Following demands from the leveraged finance market, the Loan Market Association (LMA) has released its Leveraged Document for the syndicated loan market. The document – a form of leveraged finance facility agreement – mirrors the Recommended Forms of Primary Document for the investment grade market. In recent years, the growth of the leveraged buyout market in Europe has been significant, with volumes of transactions increasing from €18 billion in 1999, to €51bn in 2003, and the number of transactions virtually doubling to 140, said the LMA. In light of this growth, and the continuing arrival of new participants in the market, the LMA has produced a more standardised form of documentation. Tim Ritchie, Chairman of the LMA, said: ‘The LMA’s Primary Document for the investment grade market has done a great deal to improve the efficiency of that market and is now generally regarded as the market standard throughout the Euroloan region. We hope, and expect, that the Leveraged Document will also become widely accepted, and that it will help with the further development of this important and growing sector of the market.’
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