Finance

Leveraged Finance Academy: Introduction to Leveraged Finance - 7 March 2023

Shearman & Sterling LLP

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Covenants: Incurrence v. Maintenance 15 High Yield covenants with very few exceptions (i.e. reporting) are "incurrence-based" covenants which restrict specified actions by the Issuer on a case-by-case basis VS Historically, bank loans typically contained "maintenance" covenants which required the Borrower to maintain compliance with specified terms on an ongoing basis The Debt Stack – Structuring and Incurrence Covenants

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