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 LMA’s chief executive Clare Dawson confirmed today that the association was drafting one.
“It’s 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.”...