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Reorg Radio
Covenants: Recent Covenant Pushback Items in High Yield (July 21, 2020)
Jul 21, 2020
14:23
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The podcast discusses recent covenant pushback items in high-yield market, focusing on value leakage prevention, secured debt capacity adjustments, and investor scrutiny on dividends from asset sales. Case studies include GameNet, Tissen Group Elevator, Clayton W. N. Rice Own Company, and Husky International, highlighting trends in investor pushback and changes in high-yield transactions.
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Quick takeaways
- Investors focus on reducing value leakage in covenant terms by adjusting dividend baskets and default blockers.
- Recent trends show adjustments in secured debt and dividend capacity in European deals to curtail value leakage.
Deep dives
Investor Focus on Reducing Value Leakage in Covenant Terms
Investors primarily focus on reducing value leakage in covenant terms, evident in changes made to dividend baskets and default blockers in GameNet, and measures taken by Tissen to prevent value leakage with changes like inserting a J-crew blocker and altering dividend and investment baskets to curtail leakage.
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Discover
highlights
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