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Typically, without express permission, the voluntary prepayment and loan assignment provisions of the credit agreement would prohibit loan buybacks by the borrower or its affiliates. However, borrower demand for this allowance gained traction following the financial crisis of 2008, when most debt traded below par and borrowers sought to buy back their own loans at a discount on the secondary market rather than repaying them at par. While some syndicated credit agreements continue to allow for loan buybacks, subject to certain conditions and requirements, these provisions are less common in recent credit agreements.
According to Market Standards, out of 1086 credit agreements surveyed from October 1, 2021 to September 30, 2022, only 87 deals (8%) permitted loan buybacks by the borrower (see the search results in Market Standards), and just 7 deals (less than 1%) permitted loan buybacks by the sponsor (see the search results in Market Standards)
Click here to access credit agreements on Market Standards
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