Understanding and Negotiating High-Yield Debt Covenants | Practical Law

Understanding and Negotiating High-Yield Debt Covenants | Practical Law

A Practice Note discussing the covenants typically contained in high-yield indentures, along with considerations that influence negotiations among the issuer and the underwriters representing the bondholders. In particular, this Practice Note covers the debt covenant, restricted payments covenant, lien covenant, dividend stopper covenant, asset sale covenant, transactions with affiliates covenant, change of control covenant, and merger covenant.

Understanding and Negotiating High-Yield Debt Covenants

Practical Law Practice Note w-012-5444 (Approx. 17 pages)

Understanding and Negotiating High-Yield Debt Covenants

by Practical Law Corporate & Securities
MaintainedUSA (National/Federal)
A Practice Note discussing the covenants typically contained in high-yield indentures, along with considerations that influence negotiations among the issuer and the underwriters representing the bondholders. In particular, this Practice Note covers the debt covenant, restricted payments covenant, lien covenant, dividend stopper covenant, asset sale covenant, transactions with affiliates covenant, change of control covenant, and merger covenant.