Course curriculum

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

    2. Viewing tips

    3. How to ask questions

    4. Entrance Exam

    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

    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. Case Study: Basket Allocation & Reclassification

    7. Step 5: Basket Allocation & Reclassification

    8. Calculation Mechanics - Quiz

    1. Why Analyse the Restricted Payments & Asset Sales Covenants?

    2. Restricted Payments Covenant – How it Works

    3. Restricted Payments Covenant – Key Risks

    4. Restricted Payments Covenant and “The Box”

    5. Build-up Basket – Conditions to Use

    6. Case Study: Build-up Basket – Conditions to Use

    7. Build-up Basket – Capacity Calculations

    8. Case Study – Build-up Basket – Capacity Calculations

    9. Material Permitted Payments Baskets

    10. Case Study – Permitted Payments & Asset Sales

    11. Material Permitted Investments Baskets

    12. Step-by-Step: How to Analyse Restricted Payments Capacity

    13. Asset Sales Covenant – How it Works

    14. Asset Sales Covenant – Key Risks

    15. Application of Proceeds

    16. Case Study: Application of Proceeds

    17. Excess Proceeds

    18. Case Study: Excess Proceeds

    19. Step-by-Step: How to Analyse the Asset Sales Covenant

    20. Q&A: Are Unrestricted Subsidiaries required to be disclosed in the OM?

    21. Restricted Payments & Asset Sales - Quiz

About this course

  • Free
  • 82 lessons
  • 4.5 hours of video content