Average Minimum Day-One Capped Basket Capacity, YoY Contact: Steven Miller

Average Minimum Day-One Capped Basket Capacity, Quarterly Contact: Steven Miller

Average EBITDA Adjustment Cap for Synergies & Cost Savings Contact: Steven Miller

Synergies & Cost Savings EBITDA Addbacks 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