Bonds & Loans The Covenant Trajectory: 5 Key Indicators

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Presentation transcript:

Bonds & Loans The Covenant Trajectory: 5 Key Indicators Christine Tadros Head of European Research 18 October 2018 status: confidential

HIGH YIELD IN DISGUISE 1 HYBID Loans

EBITDA As Main Basket Measure 2 Uncapped Add-Back: Projected Synergies EBITDA As Main Basket Measure

QAD = quantifiable additional debt (ex: credit facilities basket) LEVERAGING  3 QAD = quantifiable additional debt (ex: credit facilities basket)

VALUE LEAKAGE - € 4 The Restricted Payments covenant Loans with HY-Style RPs BUBs HYB RPs – BUB Starter Amount HYB - Deleveraging required by leverage-based RPs YES NO 1.0x+ 1x-0.5x <0.5x NONE N/A

VALUE LEAKAGE - ASSETS 5 The Asset Sales covenant Loans – Leverage-based Asset Sale Step-downs Bonds – Leverage-Based Asset Sale Step-downs

Bonds & Loans The Covenant Trajectory: 5 Key Indicators EMEA Americas Asia 10 Queen Street Place 330 Hudson St. Suite 1602-6 London 4th Floor Grand Millennium Plaza EC4R 1BE New York, NY 10013 181 Queen’s Road, Central United Kingdom USA Hong Kong +44 203 741 1000 +1 212 500 7537 + 612 9002 3131 sales@acuris.com sales.us@acuris.com sales.asia@acuris.com status: confidential