Our Legal Insights Blog

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.

Using the HYB Mind Map as a tool to make your high yield legal analysis more systematic, we review the guarantor and structural subordination analysis in this blog. You can also watch the mini-lesson that our founder, Sabrina Fox, recorded on our YouTube channel.

Inspired by the recent Barclays LME study, our founder Sabrina Fox wrote an analysis of how weak covenant protections have paved the way for distressed exchanges, and the best defences for lenders. The image above is how she imagines lenders look when they get back par...

Intercreditor agreements (ICAs) are crucial documents in financial transactions where multiple creditors are involved. These agreements dictate the interaction and priorities among the various creditors, ensuring that the rights of both senior and junior creditors are protected. When entering into an ICA, whether you're a lender or a legal advisor, understanding the key provisions and strategies is essential for successful negotiations.

Welcome back to another insightful installment of Fox Legal Training's HYB Mind Map analysis series. Today we'll focus on an essential component of our Mind Map: security and guarantees in high yield bonds.