U.S. Liability Management Transactions: Quarterly Update Through Q1 2025
Ian Feng, J.D.: - Senior Covenant Analyst, Covenant Review
7 April 2025
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.
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