The Loan Market Association (LMA)
confirmed today that it is drafting a revised intercreditor
agreement following its 2009 agreement.
The new draft will be welcomed by mezzanine
lenders, with some of the provisions in the last 2009 agreement
proving controversial among providers of mezzanine.
While LMA’s chief executive Clare
Dawson told IFLR that the association is listening to
mezzanine’s concerns, it is unclear if their key
requests will be met. Here, Richard Holden, partner at Neovara,
a mezzanine-focussed credit investment manager, explains the
firm’s hopes for the new intercreditor
The most complex and contentious point for both parties is
enforcement. The mezzanine...