linked loans (SLLs). Responding to concerns that banks overstate...more
The LMA published its Draft Provisions for Sustainability-Linked Loans on 4 May 2023, following on from the updated the Sustainability Linked Loan Principles published in February 2023. In this article, we take an in depth...more
Un prêt lié à la durabilité s’entend de tout type d’instrument de prêt qui est structuré de façon à inciter l’emprunteur à atteindre des objectifs de rendement en matière de durabilité prédéterminés, ambitieux, importants et...more
Background On 29 June 2023, the UK’s Financial Conduct Authority (“FCA”) published a letter on the findings of its review of the sustainability-linked loans (“SLL”) market. SLLs aim to support sustainable economic activity...more
A sustainability-linked loan (SLL) is any type of loan instrument structured to incentivize the borrower to achieve ambitious, material and quantifiable predetermined sustainability performance objectives. The SLL market is...more
The LSTA and LMA hosted their Joint New York Conference recently. One of the panels focused on “Sustainable Finance: Maintaining Integrity” and featured an impressive line-up of industry leaders in this space, including...more
On February 23, 2023, the Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA) published updates to the Sustainability-Linked Loan Principles...more
Cadwalader recently hosted a breakfast discussion with the Loan Market Association (“LMA”) and LSTA with the aim of “Unlocking Sustainability-Linked Loans”. During the session, Cadwalader partner Sukhvir Basran was joined by...more
The Loan Market Association has just published updates to its (a) drafting guide for its senior/mezzanine single currency term facility agreement for real estate finance multi-property investment transactions and (b) its...more
A distressed disposal (Distressed Disposal) under an LMA-based intercreditor agreement (ICA) is a powerful restructuring tool. It has the potential to significantly de-lever a business for the benefit of the “in the money”...more
On 23 February 2023, the Loan Market Association (LMA), the Loan Syndications & Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA) published updated versions of Green Loan Principles and Guidance,...more
As we noted previously, against the backdrop of the European Green Deal and related sustainable finance initiatives, environmental, social and governance (ESG) factors are increasingly being incorporated into loan and...more
In our May edition of REF News and Views, we provided an introduction to sustainability-linked loans (“SLLs”). As a reminder, SLLs emerged alongside green loans as a result of the movement towards greater awareness and...more
Term SOFR, the forward-looking term rate based on the Secured Overnight Financing Rate (SOFR), has become an established benchmark rate for new US Dollar lending in the US syndicated loan market....more
In our February edition of REF News and Views, we introduced the Green Loan Principles (“GLP”) that were published by the Loan Market Association (“LMA”). The GLP seeks to help facilitate and support environmentally...more
In our January edition of REF News and Views, we discussed some key recent ESG developments in Europe and the UK in the financial markets. We want to follow this up over the coming months with a series of articles where we...more
BEST PRACTICE GUIDE FOR TERM SHEET COMPLETENESS - En novembre 2020, la Loan Market Association (la « LMA ») et la European Leveraged Finance Association (l’« ELFA ») ont publié le guide intitulé Best Practice Guide for...more
BEST PRACTICE GUIDE FOR TERM SHEET COMPLETENESS - In November 2020, the Loan Market Association (LMA) and the European Leveraged Finance Association (ELFA) published the Best Practice Guide for Term Sheet Completeness...more
With the end of LIBOR, the secondary debt trading industry needs new standard terms and conditions. Our Distressed Debt & Claims Trading Team reviews how the Loan Market Association has modified its documents to bring in...more
When it comes to sustainable lending, the Russian loan market is punching above its weight. Many of Russia’s leading corporates have raised ESG or sustainability-linked loans (in some cases, multiple loans) over the last...more
As regulators, shareholders, investors and wider society increasingly focus their attention on Environmental, Social and Governance (ESG) matters, they have crept up the boardroom agenda of large Turkish companies and...more