Latest in European Leveraged Finance – EBITDA Addbacks

August 24, 2018

Financial covenants in leveraged loan agreements have long been the subject of intense negotiations, with the focus often being the extent of permissible adjustments to the borrower’s consolidated net income for covenant testing purposes.

The boundaries here are being pushed in the current hot market, and in this wrap we look at the well-known ‘synergies’ addback: its genesis, development and the current top-of-the-market state of play.

Please click here to read the market wrap.