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

Percentage of Loans with Asset Sales Sweep Stepdown Contact: Steven Miller

Average F&C Tranche / Pro Forma EBITDA Contact: Steven Miller

Percentage of Loans with an MFN Sunset Contact: Steven Miller