Covenant Trends – 3/10/2025
Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-Related vs. All Deals) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored vs. Non-Sponsored (LTM) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com