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Primer
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Table of Contents
What is a Leveraged Loan?
Defining “leveraged”
How Big is the Leveraged Loan Market?
Market background
How are Loans Syndicated?
Price-Flex
Leveraged Loan Purposes
M&A/LBOs
Recapitalizations
Refi/GCP/Build-outs
Repricings
Types of Syndications
Underwritten Deal
Best-Efforts
Club Deal
The Bank Book (IM)
Bank book – Components
The bank meeting
Leveraged Loan Investor Market
Banks
Finance companies
Institutional investors
CLOs
Loan mutual funds
Public vs. Private Markets
Background – Public vs private
Today’s changing market
Credit Risk – Overview
Default risk
Seniority
Loss-given-default
Credit statistics
Industry segment
Private equity sponsor
Syndicating a Loan – by Facility
Pricing a Loan – Primary Market
For bank investors
For institutional players
Mark-to-market
Types of Loan Facilities
Revolving credits
Term loans
Letters of credit (LOC)
Acquisition/equipment line
Second-Lien Loans
Covenant-Lite Loans
Free-and-Clear Tranches
Lender Titles
Secondary Sales
Assignments
Primary Assignments
Participations
Loan Derivatives
Loan credit default swaps (LCDS)
LCDX
Single-name total rate of return swaps (TRS)
TRS Programs
Pricing Terms/Rates
Spread (margin)
LIBOR floors
Fees
Upfront fee
Commitment fee
Facility fee
Usage fee
Preypayment fee
Administrative fee
Letter of credit (LOC)
Original-Issue Discounts
Voting Rights
Covenants
Affirmative covenants
Negative covenants
Financial covenants
Mandatory Prepayments
Collateral
Subsidiary guarantees
Negative pledge
Springing liens
Change-of-control
Equity cures
Asset-based lending
Bifurcated collateral
Subsidiary guarantees
Negative pledge
Spread Calculation
Default/Restructuring
Debtor-in-possession loans
Exit loans
Sub-par buybacks
Distressed exchanges
Default rate
Amend-to-Extend
Dodd Frank
Index
Glossary
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