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ARTICLE · 29 JULY 2024

LMA Publishes "First Of Its Kind" Multi-Jurisdictional African Facility Agreement

Mayer Brown
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On 24 July 2024 the Loan Market Association (the "LMA") published an exposure draft form of facility agreement which contemplates an African holding company and various...

GlobalFinance and Banking
Ashley McDermott
Ashley McDermott
Roxanne Paes
Roxanne Paes
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On 24 July 2024 the Loan Market Association (the "LMA") published an exposure draft form of facility agreement which contemplates an African holding company and various of its subsidiaries as borrowers and/or guarantors, with such obligors being incorporated in Ghana, Kenya, Mauritius, Nigeria, Tanzania, Uganda and/or Zambia (the "LMA Africa Term SOFR Facility Agreement"). The LMA Africa Term SOFR Facility Agreement is English law governed and contemplates USD as the single currency, with interest being calculated by reference to Term SOFR.

Mayer Brown provided input on the LMA Africa Term SOFR Facility Agreement before it was published and is pleased to support the initiative, which should increase documentary standardisation and reduce both execution timelines and costs. As a general matter, this is a very noteworthy development in terms of LMA documentation, being the first time in the LMA's over 25 year history that it has included so many different

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