Corporate borrowers in Asia can expect cheaper loans as a result of the adoption of standard form loan agreements in Thailand.
Precious Shipping, one of Thailand’s largest shipping companies, has just secured a $100 million loan facility using the Loan Market Association (LMA) standard agreement. This offers a best practice approach and standardizes loan agreements.
Lawyers involved in the deal believe this could herald a widespread acceptance of best practice in the Thai lending market.
Jeremy Jennings-Mares, managing partner for Freshfields Bruckhaus Deringer, comments: “We based the facility agreement on the LMA in the hope that these would be taken up by the Thai lending market generally and become a starting point for negotiation of loan agreements that meet “international” market standards.
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