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Covenant Review, LLC

@CovenantReview

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

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@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 buff.ly/2G3XUeY #LoanCOMPS #leveragedloans


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: ow.ly/qJlY50PmFuj


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: ow.ly/YB6h50OvQON


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: ow.ly/fecG50OvPoJ


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: ow.ly/IXJ350OvCqq


#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: ow.ly/H8NH50OvzPA


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: ow.ly/Hr2f50Ovvh7


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: ow.ly/XPnM50OvpwB


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: ow.ly/xiq150Oaim1


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: ow.ly/vYOB50O9Hnk


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: ow.ly/Jsur50O9C7c


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: ow.ly/syvJ50O9lvb


Covenant Primer: We discuss amendment provisions found in US leveraged loan credit agreements. #credit #finance #markets #creditagreement #indenture #highyield #leveragedloans Request our report: ow.ly/RZMV50O9hzY


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: ow.ly/VGCx50O93gN


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: ow.ly/z80h50O8Ns9


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: ow.ly/y6uG50NGocG

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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: ow.ly/PkvU50NGm9u


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: ow.ly/33aY50NGlvA


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: ow.ly/5pSl50NGjYv


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: ow.ly/f5YO50NGiSr


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: ow.ly/1LuG50NGcU6


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