Debtwire Radio

One thing was at the top of every conversation in the European leveraged loans market during first quarter of the year - how aggressive documentation had got to, fuelled by the supply/demand imbalance. Lenders have orchestrated significant pushback on many of these terms but it has been difficult to close the door entirely on features like inside maturity baskets and the now ever-present EBITDA adjustments. Debtwire’s Joelle Jefferis and Amedeo Goria chat through some of the most egregious terms with Xtract’s James Slessenger and Christine Tognoli to understand where the pushback has been focused and what has slipped through the cracks. The conversation covers EBITDA adjustments (50 seconds), inside maturity baskets (3 min 40 seconds), non-guarantor provisions (7 min 18 seconds), MFN language (12 minute 50 seconds), freebies (13 minute 50 seconds) and what more needs to be done (16 minute 30 seconds).