Covenant Trends – 5/20/2019
EBITDA Addbacks: Percentage of Loans with Uncapped Synergies & Cost Savings Contact: Steven Miller
EBITDA Addbacks: Percentage of Loans with Uncapped Synergies & Cost Savings Contact: Steven Miller
Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
Click here to download full report DOWNLOAD FULL REPORT Underlying the better Documentation Scores among smaller leveraged loans is a series of tighter covenant terms, as we run down in the tables above. What is Documentation Score?Covenant Review’s Documentation Scores express the strength of an instrument’s covenant protections on a number scale running from 1 […]
Click here to download full report DOWNLOAD FULL REPORT Broadening our lens, a simple scatter plot of LBO loans over the past year for which Covenant Review has analyzed final terms or updated preliminary terms illustrates the fact that higher-scoring loans tend to be concentrated at the smaller-end of the market. Size, however, is not […]
Click here to download full report Though covenant-lite has become standard for even leveraged loans that sit at the high end of the middle market spectrum—those between $250 million and $500 million—covenant protections in this segment are generally tighter than those for broadly syndicated deals. The $260 million loan that backs Reverence Capital Partners’s LBO […]
Average EBITDA Adjustment Cap for Synergies & Cost Savings Contact: Steven Miller
Distribution of Time Horizons for Synergies & Cost Savings EBITDA Addback Contact: Steven Miller
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
Minimum General Purpose Debt Capacity for M&A-Driven Loan Deals Contact: Steven Miller
Credit Stats by Sector (LTM PF Adjusted Leverage) Contact: Steven Miller