High-Yield Covenants: Understanding Financial Terms and Definitions
12.19.12
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Simpson Thacher partner corporate partner Rhett Brandon and corporate counsel Patrick Baron co-authored an article entitled “High-Yield Covenants: Understanding Financial Terms and Definitions” that was published in the December 2012 issue of the Practical Law Journal. The article identifies common financial terms and definitions used in high-yield debt covenants and describes how these terms are adjusted for information that is not reflected in a company's financial statements or other financial disclosure. They also address issues that counsel should focus on in drafting and reviewing the income statement-based definitions contained in high-yield debt covenants.