Covenant Review, LLC

In-depth analysis & impact assessment on current & future leveraged finance deals. Access to lawyers with extensive covenant experience @FitchSolutions service

[Covenant Review, LLC @CovenantReview]

@CovenantReview is excited to introduce its next-generation loan comps 2.0 tool, which provides important enhancements to the 1.0 version.

See video for more details.

To access, click on the Data Toos tab on https://t.co/OZJkK6YNMy

#LoanCOMPS #leveragedloans

[Covenant Review, LLC @CovenantReview]

Catalent: Would an #Acquisition by a Private Equity Firm Trigger a Change of Control under the Bonds? We examine whether an acquisition by a PE firm would trigger a Change of Control put right under Catalent’s outstanding #highyield #bonds.
Request report: https://t.co/EO2sslYvit

[Covenant Review, LLC @CovenantReview]

PGT Innovations has recently announced its adoption of a poison pill, which has prompted #investors to ask about the Change of Control covenant for its outstanding bonds. #PGTInnovations #credit #markets #finance #bonds #acquisition

Request our report: https://t.co/bUao0AtsZc

[Covenant Review, LLC @CovenantReview]

Spectrum Brands: How Would an Asset Sale of the Hardware and Home Improvement Business Implicate the Bond Covenants? We review how Spectrum Brands may apply Asset Sale proceeds under its outstanding #bonds.
#spectrumbrands #bondmarket

Request our report: https://t.co/aC347mvL9k

[Covenant Review, LLC @CovenantReview]

Middle Market TrendLines Data: Produced from CR’s proprietary dataset, Middle Market TrendLines are intended to provide our readers with a broader sense of the U.S. middle market.
#loans#middlemarket#markets#finance#credit#levfin
Request report: https://t.co/6XfBYHVsLO

[Covenant Review, LLC @CovenantReview]

#Catalent: What are the Implications for the Bonds of Failing to Provide the Quarterly Results on Time? We examine whether the failure to file in a timely fashion will result in an Event of Default under Catalent’s outstanding #bonds.
Request report: https://t.co/h23IcUGsxi

[Covenant Review, LLC @CovenantReview]

In our latest Trendlines report, "Flex Activity Favors Mainly Higher Rated Borrowers in May", Covenant Review provides an analysis of recent covenant flex trends. #borrower #levfin #loans #loanmarket
Request our report: https://t.co/xtoEGhUyVO

[Covenant Review, LLC @CovenantReview]

PDC Energy: Will the Acquisition by Chevron Trigger a Change of Control Put Under PDC's Bonds?
#energy #highyield #bonds #pdc #chevron
Request the report: https://t.co/RuSw9AOT51

[Covenant Review, LLC @CovenantReview]

Talen Energy: Senior Secured Notes Document Changes: Talen is offering revised covenant terms on its proposed offering of new Senior Secured Notes due 2030. The covenant improvements include the inclusion of a Restricted Payments...
Request report: https://t.co/BddohVEAE9

[Covenant Review, LLC @CovenantReview]

In our latest Trendlines report, "Flex Activity in April Shifts Back to Borrowers as Conditions Firm", Covenant Review provides an analysis of recent covenant flex trends. #borrower #credit #finance #markets #levfin
Request our report: https://t.co/v94b9BpFh2

[Covenant Review, LLC @CovenantReview]

Sabre: Could the Group Do a Drop-Down Transaction Under the Bond Indentures? Sabre has four series of #bonds and a #creditagreement outstanding. We examine whether the group could do a drop-down transaction under the bond #indentures.
Request report: https://t.co/t6YfFivTYW

[Covenant Review, LLC @CovenantReview]

The J. Crew Blocker Is Not the Reverse of the J. Crew Trapdoor: #Leveragedfinance has its own language. Our report explains the meanings of “J. Crew Blocker” and “J. Crew Trapdoor” and why they’re not quite the reverse of one another.
Request report: https://t.co/sQ0ajnVyJh

[Covenant Review, LLC @CovenantReview]

Covenant Primer: We discuss amendment provisions found in US leveraged loan credit agreements. #credit #finance #markets #creditagreement #indenture #highyield #leveragedloans
Request our report: https://t.co/AELgSDyjgK

[Covenant Review, LLC @CovenantReview]

Catalent: Initial Bond Covenant Implications of a Possible Acquisition by Danaher: Reports indicate that #Danaher Corp. is interested in acquiring #Catalent.
#credit #finance #highyield #investmentgrade #bonds
Request report: https://t.co/n1sKHiu4vV

[Covenant Review, LLC @CovenantReview]

WFS: Initial Thoughts on the Tender Offer and Consent Solicitation: WFS (acquired by SATS Ltd.) recently launched a tender offer for both of its tranches of fixed rate Senior Secured Notes due 2027. The tender consideration is...
Request report: https://t.co/dtNZbFoXGY

[Covenant Review, LLC @CovenantReview]

An activist investor is reportedly pushing #GettyImages to consider a #sale of the company. In light of this news, we review the Change of Control covenant and redemption provisions for Getty Images’ outstanding #bonds. #credit #markets
Request report: https://t.co/jOzd6xjBNj

[Covenant Review, LLC @CovenantReview]

OPI is acquiring DHC. In our report, we consider the Change of Control protection under the DHC bonds. #bonds #markets #finance #credit #opi #bondmarket #bondholder
Request a copy: https://t.co/KpYou4haih

[Covenant Review, LLC @CovenantReview]

Playtika: How Would an LBO Implicate the Change of Control Covenant and Equity Claw for the Bonds?
#Playtika #privateequity #highyield #bonds #LBO #markets #finance #credit
Request our full report: https://t.co/OgcGmAVmfK

[Covenant Review, LLC @CovenantReview]

Q1 M&A Debt Multiples Gap Down on High Rates, Choppy Conditions, and Economic Uncertainty: CR updates a set of credit statistics for M&A-related leveraged loans that provide transparency on pro forma EBITDA levels.#credit #markets #finance
Request report: https://t.co/pez5UaZzvv

[Covenant Review, LLC @CovenantReview]

Special Situations Weekly: This week’s report covers Envision Healthcare, Diebold Nixdorf, Incora, Cimpress, Adler, RumbleOn. QVC, Dish, National CineMedia, SmileDirectClub & more. #specialsituations#distresseddebt#bankruptcy #restructuring
Request a copy: https://t.co/a8RI47CeRs

[Covenant Review, LLC @CovenantReview]

U.S. High Yield March Wrap-Up: PIK Instead of Cash with Majority Consent? There was $4.75 billion of U.S. #highyield bond supply in March, down from $13.93 billion of supply in February (per LevFin Insights). In the...
Request report: https://t.co/zqF9o440fG