ELFA AFME Teach-in series: Calculating Covenant Capacity in Leveraged Finance Transactions

6 June 2022•60 min read

9fin is delighted to be working with AFME and ELFA on a covenant teach-in – Calculating Covenant Capacity in Leveraged Finance transactions.

The session will be led by Brad Weyland of A&O with his expert insight into the practical aspects of determining amounts of baskets through calculation of key metrics and exploration of calculation mechanic flexibilities. Brad will be joined by 9fin’s legal analyst Alice Holian.

Just some of the questions that will be answered:

Are Covenant EBITDA and “adjusted EBITDA” close cousins?
How are gross and net “Indebtedness” determined for covenant calculation purposes?
What impact can IFRS 16 provisions have on the debt figure?
How to estimate “Consolidated Net Income” using company financial statements
How do provisions such as “Designated Commitments” and “Financial Calculations” covenants work?

Click here to watch the replay

Don't miss our next webinar ESG primer - Diving into Sustainability-Linked Deal Terms

In this complimentary webinar, 9fin’s expert credit team will outline the key trends in sustainability linked deal structures that every investor should be thinking about when analysing a deal from an ESG perspective.

With reference to recent bond, loan and CLO issuance, Alex Manolopoulos and Josh Latham will look at:

- Key Trends seen in Sustainability-linked financing

- What determines a ‘strong’ ESG package? KPI & Sustainability Performance Target analysis

- Margin ratchets – current, future or linked to unspecified targets – how can they be made meaningful?

- Emerging ESG ‘battlegrounds’ in documentation

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