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

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.

Related Articles:
Latest Articles:
About the author:

Neeta started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her paralegal experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office in 2006. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice. She has been working at Lexis Nexis since April 2013.