Media
"Covenant Review Office Hours: Explaining Most Favored Nation Clauses" July 8. 2020
"Loan Investors Raise Concerns Over Ebitdac," The New York Times, June 24, 2020.
"Record number of US companies seek relief on loan terms," FinancialTimes, June 15, 2020.
"Covenant Review Office Hours: Covenant Innovations in the Recent Delta Offering & the Regulatory Debt Facility Concept", June 4, 2020.
"Private equity requests for flexibility may backfire during pandemic," Thomson Reuters, May 28, 2020.
"DISTRESSED DAILY: Endo Debt Swap Could Open J. Crew Trapdoor," Bloomberg, May 19, 2020.
"Behind Royal Caribbean’s Lifeline, a Shrewd Bond Maneuver," Bloomberg, May 17, 2020.
"Pandemic spawns new reporting term ‘ebitdac’ to flatter books," The Irish Times, May 14, 2020.
"UPDATE 3-Uber brings upsized US$900m bond as it eyes Grubhub buy," IFR, May 13, 2020.
Webinar: Advancing Knowledge & Avoiding Pitfalls Series, May 7, 2020
"Covenant Review Office Hours: Payments for Consent Covenants: Missing Language in European Bonds Could Leave Some Holders Out of the Loop." May 6, 2020
"Private equity lobbies for help, mostly hears ‘no’," Finance and Commerce, May 6, 2020.
"J.Crew Is Considering a Bankruptcy Filing. The Retailer Already Has a Controversial Debt-Market Legacy." Barron's, May 1, 2020.
"Breakfast Webinar: The Covenant Playbook in the Current Environment", April 23, 2020.
"Covenant Review Office Hours: A Recap of Recent Research and Answers to Some Frequently Asked Questions", April 22, 2020.
"Franchise operators seek new loan terms to tap rescue fund." FinancialTimes, April 17, 2020.
"Companies seen dusting off bond doc loopholes as crisis looms."International Finance Review, April 14, 2020.
"When will financial markets hit bottom? The past may not hold any clues." Bloomberg, March 31, 2020.
"Distressed Borrowers Seek Creative Lending to Survive Virus (1)." Bloomberg, March 23, 2020.
"Lenders Look for Ways to Pull Out of Leveraged Loan Deals." NBC News, March 22, 2020.
"Will Banks Exploit the Fine Print to Restrict Lending?" Institutional Investor, March 19, 2020.
"Lenders scour financing documents amid market volatility." Reuters, March 18, 2020.
"Corona clause’ creeps into businesses’ loan documents." FinancialTimes, March 18, 2020.
"Borrowers examine Ebitda definitions in credit agreements as coronavirus spreads." Reuters, March 17, 2020.
"Coronavirus puts private credit to the test." Reuters, March 11, 2020.
"‘Novel’ Loan May Let Private Equity Firm Add Coronavirus Losses Back to Earnings." Institutional Investor, March 6, 2020.
"ESG reframes weak covenants as governance issue." International Finance Review, February 28, 2020
"Sycamore Gets $1 Billion In Deal That Amazed Street." Yahoo Finance, February 27, 2020.
"Zayo bond deal draws over US$10bn of demand." NASDAQ, February 20, 2020.
"Auto-cures casts shadow over private debt market." Reuters, February 19, 2020.
"Opinion: The ‘Cov-Lite’ Fight in Leveraged Loans Is Lost." Bloomberg, February 18, 2020.
"Fierce Demand Has Lenders Fighting for Crumbs on Loan Terms." Bloomberg, February 17, 2020.
"Husky limps home with US$460m dividend for PE owners." International Finance Review, February 14, 2020.
"Yield Hunters Push Bond Safeguards to the Brink." Yahoo Finance, January 24, 2020.
"Clubs, Covenants, Mezzanines, a Guide to Private Debt." The Washington Post, January 15, 2020.
"Tense Time for Buyers of Riskier Corporate Loans." The Wall Street Journal, January 6, 2020.
"Auto-cures casts shadow over private debt market." Reuters, February 19, 2020
"Risky deal finances Apollo's media move." International Finance Review, December 19, 2019.
"Fuzzy Math That Fueled Junk Debt Boom is Sparking Jitters." Bloomberg, December 13, 2019.
"Bumpy lift-off for Wesco LBO bonds." International Finance Review, November 15, 2019.
"Walgreens buyout would be a test of bond investors’ appetite." Financial Times, November 12, 2019.
"Blackstone's financing for Merlin deal unsettles bond market." Reuters, October 17, 2019.
"Easy credit's latest twist: Loans to companies with no income." American Banker, September 20, 2019.
"Envision US$5.45bn TLB sinks as US healthcare debate rages." Reuters, August 28, 2019.
"Amid Bad Debt Deals, Loan Covenant Analyst Says This Deal Is The Worst Ever." ValueWalk, August 12, 2019.
"LSE's $27 billion deal rehabilitates Refinitiv debt." WTVB, August 1, 2019.
"IFR SNAPSHOT-Waiting for the Fed." IFR, July 31, 2019.
"Sen. Elizabeth Warren says ‘warning lights are flashing,’ cautions that ‘odds of another economic downturn are high’." MarketWatch, July 22, 2019.
"Tesla: significant other." Financial Times, June 28, 2019.
"Here’s who keeps investors abreast of this opaque debt market and possible systemic risk." MarketWatch, June 17, 2019.
"Tesla May Have a Loophole to Escape Paying Up on Solar City Bonds." Barron's, June 12, 2019.
"Holders of risky corporate debt are unknown." Finance&Commerce;, June 11, 2019.
"Report: Loan issuer breaks ice on SOFR as Libor fallback." Asset Securitization Report, June 3, 2019.
"Companies Flock to Issue Bonds on Tiny English Channel Island." The Wall Street Journal, May 13, 2019.
"US Loan Market Seeks to Block CDS Manipulation." Reuters, May 13, 2019.
"Leveraged-Loan Pushback Is Too Little, Too Late." Bloomberg, May 7, 2019.
Introducing Covenant Review Documentation Scores for U.S. Institutional Loans
"Sycamore Pockets $1 Billion From Deal That Amazed Wall Street." Bloomberg, April 11, 2019.
"‘Covenant creep’ is making high-yield debt riskier for investors." Financial Post, April 3, 2019.
"Companies reinstate ‘investor calls’ as market volatility strips clout from borrowers." Reuters, March 26, 2019.
"In leveraged loans, sellers are still in near-total control." Financial Times, March 22, 2019.
"Neiman Marcus' loan climbs amid restructuring talks." Nasdaq, March 15, 2019.
"Should the world worry about America’s corporate-debt mountain?" The Economist, March 14, 2019.
"Opioid litigation concerns weigh on pharmaceutical loan borrowers." Reuters, March 11, 2019.
"Hedge Fund’s Triumph in Court Threatens Windstream’s Viability." BARRON'S, February 22, 2019.
"Investors Look to Ratings Agencies to Punish Aggressive Loan Docs." U.S. News, January 28, 2019.
"Debt machine: are risks piling up in leveraged loans?" Financial Times, January 21, 2019.
"Europe's Junk-Debt Buyers Form Lobby Group in Weaker Market." Bloomberg, January 8, 2019.