Matching covenant definitions with financial statement line items is technical and often confusing. Join us for a teach-in on the mechanics behind calculating covenant capacity in high yield bonds and leveraged loans. We will consider the practical aspects of determining amounts of baskets through calculation of key metrics and exploration of calculation mechanic flexibilities.

The seminar will cover the following topics:
• Are Covenant EBITDA and “adjusted EBITDA” close cousins?
• How are gross and net “Indebtedness” determined for covenant calculation purposes?
• What impact can IFRS 16 provisions have on the debt figure?
• How to estimate “Consolidated Net Income” using company financial statements.
• How do provisions like “Designated Commitments” and “Financial Calculations” covenants work?

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