Covenant Trends – 2/3/2025
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 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
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Distribution of MFN Sunset Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Accordion Inside Maturity (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com