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Facilitator Guide

Syndicated Loans

What’s covered

  •  Arrangers’, Admin Agents’, and Collateral Agents’ roles 
  • Best efforts deals 
  • Underwritten deals 
  • Commitment letters 
  • Syndication periods 
  • Market Flex provisions 
  • Information Memorandums (IMs) 
  • Road shows 
  • Closing process 

Before the session

Prepare the Attendees

Send the attendees an invitation for the session. Include this link, which has the videos and exercise they’ll need to prepare.

https://www.hotshotlegal.com/discussions/syndicated-loans/attendee

Prepare Yourself

Watch the videos and read the exercise so you’re familiar with the Hotshot material.

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    Course

    Syndicated Loans

    An overview of syndicated loans, including why they’re used, who the main parties are, and the main categories of syndicated loans. The pre-commitment period, including important provisions in commitment letters, the syndication process, and the documentation, closing, and administration of a syndicated loan are also covered.

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    Exercise

    PDF

During the session

 Part 1: Knowledge Check 
 
Ask attendees these questions to ensure they understand the topic: 
 
  • What are some of the main roles that banks and other financial institutions take in a syndicate to help facilitate the transaction? What are the responsibilities each role? 
  • What are the differences between a best efforts syndication and an underwritten syndication? What about the differences between partially and fully underwritten deals? 
  • Why is holding a role in a syndicate a coveted position? 
  • How does the borrower generally help with the syndication process? 
  • Why and how are Market Flex provisions used? 
  • What are some of the Admin Agent’s postclosing responsibilities? 
 
Part 2: Group Exercise 
 
Lead a group discussion based on the exercise. To encourage collaboration, divide the attendees into groups to discuss the exercise, then have a representative from each group summarize their views to the larger group. Call on people to share their thoughts and ask others to respond. 
 
Tip for remote sessions: use your web conferencing system’s breakout room feature to divide people into groups. 
 
Part 3: War Stories and Firm Specifics 
 
Share your own experiences and guidance, including: 
 
  • Anecdotes and war stories (e.g., about a near-disaster or a tough negotiation) 
  • General practice tips (dos and don’ts) 
  • Firm-specific guidance and practices 

After the session

 To continue their learning, attendees can check out related courses in Hotshot’s Commercial Lending topic.