Syndicated loan
From ACT Wiki
A loan from a number of different lenders acting collectively.
Historically the lenders were normally banks, acting through an 'agent bank'.
More recently some 'non-banks', notably hedge funds or pension funds, will also be parties to syndicated loans – in the primary market for sub-investment grade and, in the secondary market more widely too.
Non-bank lenders are particularly attracted to fully drawn, often fixed rate tranches of a loan rather than rather than revolving or stand-by tranches.
