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...Revlon said permissive loan covenants provided leeway to create, or drop down, a new subsidiary that in turn borrowed $880mn from Angelo Gordon and others....
...Take for example the “J Crew blocker” that has been increasingly popular in loan covenants....
...The management of Altice’s heavily indebted French telecoms business badly burned bondholders last month, when they carefully explained on a results call that, because modern-day debt covenants have more...
...But, believe it or not, the bond-covenant game seems to have worked in favour of the investors this week....
...He has denied any violation of his agreement and believes the restrictive covenants FTI cites are not applicable or unenforceable....
...Jimmy Carter, America’s longest living former president, has decided to forego medical treatment and enter hospice treatment at home, the Carter Center said in a statement on Saturday....
...Reasonable loan covenants and restrictions were eroded and in some cases disappeared. Prices for buyout assets soared....
...Penn will sell the entirety of common stock in Barstool back to Portnoy “in exchange for certain non-compete and other restrictive covenants”....
...But the ability to see and structure assets is pretty attractive — setting covenants, structuring cash flow sweeps, protecting collateral....
...Covenant Review declined to comment beyond the content of the report. BofA declined to comment. Cargill and Continental Grain did not immediately respond to requests for comment....
...The company said in a Securities and Exchange Commission filing on Thursday that it had received a notice of acceleration and default from JPMorgan, which determined the retailer had breached its loan covenants...
...He thinks it comes from “deep operational and governance involvement” including “sourcing, structuring, negotiating, and vastly deeper diligence and superior protective covenants”....
...But if this ever gets to a legal forum, Oligarch Inc. is presumably going to claim that it is sympathetic and loyal to mother Russia, not “controlled”....
...The plaintiffs argued in response (PDF) that DCC had “breached the foregoing covenants but hopes to escape liability by stretching a narrow accounting clause beyond its breaking point”....
...The banks are far healthier, leverage levels are far lower and covenants are generally a little more relaxed,” he said. “But it’s early, we’ll see what happens.”...
...“Barry is so brilliant that he figured out before the bond market that Blockbuster was going to blow their covenants,” Hastings quipped....
...The company had fully drawn down a bank credit line, Moody’s said, and tight liquidity meant NSO could breach a covenant on its debt, leading to a default....
...TransDigm’s covenant will not thrill trustees of the £1.2bn scheme, which has a £300m accounting deficit according to filings. The US group has some $16bn in net debt, 7.4 times prospective ebitda....
...A version of this article was first published by Nikkei Asia on July 23. ©2022 Nikkei Inc. All rights reserved....
...The trustees of the group’s pension funds have also warned that the higher levels of indebtedness inherent to both bids would weaken the covenant of the schemes....
...By 2016, SolarCity was listed, but the capital intensive nature of its business model left it with more than $3bn of total debt and it was in danger of breaching covenants on minimum liquidity....
...At the same time, the company had to deal with interest payment, debt maturities and covenant compliance....
...“This is such a rare thing that has not happened in the US leveraged loan market for a very long time at such a scale,” said Justin Forlenza, senior covenant analyst at credit research company Covenant Review...
...That part of the business provides credit analysis and counts specialist services Covenant Review and LevFin Insights among its offerings....
...“This is clearly for the benefit of the issuer, not for bondholders,” said Ross Hallock, an analyst at Covenant Review....
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