forward start facility

forward start facility
England, Wales
A committed syndicated loan used to refinance (that is, repay) an existing syndicated loan on maturity. Key features of a forward start facility include:
• It is a new syndicated loan agreement that sits alongside an existing syndicated loan agreement.
• It is only available on the existing syndicated loan maturity date (which ensures the lenders under both facilities do not have a double exposure) and for the purpose of refinancing the existing syndicated loan.
• It is signed long before the existing syndicated loan maturity date, between several months to over a year before that date.
• Its lenders include some of the existing syndicated loan lenders (but not all, as in that case the existing syndicated loan could simply be amended, including to extend its maturity date, and a forward start facility would not be required).
• Its terms are based on the existing syndicated loan terms, subject to certain exceptions such as availability period, purpose, conditions precedent (condition precedent), pricing and maturity date.
For more information on forward start facilities, see Practice note, Types of lending and facilities: Forward start facilities (www.practicallaw.com/8-202-0672).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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