Our Legal Insights Blog

Using the HYB Mind Map as a tool to make your high yield legal analysis more systematic, we review the guarantor and structural subordination analysis in this blog. You can also watch the mini-lesson that our founder, Sabrina Fox, recorded on our YouTube channel.

Inspired by the recent Barclays LME study, our founder Sabrina Fox wrote an analysis of how weak covenant protections have paved the way for distressed exchanges, and the best defences for lenders. The image above is how she imagines lenders look when they get back par...

Intercreditor agreements (ICAs) are crucial documents in financial transactions where multiple creditors are involved. These agreements dictate the interaction and priorities among the various creditors, ensuring that the rights of both senior and junior creditors are protected. When entering into an ICA, whether you're a lender or a legal advisor, understanding the key provisions and strategies is essential for successful negotiations.

Welcome back to another insightful installment of Fox Legal Training's HYB Mind Map analysis series. Today we'll focus on an essential component of our Mind Map: security and guarantees in high yield bonds.

We are thrilled to introduce an exciting new initiative to celebrate our Back to School promotion. Our founder, Sabrina Fox, recently introduced a powerful tool for comprehending the complex world of high yield bond covenants - the High Yield Bond Mind Map. This innovative resource promises to revolutionize the way you analyze high yield bonds.

Ceconomy has launched its refinancing of its senior unsecured notes due 2026, choosing a standard high yield structure as compared to their previous, more IG-like German law governed bonds. In our red flag review, we noted several key features.

London,UK – June 3, 2024: Fox Legal Training, provider of the world’s first online leveraged finance covenant education service, today announces the appointment of Meenakshi Roy, formerly of Reorg, as Chief Legal Officer. This appointment enables FLT to enhance itsexisting course offerings, develop new courses, and support client engagement with an emphasis on legal analysis in stressed and distressed scenarios.

In this week’s deal from the French franchisee, Bertrand Franchise, the Burger King refinance takes the famous motto on the road as covenant updates allow the borrower to “have it their way” when it comes to covenant calculations. The borrower is adding calculation flexibility compared to the Burger King France SSNs due 2026 being refinanced that brings the provisions up to market standard for top-tier sponsor deals by allowing any calculation for any covenant in respect of any transaction to be done – pretty much – anytime, and removes the requirement to make consent payments for amendments to all lenders.