I believe documentation agent is also almost always ceremonial in practice.īook runner and joint lead arranger titles are, to my knowledge, strictly ceremonial as a way to recognize banks who provided the largest commitments. More Definitions of Joint Lead Arrangers. In practice, the administrative agent is usually responsible for this.Ĭollateral agents are theoretically responsible for legal documentation related to collateral. The syndication agent title might actually confer responsibility: they would be responsible for working with each bank to determine how much each will commit to the facility, trying to make sure it ultimately all adds up to the total the borrower needs. They make a separate sub-limit available for fast, short term borrowings, usually as a feature of the revolver. From 2017 through 2021, the Industrial team played a lead role in more than 200 mergers and acquisitions valued at more than 50 billion. It's typically the admin bank or a few banks with the largest commitments in the syndication. Weve raised more than 150 billion in debt and equity capital for industrial companies over the past five years. In practice, most borrowers hire the same agent for both and put both facilities into a single credit agreement.Ī swingline lender is actually a practical title. I haven't personally seen "Term Agent" or "Revolving Agent" before, but I assume this would arise if a company hired one agent bank for a revolving facility and another for a term loan. The rest of the titles you list are, to varying degrees, mostly ceremonial and act as ways to put a bank's name on various league tables. Stifel collectively refers to Stifel, Nicolaus & Company, Incorporated and other affiliated broker-dealer subsidiaries of Stifel Financial Corp. All transaction announcements appear as a matter of record only.
#Joint lead arranger full
They are the primary contact for participant banks and the borrower. Prev Next Currency volume represents full credit to each underwriter. They advise the borrower, negotiate terms, present these terms to participating banks, complete legal documents, and coordinate closing/funding. The agent is the lead bank, ultimately responsible for (and paid for) executing the deal. Headquartered in Silver Spring, Maryland, Competitive Power Ventures is a leading North American power development and asset management company.
Tldr: Admin agent is probably the only title that really means much. KBCM acted as Coordinating Lead Arranger, Administrative Agent, and Collateral Agent on the transaction.
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