Credit Covenant Concepts – U.S. Leveraged Finance Edition

Our flagship course on credit covenant concepts. Yes, you are right, we know – we only have just two such courses altogether. Nevertheless, this course walks you through many of the key concepts related to incurrence covenants and financial maintenance covenants in senior unsecured bonds, senior secured bonds and senior secured credit facilities in the U.S. leveraged finance space from an analyst’s perspective. You could not sleep last night because you were wondering about the different variations of designation criteria for unrestricted subsidiaries? Or just simply would like to better understand debt capital markets jargon and the mechanics of debt documents in the leveraged finance space? Then you are in the right place!

Key topics covered include the following:

·      Indebtedness, guarantees, disqualified capital stock, subsidiary preferred stock

·      Consolidated net income, consolidated EBITDA, consolidated interest expense

·      Cash and cash equivalents

·      Excess cash flow

·      Restricted subsidiaries and unrestricted subsidiaries

·      Calculation of financial ratios

·      Financial maintenance covenants

·      Incurrence covenants

·      Mandatory and voluntary prepayments/redemptions

To make you get a feeling of the level of detail, some of the key concepts discussed are the following (this is a strictly non-exhaustive, non-representative, unordered list):

·      Contribution debt, excess cash flow percentage, available amount builder basket, internally generated cash, investments in a similar business, restricted payments, incremental facilities, incremental equivalent debt, reclassification, purchase money indebtedness, net cash proceeds, acquired liens, permitted acquisitions, run-rate cost savings and synergies, and many more…

Total gross duration of the videos: over 11 hours

Product access period: 6 months

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