Portability is back in the news with the issuance of the IDH Finance plc Senior Secured Notes (with FRNs) due 2022 (“Mydentist New Notes”).
It has been reported in the market that certain features of the portability in the Mydentist New Notes contain overly aggressive and off market provisions, setting up the European high yield market for significant erosion of the Change of Control (“CoC”) call protection.
Debt Explained’s latest research report looks in detail at market-wide data to assess whether the features of this deal really are aggressive – as has been reported in the market.
About this report
This report refers to data drawn from Debt Explained's Representative Loan Terms (RLT) database which tracks information from syndicated loans in the European leveraged loan market.
RLT offers a unique oversight of the European leveraged loan market with more than 350 searchable terms. A staple resource for all leveraged finance market participants - including capital markets bankers, legal advisors and asset managers - Debt Explained data reacts to the market in real time.
To find out more about RLT or to arrange a trial, contact us.