Finance

Leveraged Finance Academy: Advanced Topics - 8 March 2023

Shearman & Sterling LLP

Issue link: https://digital.shearman.com/i/1494420

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Debt Incurrence 45 Leveraged Finance Trends • Overall: Push back on baskets and tightening ratios • Definition of Debt: restriction on priming debt • Testing dates: commitment vs incurrence / treatment of committed lines • TNL vs. SSNL • Exclusions from calculations: RCF / working capital • Finance leases: symmetrical treatment

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