Finance Deals & Syndicated Lending · glossary
The first sale of shares in a loan to other lenders, after an arranger has underwritten it. The arranger invites banks and funds with an information memorandum, and cuts each one back if demand is high. Chapter 4
Explained in Chapter 4, From Term Sheet to Signing, of Finance Deals & Syndicated Lending.
An arranger that underwrote a loan holds more of it at signing than it wants to keep. Primary syndication is the first sale of shares in the loan to other lenders. The arranger invites chosen banks and funds to join, with an information memorandum that the borrower has approved. If lenders ask for more than there is, the arranger allocates, cutting each one back.Read Chapter 4, From Term Sheet to Signing →
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