Course curriculum

    1. Welcome message from Sabrina

    1. ELFA Academy Covenant Assessment

    1. Welcome to the ELFA Academy Leveraged Finance Covenant Training course!

    2. Viewing tips

    3. How to ask questions

    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. Case Study - Ratio Debt Basket

    6. Permitted Debt Baskets

    7. Non-Guarantor Debt Incurrence

    8. Calculation Flexibility

    9. Liens Covenant - How it Works & Key Risks

    10. Permitted Collateral Liens - Most Important Baskets

    11. Permitted Liens - Most Important Baskets & Case Study

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

    13. Debt & Liens - Quiz

About this course

  • Free
  • 96 lessons
  • 6 hours of video content