Slaughter and May and the Association of Corporate Treasurers (ACT) today released a new Loan Market Association (“LMA”) Borrower Guide recommended by the Loan Market Association (“LMA”) of the LMA Leveraged Facilities Agreement. Slaughter and May advised CEMEX, S.A.B. de C.V., the global building materials company, with respect to the modification and renewal of loans under its July 19, 2017 Facility Agreement, as amended and adapted from time to time (the “Installation Agreement”). Under the programme, the BoE will buy short-term bonds to ensure that companies that contribute significantly to the UK economy can continue to pay employees and suppliers, provided they prove they were in good financial health before the crisis. In recent years, termsheets have been increasingly detailed, with most of the negotiations on key terms taking place in the roadmap phase. The common currency sheet is therefore not very widespread. Most private equity sponsors have their own long-term template forms to ensure that transactions can be quickly documented while ensuring a series of maturities that are as favorable as possible to borrowers. Lenders undertake to finance under the interim credit agreement if the complete form of documentation is not agreed before the envisaged financing date. The intention is generally that lenders are not required to distribute funds under the interim credit agreement, but that they be replaced by complete documents prior to financing.
If the complete formal documentation is not adopted in good time and the funds are advanced on the basis of the Interim Agreement, they should normally be reimbursed within a short period of time. . . .