Primary Market Education Series

Why This Course Matters

In the fast-paced primary market, investors and legal professionals must act quickly to assess covenant terms and safeguard credit positions. Traditional covenant training often focuses on historical or general principles, while this series delivers real-time, actionable analysis. By reviewing covenants within the context of an actual deal, participants learn how to identify potential risks, evaluate deal structures, and apply best practices efficiently—skills essential for making informed investment decisions and advising clients in the primary market.

Course Overview

The series consists of tailored live sessions that provide a detailed, practical review of covenant terms for recently launched high yield deals. Each session addresses key aspects of covenant analysis, considering how the deal’s structure, borrower profile, industry, assets, and future plans—as disclosed in the preliminary offering memorandum—affect covenant interpretation and risk.

Key topics include:

• Capital Structure & Credit Support: Understanding how the borrower’s capital stack and credit support influence covenant protections.
• Debt & Liens: Analyzing incremental debt capacity, lien priority, and potential priming issues.
• Restricted Payments & Asset Sales: Assessing how dividends, investments, and asset disposals may affect lender security.
• Change of Control: Evaluating protections and exceptions in case of ownership transitions.
• Redemption: Reviewing prepayment and redemption provisions and their impact on lenders.

Participants also have the opportunity to engage directly with Sabrina Fox, asking questions and clarifying issues related to covenant interpretation and deal-specific risks.

What You Will Take Away

By the end of the series, participants will be able to assess primary market high yield deals quickly and effectively, identifying key covenant risks in real time. They will learn to evaluate capital structures, credit support, and incremental debt exposure while understanding how restricted payments, asset sales, redemption mechanics, and change-of-control provisions can affect lender protections. Through live red flag reviews, learners will also develop practical skills to apply covenant analysis directly to ongoing deals, enhancing decision-making and advisory capabilities in the fast-moving primary market.

Who the Course Is For

This series is designed for financial and legal professionals seeking to understand and apply covenant analysis in the primary market. It is ideal for investors, analysts, lawyers, and other leveraged finance practitioners who want to develop practical, deal-focused skills and gain real-time insight into covenant risks for recently launched high yield transactions.