News & Analysis as of

Covenant Lite Deals EBITDA

White & Case LLP

Documentary developments in tighter times

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Risks posed by rising inflation, concerns about a global recession and the lingering impact of the war in Ukraine are seeing lenders and investors start to chip away at the loose, borrower-friendly terms that have...more

Orrick, Herrington & Sutcliffe LLP

COVID-19 – Financing Related Considerations

We are sadly amid one of the most extraordinary times any of us can remember. The prevailing hope and expectation is that the current extraordinary times and related disruption is temporary. The rise in “cov-lite” and...more

White & Case LLP

European leveraged finance: A bifurcated balancing act: Data dive: European leveraged finance 2020

White & Case LLP on

- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion - High yield bond...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

White & Case LLP

A Closer Look at Asset Sales in Leveraged Finance: reinvest, repay, repeat

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European Leveraged Finance Client Alert Series: Issue 8 - The traditional approach to the treatment of disposal proceeds in leveraged loan agreements has evolved in recent years, as borrowers seek to retain greater...more

Troutman Pepper

SEC's Leveraged Loan Market Outlook

Troutman Pepper on

On September 19, the Securities and Exchange Commission’s Investor Advisory Committee held a hearing to discuss the risks of increased leverage in the loan market and the potential impact leveraged loans and collateralized...more

White & Case LLP

Restructuring the next wave of cov-lite debt

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Cov-lite loans can leave lenders with limited restructuring options, but creative lenders will still find ways to bring debtors to the table - Recent data shows that investor protection in loan documents has fallen to its...more

Latham & Watkins LLP

The Growth of European Covenant Lite

Latham & Watkins LLP on

In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more

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