High Yield and Leveraged Loan Covenant Fundamentals: Building Knowledge and Understanding the Basics Series
New York
Register for the Entire Series
Event Details
4:00 p.m. EDT
High Yield and Leveraged Loan Covenants
The Capital Structure, Restricted Group and Value Leakage Through Restricted Payments and Permitted Investments
Topics Include:
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How the Restricted Payments covenant is designed to protect value
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The scope of the covenant, and the type of payments, purchases and investments it restricts
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Why the covenant is so important
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How to think about investment capacity
The presentation will be followed by networking drinks and the opportunity to connect with our lawyers and others within the industry.
Session Two
Tuesday, May 16th
Webinar
Event Details
3:00 p.m. EDT
High Yield and Leveraged Loan Covenants
Leverage and Subordination: The Debt and Liens Covenants
This session focuses on the Debt and Liens covenants, which are key to understanding leverage, dilution and subordination risks, providing participants with the tools for day one assessment of more leverage capacity.
Topics Include:
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How to determine capacity for additional debt and liens, and to what extent senior secured creditors’ claims can be subordinated or diluted
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Understanding the interaction of ratios carveouts and permitted “baskets”
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Calculation mechanics including EBITDA addbacks and pro forma wording
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Understanding where debt can be placed in the capital structure alongside the collateral and guarantee package, and how that impacts recovery risk
Session Three
Wednesday, June 21st
Webinar
Event Details
3:00 p.m. EDT
High Yield and Leveraged Loan Covenants
The Asset Sales, Change of Control and Mergers Covenants
Session three focuses on the Asset Sales, Change of Control and Mergers covenants, along with a review of typical Call Protection and Transfer provisions, all of which are crucial to understanding value loss, changes to stakeholders and liquidity.
Topics Include:
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The basics of an Asset Sales covenant and application of proceeds
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The interplay between the Asset Sales covenant and Restricted Payment covenant
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Typical Change of Control triggers
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Standard restrictions on transfers, assignments, and sub-participations