This chapter explores the evolution of limited condition acquisition in high yield bond documentation, highlighting the shift from traditional covenants to more flexible structures. It emphasizes the importance of strategic planning and flexibility for issuers in overcoming economic challenges and maintaining compliance amidst market fluctuations.
In this episode, Reorg's Shweta Rao speaks with Morrison & Foerster’s debt finance partners Benoit Lavigne and Matthew Dunlap about a forensic analysis of creative documentary flexibilities that can be utilized in stressed situations new legal issues arising in covenant waivers, amendments and PIKing interest, pandemic-related documentary changes and a forecast for Covid-19 related covenant evolution in leveraged finance.
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