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    Leveraged Loan Credit Agreements in the US Market: A Practical Approach

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    What is Leveraged Loan Credit Agreements in the US Market: A Practical Approach?

      This one-day course will review and analyze the key covenants and other provisions used in leveraged loan credit agreements.

      This course teaches the purpose and structure of covenants, whether for investor or issuer interests, through the use of tools and real-life examples. Participants learn to recognize the strengths and pitfalls of covenants and how creative drafting can enhance or weaken a covenant’s intent. The course uses Moody’s Investors Service Loan Covenant Quality Assessments (LCQA) to create a structured view of the strengths and weaknesses of a credit agreement.

    What skills will you gain by taking this course?

    • Understand the purpose of each of the key leveraged loan covenants.
    • Analyze and summarize key covenants with an increased ability to focus on material issues.
    • Recognize, describe, and assess restricted payments, investments, and debt incurrence covenants by analyzing their component parts.
    • Determine the level of subordination risk inherent in a structure.
    • Understand default provisions and the importance of voting rights in protecting lenders.
    • Understand how different credit agreements – such as a revolving credit facility and a term loan – relate to one another, and how they may be mutually supportive.
    • Analyze covenants individually and as a package to assess the overall quality of investor protection.

    Who should attend this course?

    • High-yield and leveraged loan fund managers
    • Bond analysts
    • Leveraged finance lenders, including collateralized loan obligation (CLO) managers
    • Investment banking advisors and other finance professionals with an interest in bank documentation

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