Description
Since the first LBOs of the 1980s, leveraged finance covenants have evolved from a straightforward set of terms and conditions to the vastly complex provisions of today. Influenced by market dynamics, these provisions combine concepts from high yield bonds and leveraged loans, often in counter-intuitive ways.
Sabrina will guide students on a thorough exploration of this complexity, starting with an establishment of the “point A” of capital structure and credit support analysis, before continuing onto the “point B” analysis of debt and liens provisions, restricted payments and asset sales, and change of control and portability. She will also highlight common provisions used in liability management transactions and explain the ins and outs of cooperation agreements.
What you will learn
- Analysing capital structures and relative priority of financing instruments
- Assessing the value of collateral and guarantees
- Determining how debt and liens provisions impact the capital structure seniority over time
- Understanding of restricted payments and asset sale provisions and their impact on value
- Assessing change of control protections and portability exceptions
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