Xtract Research and the Loan Syndications and Trading Association (LSTA) launched their new bank loan credit agreement analysis product titled LSTA Xtract Bank Debt Review. LSTA Xtract Bank Debt Review offers a comprehensive analysis of credit agreements about newly issued loans and loans in the secondary market for public and private documents.
The new online service allows clients to view a side-by-side comparison of Xtract's proprietary baseline agreement to the credit agreement under review. The reports include commentary outlining any differences between the two, such as the defined terms.
These reports also offer a detailed summary of the key terms of the loan, prepayment provisions, financial covenants, affirmative and negative covenants, defaults and remedies, amendment provisions and permitted assignments.
Users can also consult with Xtract's team of finance attorneys and research analysts to discuss any document related issues, according to the release
"Full understanding of all the terms and conditions of a credit agreement is critical for loan market participants, and the new LSTA Xtract Bank Debt Review service will ensure that investors understand their rights as lenders," said Michael Knox, president of Xtract Research.
"LSTA Xtract Bank Debt Review is a powerful tool allowing all market participants easy navigation through the complexity of a credit agreement," said R. Bram Smith, interim executive director at LSTA. "We are very pleased to be able of offer a product that increases transparency and efficiency to the loan market as a whole."
According to a release from LSTA and Xtract, all reports are updated for amendments to the credit agreement and provide links to the source document. Xtract's technology offering has a library of critical loan documents bookmarked for easy navigation, with the ability for users to add custom bookmarks, notes and highlights.
Clients could also upload their own documents and search the universe of loans utilizing key words or phrases. The technology allows users to create a completely proprietary system for each client.