Syndicated Loans
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Description and objective: The Syndicated Loan Process
Syndicated loan structures: term loans, revolvers, standby facilities
Why consider a syndicated loan structure?
How to establish the facility structure
The role of the parties in a transaction
The risks - credit, market, legal, operational
Syndicated Finance Opportunities
Letter of Credit issuance
Commercial paper backstop facilities
Acquisition finance (including tender offer finance)
Project finance and specific asset finance
Forming a Successful Syndicate
The benefits of participation
Understanding the credit appetite of the parties involved
Underwriting commitments
Lead manager's relationship with the borrower
Deal structure and maturity
Credit Risks in the Deal
Overview of the credit risk assessment process for a syndicated loan
Understanding types of credit facility
Repayment ability and cash flow generation
Matching client needs to facility structure
Understanding the information memorandum
Legal Issues for Consideration
The role of the arranger
Typical covenants and covenant triggers
The role of pari passu in the documentation
Detailing financial covenants
Key clauses - cross default, assignment, events of default
Pricing and Fee Structure
Evaluating margins and their significance
Function of the margin for all parties in the deal
Analysis of the step up and step down margin
Typical fees and pricing structures
Relative yields for arrangers, lead managers and participants
The Role of the Primary and Secondary Debt Markets
Using syndicated loans for risk diversification
The role of credit derivatives in risk transfer
The Loan Market Association and its role
Basle II and the impact on the market
Asset securitisation and risk transfer
HOW YOU WILL BENEFIT
This two day seminar covers all of the aspects of arranging a syndicated loan. It considers the pricing, structure and risks that are involved in the process and is taught with the help of many case studies. Participants will be involved in evaluating a proposition in terms of the risks and rewards for the parties to the process and will assess the risks involved in a deal, structuring a facility to take account of those risks. They will also prepare a bid for a syndicated loan deal and will consider the use of asset securitisation in the removal of syndicated loan credit risk from a bank's balance sheet.
Contact Redcliffe Training Associates
| Phone | +44 (0)20 7631 2090 When calling be sure to mention Training Pages
| Fax | +44 (0)20 7631 2060 |
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