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A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt by Robert S. Kricheff

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17. Amendments, Waivers, and Consents

What’s in this chapter:

• What causes a company to pursue changes to its covenants

• Differences between amendments, waivers, and consents

• How tenders and exchange offers are used to achieve covenant changes

The preceding chapter covered some of the complexity of understanding covenants. This chapter addresses how covenants can get changed.

Sometimes a company either wants to do something that would violate the existing negative covenants or is worried about violating affirmative covenants. When this happens, the company has a few options to address the problem. One is to retire the existing debt and, if necessary, replace it with new debt that permits it to undertake the actions it wants to perform. This ...

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