Our Covenant Pushback Tracker can help you:

• Rapidly access an up-to-date and complete data set of successful pushback points
• Review what similar terms or baskets received pushback on a covenant-by-covenant basis, for example, two deals removed their Available RP Capacity Amount while three had to tighten it
• Explore all of the successful pushback on a specific point, and, with one click, review the actual language that changed, for example, in Arxada where no worse flexibility was removed in the Credit Facilities debt basket
• Connect directly with our Covenant Explorer tool where you can see the side-by-side change in the prelim and final OMs.

See some of the analysis drawn from our Covenant Pushback tool where our legal team highlight main areas of pushback.

Our analysis is focused primarily on sponsor deals as this is where terms tend to be more aggressive - resulting in the most pushback - but we have also included certain non-sponsor deals to the extent we are aware of material pushback. Any questions on specific deals or feedback on the Covenant Pushback Tracker can be sent to team@9fin.com.