Course curriculum

    1. Welcome to FLT's Leveraged Finance Covenant Training course!

    2. Viewing tips

    3. How to ask questions

    4. Case Study - Annotated BlackPebble Offering Memorandum

    5. LCFT Slide Deck

    1. Introduction

    2. Goals of this Course & How Will We Achieve This

    3. The “Leveraged Finance Market” / Landscape of the Market

    4. Goals of the Parties

    5. How Covenants Help Achieve Those Goals

    6. A Brief History of Covenants - Overview

    7. A Brief History of Covenants - Debt Covenant

    8. A Brief History of Covenants - Liens Covenant

    9. A Brief History of Covenants - Restricted Payments Covenant

    10. A Brief History of Covenants - Asset Sales Covenant

    11. A Brief History of Covenants - Change of Control Covenant

    12. Deal Process & Timeline – Leveraged Loans / High Yield Bonds

    13. Maintenance vs. Incurrence Covenants / “Cov-Lite”

    14. Case Study – Introduction to the Monkey Business Case Study

    15. Foundations - Quiz

    1. Why Analyse the Capital Structure?

    2. What is the Cap Stack?

    3. Objectives of the Parties

    4. Analysing the Structure Chart

    5. Why Does Credit Support Matter?

    6. Subordination

    7. Credit Support in the US vs Europe / The Intercreditor Agreement

    8. Case Study - Analysing the Structure Chart & Guarantor Coverage

    9. Case Study - Analysing the Credit Support

    10. Step-by-Step: How to Analyse Capital Structure & Credit Support

    11. Q&A - Market standard credit support & difference between a guarantor & non-guarantor

    12. Capital Structure & Credit Support - Quiz

    1. Why Analyse the Debt & Liens Covenants

    2. Debt Covenant - How it Works

    3. Debt Covenant - Key Risks

    4. Ratio Debt Basket

    5. CNI & EBITDA

    6. Case Study - Ratio Debt Basket

    7. Permitted Debt Baskets

    8. Case Study - Super Senior Debt Mechanics

    9. Non-Guarantor Debt Incurrence

    10. Case Study - Future Guarantor Covenant

    11. Calculation Flexibility

    12. Case Study - Reclassification & Designated Amounts

    13. Liens Covenant - How it Works & Key Risks

    14. Permitted Collateral Liens - Most Important Baskets

    15. Permitted Liens - Most Important Baskets & Case Study

    16. Case Study - Liens - Other Implications

    17. Step-by-Step - How to Analyse Secured Debt Capacity

    18. Q&A - Difference between Permitted Collateral Liens and Permitted Liens

    19. Debt & Liens - Quiz

    1. Why Analyse Calculation Mechanics?

    2. Covenant Calculations: Disclaimers

    3. Covenant Calculations: Which line items?

    4. Calculating Covenant Capacity Step-by-Step

    5. Step 1: Financial Calculations Covenant & Key Risks

    6. Step 2: When is the Calculation Being Made?

    7. Case Study (part I): When is the Calculation Being Made?

    8. Case Study (part II): When is the Calculation Being Made?

    9. Step 3: Which Numbers Are We Using? EBITDA

    10. Case Study: Which Numbers Are We Using? EBITDA

    11. Step 3: Which Numbers Are We Using? IFRS 16

    12. Step 3: Which Numbers Are We Using? "Indebtedness" / "Secured Debt" & Case Study

    13. Case Study: "Secured Debt"

    14. Step 4: Ratio Calculations

    15. Case Study: Ratio Calculations

    16. Case Study: Basket Allocation & Reclassification

    17. Step 5: Basket Allocation & Reclassification

    18. Ongoing Monitoring of Capacity: Debt & Liens, Restricted Payments & Asset Sales

    19. Calculation Mechanics - Quiz

    1. Recap: A Brief History of Covenants

    2. Recap: Maintenance vs. Incurrence Covenants

    3. Recap: Subordination

    4. Recap: Why Does Credit Support Matter?

    5. Recap: Step-by-Step How to Analyse Capital Structure & Credit Support

    6. Recap: Debt Covenant - How it Works

    7. Recap: Non-Guarantor Debt Incurrence

    8. Recap: Liens Covenant - How it Works

    9. Recap: Step-by-Step How to Analyse Secured Debt Capacity

    10. Recap: Calculating Capacity Step-by-Step

    11. Q&A: Unrestricted Subsidiary disclosure in HYB OM

    12. Mid-Course Recap - Quiz

About this course

  • Free
  • 157 lessons
  • 4.5 hours of video content