IFLR can reveal that the Loan Market Association (LMA) is in
the process of drafting a new intercreditor agreement.
The return of senior high yield and then mezzanine finance
deals in European leveraged buyouts has prompted calls for a
re-drafted LMA intercreditor agreement.
While market participants have been speculating about a new
agreement, the LMAs chief executive Clare Dawson
confirmed today that the association was drafting one.
Its progressing well, said Dawson, in an
exclusive interview with IFLR. We will have a first draft
this year and a working party that will then examine it in the
early part of next year....