SCRANTON — President Joe Biden returned to his native city for the first time as commander in chief Wednesday, predicting his agenda will create two million more jobs a year
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It’s Wednesday night and the music coming out of the Spillmore is at first faint as you carefully navigate the bumpy dirt road next to Pool Pond in Rindge.The tunes pouring out of the cabin are familiar, but making out the particular song and lyrics.
To explain, a syndicated loan is a large loan – hundreds of millions of dollars – to a corporate borrower. Such loans are normally too big for one bank.
One bank, the lead manager, structures the loan and brings in several other banks as co-lenders, and they share the loan between themselves.
The lead manager also parcels off part, or most, of its own share to smaller banks in pieces of 2 to 5 million dollars, thereby bringing down its own exposure to a relatively small amount.
This business can be very attractive because the lead manager gets big fees for arranging and distributing the loan, plus recognition in banking circles as one of the big boys.