U.S. Liability Management Transactions: Quarterly Update Through Q1 2025

Ian Feng, J.D.: - Senior Covenant Analyst, Covenant Review

7 April 2025

Overview

In this regularly released report, we provide a summary of key Liability Management Transaction
trends in the first quarter of 2025

We also provide brief descriptions of the most common structures of Liability Management Transactions (LMTs), along with visual representations of these structures. We also comment on related “blocker” provisions.

We summarize each of the Liability Management Transactions that have been tracked by Covenant Review and LFI since 2014, through the first quarter of 2025.

Fill out the below form to view the full article:

Please note that we can only respond to valid business email addresses and the interview is already available to clients.

Stay in the loop with the latest credit insights direct to your inbox