Characteristics Syndicated term loan instruments
Facility types Term loans (both amortizing and institutional), acquisition loans (after they are drawn down) and bridge loans
Security Secured
Seniority Senior
Currency U.S. dollar denominated
Minimum Term One year at inception
Minimum Spread L+125, initially
Minimum Size $50M initially funded loans
Valuation source Average bid from the LSTA/Thompson Reuters mark-to-market service for those facilities, with a minimum of 2 bids
When loans are retired When there is no bid posted on the facility for at least 12 successive weeks or when the loan is paid out or paid down to a negligible amount; defaulted loans will remain in the Index through repayment.