Bank credit facility raise: the lender group room
A bank credit facility, a revolver, a term loan or both, is commonly arranged by one or a few banks and then shared with a lender group. The room supports the arranger's diligence and the syndication: a lender presentation, financials, projections, the term sheet and the credit agreement drafts.
Folder index
- 01 Lender presentation Confidential information memorandum and lender meeting deck.
- 02 Financials Audited statements, quarterly results, compliance certificates.
- 03 Projections Model, covenant headroom, sensitivities.
- 04 Term sheet Summary of terms, fee letter kept separate.
- 05 Credit agreement Drafts, security documents, guarantees.
- 06 Corporate Organizational documents, subsidiaries, KYC documents.
- 07 Collateral Lien searches, asset list, insurance.
How this raise works
Companies raise bank facilities for working capital, acquisitions or refinancing. A lead arranger negotiates the terms, then invites other banks to join. Each bank runs its own credit approval, so information must be consistent and easy to review.
Lenders read the business, the financials and the projections, and focus on cash flow coverage, debt relative to EBITDA and the covenant package: maintenance tests, permitted debt and liens, restricted payments and reporting duties.
In syndicated deals, lenders may receive private information. Where the borrower has public securities, the room should separate public-side and private-side materials so lenders who trade can choose what they receive.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Permission control carries the most weight here.
- Investor tracking 22%
- Permission control 24%
- Raise workflow 24%
- Investor onboarding 16%
- Cost of a raise 15%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed
Places 11 to 16: SmartRoom (7.1), DealRoom (7.0), ShareVault (6.8), Venue by DFIN (6.5), Digify (6.1), DocSend (5.6)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Lender presentationConfidential information memorandum and lender meeting deck.
- 02 FinancialsAudited statements, quarterly results, compliance certificates.
- 03 ProjectionsModel, covenant headroom, sensitivities.
- 04 Term sheetSummary of terms, fee letter kept separate.
- 05 Credit agreementDrafts, security documents, guarantees.
- 06 CorporateOrganizational documents, subsidiaries, KYC documents.
- 07 CollateralLien searches, asset list, insurance.
- 08 Public and private sidesSeparate folders for public-side lenders where relevant.
- 09 CommitmentsLender commitment tracker and allocation.
- 10 Q&ALender questions and answers.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | SecureDocs |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| SSO for your team | Staff on the issuer side log in with the company identity provider rather than a separate password. |
Setting up the room
- 01
Agree roles with the arranger
Decide who builds the room, who answers questions and who approves documents.
- 02
Prepare KYC files
Each bank needs know-your-customer documents. Collect them once and share in the room.
- 03
Split public and private sides
Where securities trade, label folders so public-side lenders get only public information.
- 04
Run one Q&A log
Answer lender questions once and share them with the group.
- 05
Track commitments
Record lender commitments and allocations as they come in.
Common mistakes
- Different numbers in the presentation and the model.
- Putting the fee letter where all lenders can see it.
- Late KYC packages that delay closing.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What does a lead arranger do?
Negotiates terms with the borrower, structures the facility and brings other banks into the lender group.
Who sees the fee letter?
Usually only the borrower and arrangers. Keep it out of shared folders.
Does a bilateral loan need a data room?
Not always, but a small room keeps documents and questions in order and is useful for renewals.