Arrangement

In music, an arrangement is a musical reconceptualization of a previously composed work. It may differ from the original work by means of reharmonization, melodic paraphrasing, orchestration, or development of the formal structure. Arranging differs from orchestration in that the latter process is limited to the assignment of notes to instruments for performance by an orchestra, concert band, or other musical ensemble. Arranging "involves adding compositional techniques, such as new thematic material for introductions, transitions, or modulations, and endings.... Arranging is the art of giving an existing melody musical variety".

Classical music

Arrangements and transcriptions of classical and serious music go back to the early history of this genre. In particular, music written for the piano has frequently undergone this treatment. The suite of ten piano pieces Pictures at an Exhibition, by Modest Mussorgsky, has been arranged over twenty times, notably by Maurice Ravel.

Due to his lack of expertise in orchestration, the American composer George Gershwin had his Rhapsody in Blue orchestrated and arranged by Ferde Grofé.

Arranger (banking)

In investment banking, an arranger is a provider of funds in the syndication of a debt. They are entitled to syndicate the loan or bond issue, and may be referred to as the "lead underwriter". This is because this entity bears the risk of being able to sell the underlying securities/debt or the cost of holding it on its books until such time in the future that they may be sold. They do not necessarily acquire all the debt - this may be split into various parts and sold to a variety of Arrangers.

Prior to the syndication of a loan and at the point where the loan documentation is signed, the title of "Bookrunner" is allocated to the bank that commits to provide the loan. This may be shared amongst several investors depending on the size of the deal. The "Arranger" is the entity (or entities) that subsequently agrees and negotiates the project financing structure. They will not necessarily be the same entity, although they often are.

Upon final signing of the full syndicate, the Bookrunner title may be forfeited to another lender. If amendments are made to the loan, the banks that committed to the original loan may retain their involvement in the deal as "Mandated Arrangers". The Bookrunner title is then assigned to the banks comprising the new lender group.