Our Legal Insights Blog

In today's leveraged finance market, understanding how covenants work is crucial for lenders. The Somacis €550 million senior secured floating rate notes deal provides an excellent case study on how modern covenant provisions can pose potential risks to lenders.

Welcome back to Fox Legal Training's Primary Market Education Series! In this instalment, we'll explore covenant analysis techniques using two deals in the primary market this week: ASK Chemicals and Omnia Technologies. By comparing these deals, we'll demonstrate how covenants can be structured to offer more flexibility for borrowers or more protection for lenders.

During last Friday’s FLT Office Hours, we discussed how to analyze covenants for priming capacity in typical high yield bond documents. This question has become increasingly prevalent, particularly given the increase in creditor-on-creditor violence in Europe and more frequent liability management transactions.

This week we release another instalment of our Primary Market Education Series focusing on the SIG offering. Our founder, Sabrina Fox, analyzed the changes in the refinancing deal compared to the notes it will take out. In our latest blog we provide a breakdown of the key points.

The builder basket in the Restricted Payments covenant over time becomes a company's most significant source of Restricted Payments capacity. In our latest in the Primary Market Education Series, Sabrina Fox, founder of Fox Legal Training, highlighted significant differents in how this provision can appear using as an example Stada's latest bond offering.

Reviewing covenants quickly is one of the key skills that we teach our clients at Fox Legal Training. In this blog, we review recent docs changes to Sammontana Italia’s debut offering and walk you through how to assess a company's ability to invest in unrestricted subsidiaries using Oriflame as a case study.

As part of Fox Legal Training’s Primary Market Education Series, we analyze primary market deals to highlight important provisions for lenders and other market participants. In this post, we'll examine some key aspects of the Sammontana Italia LBO deal.

The recent restructuring announcement from TalkTalk provides key insights and learning points for lenders when dealing with stressed borrowers. In our recent YouTube video, our founder Sabrina Fox examined the key issues raised by TalkTalk's situation and how lenders can apply these lessons to other scenarios.