Our Legal Insights Blog

It’s been a busy year for covenant flexibility in the leveraged finance market, and FLT HQ has been tracking many of the key trends through our blogs and YouTube videos. We published 26 blogs and 33 videos this year, absolutely packed with legal knowledge and practical insights. In this final blog of 2024, we present some of the covenant and educational highlights of 2024.

On January 8th, Fox Legal Training will introduce The Framework for covenant analysis. What is The Framework, and why is it so powerful? The Framework breaks down leveraged finance documentation into its constituent parts, highlighting what the provisions are designed to achieve and why.

This week we filmed a new course for FLT clients – How did they do it, and could it happen to me + a case study on Ardagh – designed to prepare them for 2025 and beyond. We are also excited to announce our next in-person event, which will take place on January 8th at The Ned. During the event, our founder, Sabrina Fox, will present for the first time ever “The Framework” for covenant analysis.

If you work with leveraged finance contracts, understanding how capital structures work and how different types of subordination affect lending relationships is crucial. In this blog, I break down these concepts and explore how they shape agreements in leveraged finance.

The recent announcement of the potential sale of McLaren Automotive business has sparked interest among investors and lenders alike. According to reports, the sale is expected to bring in new investment and could value the company at around £2.5 billion.

In what could be seen as a refreshing turn in the leveraged finance market, this week’s refinancing for Iliad has brought some welcome surprises. We grew increasingly optimistic about the direction of terms during our review of the document compared with the previous deal.

In today's leveraged finance market, understanding how covenants work is crucial for lenders. The Somacis €550 million senior secured floating rate notes deal provides an excellent case study on how modern covenant provisions can pose potential risks to lenders.

Welcome back to Fox Legal Training's Primary Market Education Series! In this instalment, we'll explore covenant analysis techniques using two deals in the primary market this week: ASK Chemicals and Omnia Technologies. By comparing these deals, we'll demonstrate how covenants can be structured to offer more flexibility for borrowers or more protection for lenders.