This paper analyzes how different legal and financial systems affect the composition of loan syndicates, and how the composition, in turn, affects loan pricing. In contrast with previous work on the availability and allocation of external finance, I study the supply of long-term funds to large, illiquid project companies located in 61 countries. Using a sample of 495 loan tranches worth $151 billion, I find that foreign banks provide a greater share of total funds in countries with stronger creditor rights, stronger legal enforcement, less-developed financial systems, and less government ownership of banking assets. I also find that loan spreads and fees are positively related to the fraction of total funds provided by foreign banks. These findings show that both legal and financial systems affect the availability of funds, the pricing of funds, and, presumably, capital investment decisions and economic growth.