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The Loan Market Association (LMA) will consult with law firms to draft an updated version of the leveraged loan agreement document this summer. This is in response to the rapid development of the leverage loan market.
Executive director of the LMA Clare Dawson said: "We're constantly looking at the range of documents we produce at the LMA. Because of the rapid development of the leverage market, the version that will be launched in the autumn is particularly significant in the market."
Dawson added that updating the leverage loan agreement has become more important since bank syndicates have become more diverse and more non-bank entities have become active in the leverage loan market in recent years.
"It's become more complicated to manage syndicates. We've been looking at possible ways to make it easier to deal with these kind of transactions in a fast-paced market where non-bank lenders are prevalent," Dawson said.
The LMA is currently completing the first draft, which will be given to association members - comprising bank and law firm representatives - this summer.
After the amendments have been discussed and any changes have been incorporated into the latest version, the updated edition of the agreement will be launched during the autumn.
The documentation revision, which is just one of the LMA's ongoing projects related to the UK loan market, has been a significant aspect of the association's remit since 2004.