New York, October 5th / PRNewswire / -- Versana Today, we announce the launch of Versana Loan Voting, a new digital technology solution designed to automate and simplify the revision voting processes in the extensive syndicated lending (BSL) and private credit markets. Five top correspondent banks have already subscribed to this platform, with J.P, Morgan, Morgan Stanley, and Bank taking the lead in promoting it. The platform is now open to all market participants and brings automated services, transparency, and scalability to one of the most time-consuming and voluminous workstreams within this $9 trillion loan asset class.

Revisions to credit agreements are a common part of the corporate loan lifecycle, typically driven by refinancing, repricing, extension of maturity dates, or restructuring. Hundreds of revisions are carried out by thousands of lenders each year, and there is a rapidly growing demand in the market for modern, scalable, and fully digital solutions.

Versana Founder and CEO Cynthia Sachs stated: "With the significant growth in the scale of loan issuance and the number of buyer lenders over the years, the volume of revisions to votes has reached an unprecedented level, yet the infrastructure that supports this expansion has not kept up. We are changing the way loan voting is executed by providing agents with control, transparency, and speed, while also bringing higher accuracy, visibility, and confidence to lenders in their holdings."

Versana Loan Voting can accelerate the revision process and enable participants in the loan to vote more efficiently through their fund entities. As a result, the workflow is faster, correspondent banks can initiate revisions more easily, track voting results in real-time, and manage the loan lifecycle with greater control.

Through Versana Loan Voting, lenders will receive automatic reminders, thereby speeding up response times; the self-service feature allows asset managers to seamlessly add new funds and submit votes in a digital manner. In addition, direct integration with the correspondent bank system eliminates time delays and reduces the manual reconciliation of lenders' positions, thus accelerating execution.

J.P. Morgan Director of Debt Capital Market Operations and Merchant Banking Policy, Joseph Ferraiolo stated: "Versana Loan Voting is helping to modernize the loan modification process by digitizing complex procedures and enhancing transparency among stakeholders. This technology will enable our team to serve borrower customers more quickly, while also laying the foundation for direct processing to the back-office ledger, as well as more timely reconciliation and services."

Morgan Stanley, the Chief Operating Officer of Global Leveraged Financing, stated: "When making revisions for borrowing customers, speed and certainty are of paramount importance. Versana brings greater control and visibility to the voting process, while also making it easier for lenders to participate efficiently. As the loan market continues to grow in scale and complexity, this is an important advancement."

Bank of America The Chief Operating Officer of Global Capital Markets, Selin Aran, stated: "Revising and approving votes are still among the most labor-intensive processes in the lending market. Digitally connecting correspondent banks and lenders through a single platform is a feasible solution that benefits both borrowers and investors."

Versana indicates that this launch comes at a time when the company's development momentum is strengthening, including the recent completion of the digital integration of Barclays's agency for BSL transactions, the securing of $43 million in financing, and the introduction of a cash-free rolling solution that is pioneering in the industry. This revised financing arrangement is linked to its original issuance. Versana states that these milestones will help the company continue to drive product innovation and expand industry adoption. With coverage of over 11,000 financing arrangements and $480 billion in active commitments, Versana continues to drive the modernization of the BSL and private credit markets through leading technologies, and provides integrated digital workflow solutions utilizing real-time information.

About Versana

Versana is a company dedicated to enterprise data and digital infrastructure, supported by the industry, and is committed to transforming the broad syndicated lending and private credit markets. By digitally capturing lending data from correspondent banks in real-time from a gold-source ledger, Versana provides unprecedented transparency at the global lending level and into lenders' portfolio holdings, bringing efficiency and speed to this entire asset class. Through its centralized platform, participants can be assured that they are accessing the most credible source of transaction information in the lending market. With the support of investors, Versana has become the preferred data provider for driving the long-awaited modernization process of this $9 trillion lending market. For more information, please visit versana.io.

Media Contact

Versana / Forefront Communications (representing Versana)