The evolving fiction of EBITDA in the European leveraged finance loans market

In the November edition of the Butterworths Journal of International Banking and Financial Law, Francis Booth and Susan Whitehead at Hogan Lovells look at the evolving fiction of EBITDA in the European leveraged finance loans market.

EBITDA first rose to prominence in the US leveraged buy-out craze of the 1980s and has since formed the key metric of leveraged finance transactions across the world. In this Spotlight article, we focus on its evolution in the European loans market and explore how financial covenant and certain other protections in loan documentation have been eroded in recent years as a result of those changes.

Click here to read the article.

Filed Under: JIBFL

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