2015 Global High-Yield Bond Study
Table of Contents
Executive Summary .......................................................... 2
Methodology ....................................................................... 4
Definitions ............................................................................ 5
Categories of Analysis .................................................... 8
High-Yield Bond Study
Call Protection ................................................................... 9
Change of Control Portability ...................................... 21
Debt ................................................................................... 27
Restricted Payments/Investments ............................... 63
Liens ................................................................................... 95
Affiliate Transactions .................................................... 105
Asset Sales ..................................................................... 111
Merger Covenant........................................................... 123
Registration Rights ....................................................... 131
Covenant Suspension/Fall Away ............................. 139
Collateral ......................................................................... 147
Events of Default ........................................................... 165
These materials are proprietary to Proskauer Rose LLP and may not be reproduced, transmitted or otherwise exploited in any media, in whole or in part, without the priorwritten authorization of Proskauer Rose LLP. Requests for permission may be addressed to: Frank Lopez, Co-Head of Global Capital Markets, Proskauer Rose LLP.
This publication is a service to our clients and friends of the firm. This publication is not intended to be comprehensive nor to provide financial, investment, legal, tax orother professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used asa basis for any investment or other decision or action that may affect you or your business. Before making any such decision you should consult a suitably qualifiedprofessional adviser. While reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed andneither Proskauer Rose LLP nor any other related entity shall have any liability to any person or entity that relies on the information contained in this publication, includingincidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.
The sample population may not be an exact representation of the universe of deals because of limitations in the availability of deals.
© 2015 Proskauer Rose LLP. All rights reserved
ContactsAny questions regarding this study should be directed to:
Andrew BettwyPartner, [email protected]
Stephen P. GrubergAssociate, Global Capital Markets and [email protected]
Maximillian P. KirchnerPartner, Global Capital [email protected]
Roberto BrunoPartner, Global Capital [email protected]
Justin BreenPartner, Global Capital Markets and [email protected]
New York London
Philippa M. BondPartner, Global Capital [email protected]
Los Angeles
Frank J. LopezCo-Head, Global Capital [email protected]
Executive Summary
2
* Source: Prospect News. Includes only bonds denominated in U.S. dollars.Note: Prospect News considers tranches in the same transaction as separate deals.
Welcome to the fourth edition of Proskauer’s Global High-Yield Bond Study, our analysis of market terms for high-yield bond offerings.
Using data from our extensive proprietary database of high-yield deals, the study covers 1,236 deals closed globally in 2011–2014 that meet our selection criteria. In this edition, we examine trends in the 2012–2014 period. We categorize deals by geography, deal size, industry, credit rating and whether they are backed by private equity sponsors.
What’s new
As the high-yield market evolves, our study evolves with it. We’ve thus made a number of changes from last year’s edition.
New categories of analysis include:
Equity claw: The percentage of deals permitting an issuer to redeem more than the traditional 35% of bonds with the proceeds of a certain equity offering during the non-call period
Change of control portability: The percentage of deals with exceptions to the traditional put right of bondholders upon the occurrence of a change of control
Unlimited leverage-based restricted payments: The percentage of deals permitting the issuer to make unlimited restricted payments subject to a pro forma leverage test
2014: A slower year for high-yield*
Activity in the global market for high-yield bonds subsided in 2014. Deal value was modestly lower at $352 billion compared to $372 billion in 2013, while deal count dropped to 664 from 2013’s 808.
The biggest declines in activity were in the first and fourth quarters of the year. Issuance fell most in the first quarter compared to 2013 in the manufacturing, communications, wholesale/retail and oil & gas industries. The picture in the fourth quarter was similar, when oil & gas, communications, wholesale/retail and services accounted for the largest share of the decline.
Key takeaways
The study yielded a number of noteworthy observations about trends and practices among the high-yield deals in our database:
It’s good to have a sponsor (pages 45, 79, 94, 170). High-yield issuers backed by private equity sponsors continue to benefit from greater flexibility in deal terms than non-sponsor-backed issuers. For instance, the average size of the senior credit facilities debt basket for sponsor-backed issuers in 2014 was 321% of the issuer’s pro forma cash flow for the last 12 months, compared with 210% for deals without sponsor backing.
Issuers’ increased flexibility (pages 15, 90, 132). Certain deal terms that were once perceived as aggressive or unusual are now more common. An example is an issuer’s ability to make unlimited restricted payments if the issuer meets a specified leverage ratio. Although this is relatively new to the high-yield market, approximately one-third of 2014 deals allowed it.
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Executive Summary
3
Rise of European high-yield (pages 7, 11, 16, 23, 76). High-yield has become a mainstream asset class in Europe/Middle East/Africa (EMEA). Issuance is approaching U.S. levels after years of relative obscurity, and there is a trend toward more creativity and flexibility in EMEA deals compared to the U.S. For example, an increasing number of EMEA deals permit the sale of the issuer to a third party without triggering a change of control put right if certain tests are met.
Moreover, in 2014, 13% of EMEA deals gave the issuer the right to call 10% of an issue at 103% of par annually during the non-call period, almost triple the U.S.’s 5%; and 50% of EMEA deals allowed the issuer to call more than 35% of an issue using the proceeds of certain equity offerings during the non-call period, vs. 27% in the U.S.
Investment-grade or hybrid covenant packages in the high-yield market. A meaningful percentage of high-yield deals have terms and covenant packages that mirror the investment-grade market or hybrid terms between the investment-grade and high-yield markets. While many of these deals in 2014 were for larger, public companies that were BB credits at the time of issuance and often formerly investment-grade (or “fallen angels”), several issuers rated below BB were able to negotiate investment-grade or hybrid covenant packages.
Shift toward private-for-life (pages 132–134, 136). Most high-yield deals have historically been private offerings under Rule 144A, but came with registration rights obligating the issuer to exchange the private bonds for public bonds typically within the first year after the bonds were issued. Until relatively recently, there was a perception that issuers would have to pay a higher interest rate to issue bonds without registration rights, known as “private-for-life” deals, given a perceived lack of liquidity by bondholders. But the market has become much more receptive to private-for-life deals with seemingly no incremental interest cost to the issuer. In 2014, 52% of U.S. high-yield deals were private-for-life, a meaningful increase from 33% in 2012.
Some post-crisis terms may be here to stay (page 148). The number of secured high-yield deals surged during and immediately after the financial crisis, mainly due to the freeze in bank lending, as issuers and investors saw secured high-yield deals as a replacement for senior secured bank loans in the issuer’s capital structure. Despite a resurgence in the bank loan market, secured deals continued to represent about 30% of the overall number of deals done through 2014, a significantly higher level than pre-crisis.
Some weaker credits get better terms (pages 44, 55, 73, 78, 82, 88, 99). In 2014, as in preceding years, some weaker credits (rated CCC and below) negotiated terms that were more issuer-friendly than did higher-rated credits (rated B or better). For example, CCC deals tended to have larger baskets as a percentage of the issuer’s total assets for the senior credit facilities debt basket and as a percentage of the issuer’s cash flows for the general restricted payments and general permitted investments baskets. In addition, the percentage of deals that included secured leverage-based liens growers and restricted payments baskets for excluded contributions and 6% of IPO proceeds was meaningfully higher for CCC deals than for higher-rated deals.
Industry matters (pages 28, 31, 67). The incidence of certain terms and flexibilities is often driven more by an issuer’s industry than its rating or credit quality. For example, whereas most 2014 deals (83%) had a ratio debt test based on a fixed charge coverage ratio, 59% of technology, media & telecom (TMT) deals had a test based on a leverage ratio. Similarly, deals in TMT were far likelier to contain a general restricted payments builder basket based on cash flow than in other industries, while 100% of health care deals in 2014 calculated this basket based on the issuer’s net income.
In conclusion
We hope you enjoy the 2015 Global High Yield Study and welcome your feedback. Please feel free to contact any of our lawyers listed inside the front cover with questions.
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Methodology
General • Reviewed 1,236 high-yield deals closed globally from 2011–2014.• Our 2015 study analyzes trends from 2012–2014.• Data broken down by geography, deal size, industry, rating and whether sponsor-backed. • Outliers that were three or more standard deviations away from the mean for any given data set were excluded from our calculations.• In circumstances where less than 1% of reviewed transactions contained a specific term, such term was excluded from our calculations.• Deals in the sample population with only a pledge of stock are not considered to be secured deals for purposes of this study. In addition, for
purposes of identifying lien priorities, deals with “super priority” payment rights are not considered to have lien priority.• Deals reviewed also include high-yield rated bonds with investment-grade or hybrid covenant packages. These deals have been excluded for
purposes of covenant analysis. Allocation • In geographic analysis, Canada is included in the U.S. data, Australia is included in the Asia data and issuers operating in the Caribbean are
included in the Latin America data.• In industry breakdown, deals in the sample population are categorized as follows:
- Issuers in the real estate industry are included in our Hospitality/Gaming category.- Issuers in the power and mining industries are included in our Industrials category.- Service providers to the oil & gas industry are included in our Oil & Gas category.
Financial Metrics• EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and total assets calculations were based on the applicable issuer’s
trailing four quarters (or last 12 months, if applicable) of data disclosed in the relevant marketing materials.• References to EBITDA include "Adjusted EBITDA" when the relevant marketing materials contained such presentations and “Pro Forma
EBITDA/Adjusted EBITDA” when such metrics were presented.Ratings• All ratings categories are based on credit ratings by Standard & Poor’s.• Calculations based solely on rating exclude deals that were not rated.• The rating categories do not distinguish “+” or “–” signs within a ratings category.
4
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Definitions
5
6% IPO Proceeds: A basket permitting restricted payments of up to 6% (or more) of the proceeds received from an IPO.
103% Redemption: The ability of the issuer to call up to 10% of notes per year at 103% of par during the non-call period.
Cash Flow-Based: With respect to the restricted payments builder basket, a restricted payments test based on EBITDA minus a multiple of interest expense.
Change of Control Portability: The bondholders’ change of control put right is only triggered if, after giving effect to the transaction, both a change of control and an additional negative event occurs (such as a failure by the issuer to meet a specified leverage ratio test or a reduction in the rating of the notes).
Contribution Indebtedness: A basket permitting debt in an amount equal to 100% (or more) of the amount of proceeds received from equity issuances or cash contributions to equity capital.
Covenant Fall Away: Certain covenants are permanently removed upon the issuer’s achievement of investment-grade ratings.
Covenant Suspension: Certain covenants are suspended upon the issuer’s achievement of investment-grade ratings, but reinstated if the issuer’s ratings are subsequently downgraded to non-investment-grade.
Designated Non-Cash Consideration: For purposes of satisfying the cash consideration test for asset sales, the ability to treat a certain amount of non-cash consideration as if it were cash.
EBITDA: Earnings before interest, taxes, depreciation and amortization.
Equity Claw: The ability of the issuer to call a certain percentage of bonds with the proceeds of certain equity issuances during the non-call period.
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Definitions
6
Excluded Contributions: A basket permitting restricted payments equal to the amount of proceeds received from equity issuances or cash contributions to equity capital that are designated by the issuer as “excluded contributions” and are not subject to the restricted payments builder basket.
FCCR (Fixed Charge Coverage Ratio): Generally EBITDA divided by fixed charges.
Leverage Ratio: Generally debt divided by EBITDA.
Net Income-Based: With respect to the restricted payments builder basket, a restricted payments test based on 50% of consolidated net income.
Ratio Debt Condition: With respect to mergers and consolidations, whether the issuer must meet the debt incurrence ratio test on a pro forma basis, or if such ratio must only improve or be no worse on a pro forma basis.
Secured Leverage Grower: A basket permitting unlimited liens on debt subject to a pro forma secured leverage test.
Unlimited Leverage-Based Restricted Payments: A basket permitting unlimited restricted payments subject to a pro forma leverage test.
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
9% 14% 19%'12 '13 '14
2014 Global High-Yield Market% of Deal Count
7
U.S./Canada46% in ‘14
Latin America5% in ‘14
Asia19% in ‘14
EMEA30% in ‘14
64% 53% 46%
'12 '13 '14
22% 29% 30%
'12 '13 '14
5% 4% 5%
'12 '13 '14
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Source: Prospect News
Categories of Analysis
• Geography - U.S./Canada- Europe, Middle East and Africa (EMEA)- Asia - Latin America
• Size of Deal - Small: $0–$200 million- Medium: $201–$499 million- Large: $500 million+
• Industry - Consumer - Financial Services - Health Care- Hospitality/Gaming- Industrials- Oil & Gas- Technology, Media and Telecommunications (TMT)
• Ratings- BB- B- CCC
• Sponsor
8
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Call Protection
103% Redemption% of Deals
10
Global
% of Deals with 103% Redemption
0%
5%
10%
2012 2013 2014
7%
93%
Global 2014
With 103% RedemptionWithout 103% Redemption
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average = 7.3%
103% Redemption% of Deals with 103% Redemption
11
Geography
0%
5%
10%
15%
U.S. EMEA Asia Latin America
Deal Size
----- ----- 0%
5%
10%
15%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
----- Indicates no reviewed deals contained term
----- -----
103% Redemption% of Deals with 103% Redemption
12
0%
5%
10%
15%
20%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
-------
----- Indicates no reviewed deals contained term
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
------- -------
103% Redemption% of Deals with 103% Redemption
13
Ratings
0%
5%
10%
15%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
------------
----- Indicates no reviewed deals contained term
103% Redemption% of Deals with 103% Redemption
14
Sponsor
0%
5%
10%
15%
20%
Non-Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
5%
10%
15%
20%
3-Year Average = 13%
3-Year Average = 4.4%
Equity Claw% of Deals
15
Permits up to 35% Permits Greater Than 35%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
69%
31%
0%
10%
20%
30%
40%
2013 2014
Global 2014 Global
% of Deals Permitting Greater Than 35%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
U.S. EMEA Asia Latin America
Equity Claw% of Deals Permitting Greater Than 35%
16
Geography Deal Size
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
Small Medium Large
2013 2014
Equity Claw% of Deals Permitting Greater Than 35%
17
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2013 2014
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
-------
----- Indicates no reviewed deals contained term
Equity Claw% of Deals Permitting Greater Than 35%
18
Ratings
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
10%
20%
30%
40%
50%
60%
BB B CCC
2013 2014
0%
10%
20%
30%
40%
50%
60%
70%
Equity Claw% of Deals Permitting Greater Than 35%
19
Non-Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2013 2014
0%
10%
20%
30%
40%
50%
60%
70%
Sponsor
Change of ControlPortability
Change of Control Portability% of Deals
22
15%
85%
Global 2014
With Change of Control Portability Without Change of Control Portability
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
5%
10%
15%
20%
25%
30%
35%
U.S. EMEA Asia Latin America
Change of Control Portability% of Deals with Change of Control Portability
23
Geography 2014 Deal Size 2014
0%
5%
10%
15%
20%
25%
30%
35%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Change of Control Portability% of Deals with Change of Control Portability
24
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry 2014
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
BB B CCC
Change of Control Portability% of Deals with Change of Control Portability
25
Ratings 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Change of Control Portability% of Deals
26
Non-Sponsor 2014
12%
88%
With Change of Control Portability Without Change of Control Portability
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor 2014
20%
80%
Debt
Ratio Debt% of Deals
28
Global
0%
25%
50%
75%
100%
2012 2013 2014
FCCR Leverage Both
83%
15%
2%
Global 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR) = 81%
Ratio DebtGeographic Breakdown
29
U.S.
0%
25%
50%
75%
100%
2012 2013 2014
FCCR
Leverage
Both
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR) = 84%
3-Year Average (FCCR) = 72%
3-Year Average (FCCR) = 74%
3-Year Average (FCCR) = 52%
Ratio DebtDeal Size Breakdown
30
Small
0%
25%
50%
75%
100%
2012 2013 2014
FCCR Leverage Both
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR) = 76%
3-Year Average (FCCR) = 80%
3-Year Average (FCCR) = 85%
Ratio DebtIndustry Breakdown
31
Consumer
Hospitality/Gaming
FCCR Leverage Both
Industrials Oil & Gas TMT
Financial Services Health Care
0%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 2014
0%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR) = 34%
3-Year Average (FCCR) = 92%
3-Year Average (FCCR) = 97%
3-Year Average (FCCR) = 75%
3-Year Average (FCCR) = 88%
3-Year Average (FCCR) = 88%
3-Year Average (FCCR) = 95%
Ratio DebtRatings Breakdown
32
BB
FCCR Leverage Both
B CCC
0%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR) = 84%
3-Year Average (FCCR) = 82%
3-Year Average (FCCR) = 79%
Ratio DebtSponsor Breakdown
33
Non-Sponsor
FCCR Leverage Both
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average (FCCR) = 79%
3-Year Average (FCCR) = 85%
Ratio Debt% of Deals
34
Global
83%
17%
Global 2014
FCCR of 2x FCCR of >2x
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR of 2x) =
79%
0%
25%
50%
75%
100%
2012 2013 2014
Ratio DebtGeographic Breakdown
35
U.S.
0%
25%
50%
75%
100%
2012 2013 2014 FCCR of 2x
FCCR of >2x
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR of 2x) =
45%
3-Year Average (FCCR of 2x) =
68%
3-Year Average (FCCR of 2x) =
65%
3-Year Average (FCCR of 2x) =
84%
Ratio DebtDeal Size Breakdown
36
Small Medium Large
FCCR of 2x FCCR of >2x
0%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 20140%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR of 2x) =
84% 3-Year Average (FCCR of 2x) =
79%
3-Year Average (FCCR of 2x) =
78%
Ratio DebtIndustry Breakdown
37
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
FCCR of 2x FCCR of >2x
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(FCCR of 2x) = 87%
3-Year Average
(FCCR of 2x) = 88% 3-Year
Average (FCCR of 2x)
= 51%
3-Year Average
(FCCR of 2x) = 76%
3-Year Average
(FCCR of 2x) = 89%
3-Year Average
(FCCR of 2x) = 88%
3-Year Average
(FCCR of 2x) = 93%
Ratio DebtRatings Breakdown
38
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
FCCR of 2x FCCR of >2x
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (FCCR of 2x) =
80%
3-Year Average (FCCR of 2x) =
79%
3-Year Average (FCCR of 2x) =
86%
Ratio DebtSponsor Breakdown
39
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
FCCR of 2x FCCR of >2x
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average (FCCR of 2x) =
75%
3-Year Average (FCCR of 2x) =
87%
Senior Credit Facilities BasketGlobal Analysis
40
% of Issuer's EBITDA
% of Issuer's Assets
0%
50%
100%
150%
200%
250%
300%
350%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 31%3-Year Average = 261%
Senior Credit Facilities BasketGeographic Breakdown
41
% of Issuer's EBITDA
% of Issuer's Assets
0%
50%
100%
150%
200%
250%
300%
350%
U.S. EMEA Asia Latin America0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
U.S. EMEA Asia Latin America
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Senior Credit Facilities BasketDeal Size Breakdown
42
% of Issuer's EBITDA
% of Issuer's Assets
0%
50%
100%
150%
200%
250%
300%
350%
Small Medium Large0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Senior Credit Facilities BasketIndustry Breakdown
43
% of Issuer's EBITDA
% of Issuer's Assets
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Senior Credit Facilities BasketRatings Breakdown
44
% of Issuer's EBITDA
% of Issuer's Assets
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
550%
BB B CCC0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Senior Credit Facilities BasketSponsor Breakdown
45
% of Issuer's EBITDA
% of Issuer's Assets
0%
50%
100%
150%
200%
250%
300%
350%
400%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 20140%
50%
100%
150%
200%
250%
300%
350%
400%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Non-Sponsor
Sponsor
3-Year Average = 306% 3-Year Average = 34%
3-Year Average = 236%3-Year Average = 29%
Contribution Indebtedness% of Deals
46
40%
60%
Global 2014
With Basket Without Basket
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2012 2013 2014
Global
% of Deals with Basket
3-Year Average = 32%
Contribution Indebtedness% of Deals with Basket
47
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
10%
20%
30%
40%
50%
60%
U.S. EMEA Asia Latin America
Geography Deal Size
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Small Medium Large
2012 2013 2014
------
----- Indicates no reviewed deals contained term
Contribution Indebtedness% of Deals with Basket
48
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
2012 2013 2014
Contribution Indebtedness% of Deals with Basket
49
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
10%
20%
30%
40%
50%
60%
70%
BB B CCC
Ratings
Contribution Indebtedness% of Deals with Basket
50
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Non-Sponsor
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Sponsor
3-Year Average = 14%
3-Year Average = 66%
Purchase Money/Capital Lease Debt BasketGlobal Analysis
51
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
0%
1%
2%
3%
4%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 2.9%
3-Year Average = 24%
Purchase Money/Capital Lease Debt Basket Geographic Breakdown
52
% of Issuer'sEBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
U.S. EMEA Asia Latin America0%
1%
2%
3%
4%
U.S. EMEA Asia Latin America
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Purchase Money/Capital Lease Debt Basket Deal Size Breakdown
53
% of Issuer's EBITDA
% of Issuer's Assets
0%
1%
2%
3%
4%
Small Medium Large0%
5%
10%
15%
20%
25%
30%
35%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Purchase Money/Capital Lease Debt Basket Industry Breakdown
54
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
0%
1%
2%
3%
4%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Purchase Money/Capital Lease Debt Basket Ratings Breakdown
55
% of Issuer's EBITDA
% of Issuer's Assets
0%
1%
2%
3%
4%
BB B CCC0%
5%
10%
15%
20%
25%
30%
35%
40%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Purchase Money/Capital Lease Debt Basket Sponsor Breakdown
56
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
0%
1%
2%
3%
4%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 20140%
5%
10%
15%
20%
25%
30%
35%
0%
1%
2%
3%
4%
Non-Sponsor
3-Year Average = 25% 3-Year Average = 3.0%
3-Year Average = 24% 3-Year Average = 2.8%
Sponsor
General Debt BasketGlobal Analysis
57
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0%
1%
2%
3%
4%
5%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 3.9%
3-Year Average = 34%
General Debt Basket Geographic Breakdown
58
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
U.S. EMEA Asia Latin America0%
1%
2%
3%
4%
5%
U.S. EMEA Asia Latin America
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
General Debt BasketDeal Size Breakdown
59
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Small Medium Large0%
1%
2%
3%
4%
5%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
General Debt Basket Industry Breakdown
60
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0%
1%
2%
3%
4%
5%
6%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
General Debt Basket Ratings Breakdown
61
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
BB B CCC0%
1%
2%
3%
4%
5%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
General Debt Basket Sponsor Breakdown
62
% of Issuer's EBITDA
% of Issuer's Assets
0%
10%
20%
30%
40%
50%
0%
1%
2%
3%
4%
5%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 20140%
10%
20%
30%
40%
50%
0%
1%
2%
3%
4%
5%
Non-Sponsor
Sponsor
3-Year Average = 36%
3-Year Average = 4.5%
3-Year Average = 32%3-Year Average = 3.6%
Restricted Payments /Investments
Restricted Payments Builder Basket% of Deals
64
Global
0%
25%
50%
75%
100%
2012 2013 2014
86%
14%
Global 2014
Net Income-Based Cash Flow-Based
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Net Income-Based)
= 82%
0%
25%
50%
75%
100%
2012 2013 2014
Restricted Payments Builder BasketGeographic Breakdown
65
U.S.
0%
25%
50%
75%
100%
2012 2013 2014 Net Income-BasedCash Flow-Based
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Net Income-Based)
= 88%
3-Year Average (Net Income-Based)
= 84%
3-Year Average (Net Income-Based)
= 83%
3-Year Average (Net Income-Based)
= 81%
Restricted Payments Builder BasketDeal Size Breakdown
66
Small
0%
25%
50%
75%
100%
2012 2013 2014
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
Net Income-Based Cash Flow-Based
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(Net Income-Based) = 84%
3-Year Average
(Net Income-Based) = 83%
3-Year Average
(Net Income-Based) = 80%
Restricted Payments Builder BasketIndustry Breakdown
67
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
Net Income-Based Cash Flow-Based
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(Net Income-Based) = 89%
3-Year Average
(Net Income-Based) = 95%
3-Year Average
(Net Income-Based) = 96%
3-Year Average
(Net Income-Based) = 49%
3-Year Average
(Net Income-Based) = 76%
3-Year Average
(Net Income-Based) = 80%
3-Year Average
(Net Income-Based) = 95%
Restricted Payments Builder BasketRating Breakdown
68
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
Net Income-Based Cash Flow-Based
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(Net Income-Based) = 79%
3-Year Average
(Net Income-Based) = 82%
3-Year Average
(Net Income-Based) = 88%
Restricted Payments Builder BasketSponsor Breakdown
69
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
Net Income-Based Cash Flow-Based
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average (Net Income-Based)
= 90%3-Year Average
(Net Income-Based) = 78%
Excluded Contributions% of Deals
70
Global
0%
10%
20%
30%
40%
50%
60%
45%
55%
Global 2014
With Basket Without Basket
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
% of Deals with Basket
3-Year Average = 42%
0%
25%
50%
75%
U.S. EMEA Asia Latin America------
Excluded Contributions% of Deals with Basket
71
Geography Deal Size
0%
25%
50%
75%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
----- Indicates no reviewed deals contained term
Excluded Contributions% of Deals with Basket
72
0%
25%
50%
75%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Excluded Contributions% of Deals with Basket
73
Ratings
0%
25%
50%
75%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
25%
50%
75%
100%
Excluded Contributions% of Deals with Basket
74
0%
25%
50%
75%
100%
Non-Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Sponsor
3-Year Average = 22%
3-Year Average = 79%
6% IPO Proceeds% of Deals
75
Global
% of Deals with Basket
0%
10%
20%
30%
40%
50%
60%
39%
61%
Global 2014
With Basket Without Basket
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 39%
6% IPO Proceeds% of Deals with Basket
76
Geography
0%
15%
30%
45%
60%
75%
U.S. EMEA Asia Latin America
Deal Size
0%
15%
30%
45%
60%
75%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
6% IPO Proceeds% of Deals with Basket
77
0%
25%
50%
75%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
6% IPO Proceeds% of Deals with Basket
78
Ratings
0%
10%
20%
30%
40%
50%
60%
70%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
6% IPO Proceeds% of Deals with Basket
79
0%
25%
50%
75%
100%
Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
25%
50%
75%
100%
Non-Sponsor
3-Year Average = 78%
3-Year Average = 17%
Restricted Payments General Basket% of Issuer's EBITDA
80
Global
0%
5%
10%
15%
20%
25%
30%
35%
Geography
0%
5%
10%
15%
20%
25%
30%
35%
U.S. EMEA Asia Latin America
2012 2013 2014
3-Year Average = 21%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Restricted Payments General Basket% of Issuer's EBITDA
81
Deal Size
0%
5%
10%
15%
20%
25%
30%
35%
Small Medium Large
Industry
0%
5%
10%
15%
20%
25%
30%
35%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Restricted Payments General Basket% of Issuer's EBITDA
82
Ratings
0%
5%
10%
15%
20%
25%
30%
35%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Restricted Payments General Basket% of Issuer's EBITDA
83
Non-Sponsor
0%
5%
10%
15%
20%
25%
30%
35%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Sponsor
0%
5%
10%
15%
20%
25%
30%
35%
3-Year Average = 21%
3-Year Average = 21%
Permitted Investments General BasketGlobal Analysis
84
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0%
1%
2%
3%
4%
5%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 27% 3-Year Average = 3.3%
Permitted Investments General BasketGeographic Breakdown
85
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
U.S. EMEA Asia Latin America0%
1%
2%
3%
4%
U.S. EMEA Asia Latin America
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Permitted Investments General BasketDeal Size Breakdown
86
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
Small Medium Large0%
1%
2%
3%
4%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Permitted Investments General BasketIndustry Breakdown
87
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
0%
1%
2%
3%
4%
5%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Permitted Investments General BasketRatings Breakdown
88
% of Issuer's EBITDA
% of Issuer's Assets
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
BB B CCC0%
1%
2%
3%
4%
5%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Permitted Investments General BasketSponsor Breakdown
89
% of Issuer's EBITDA
% of Issuer's Assets
0%5%
10%15%20%25%30%35%40%45%
0%
1%
2%
3%
4%
5%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0%
1%
2%
3%
4%
5%
Non-Sponsor
Sponsor
3-Year Average = 29%
3-Year Average = 25%
3-Year Average = 3.1%
3-Year Average = 3.6%
Unlimited Leverage-Based Restricted Payments% of Deals
90
Global 2014
31%
69%
With Basket Without Basket
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Unlimited Leverage-Based Restricted Payments% of Deals with Basket
91
Geography 2014
0%
10%
20%
30%
40%
50%
60%
70%
U.S. EMEA Asia Latin America
Deal Size 2014
0%
10%
20%
30%
40%
50%
60%
70%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
10%
20%
30%
40%
50%
60%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Unlimited Leverage-Based Restricted Payments% of Deals with Basket
92
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Industry 2014
Unlimited Leverage-Based Restricted Payments% of Deals with Basket
93
Ratings 2014
0%
10%
20%
30%
40%
50%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Unlimited Leverage-Based Restricted Payments% of Deals
94
Non-Sponsor 2014
26%
74%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor 2014
42%
58%
With Basket Without Basket
Liens
Secured Leverage Grower% of Deals
96
Global
% of Deals with Basket
0%
10%
20%
30%
40%
50%
60%
39%
61%
Global 2014
With Basket Without Basket
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 43%
Secured Leverage Grower% of Deals with Basket
97
Geography
0%
10%
20%
30%
40%
50%
U.S. EMEA Asia Latin America
Deal Size
0%
10%
20%
30%
40%
50%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
------
----- Indicates no reviewed deals contained term
Secured Leverage Grower% of Deals with Basket
98
0%
25%
50%
75%
100%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Secured Leverage Grower% of Deals with Basket
99
Ratings
0%
25%
50%
75%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Secured Leverage Grower% of Deals with Basket
100
0%
25%
50%
75%
Non-Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
25%
50%
75%
Sponsor
3-Year Average = 33%
3-Year Average = 62%
General Permitted Lien Basket% of Issuer's Assets
101
Global
0%
1%
2%
3%
4%
Geography
0%
1%
2%
3%
4%
U.S. EMEA Asia Latin America
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 2.6%
General Permitted Lien Basket% of Issuer's Assets
102
Deal Size
0%
1%
2%
3%
4%
Small Medium Large
Industry
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
General Permitted Lien Basket% of Issuer's Assets
103
Ratings
0%
1%
2%
3%
4%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
General Permitted Lien Basket% of Issuer's Assets
104
Non-Sponsor
0%
1%
2%
3%
4%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Sponsor
0%
1%
2%
3%
4%
3-Year Average = 2.6%3-Year Average = 2.6%
Affiliate Transactions
Fairness Opinion Requirement% of Deals
106
Global
% of Deals with Fairness Opinion Requirement
0%
25%
50%
75%
44%
56%
Global 2014
With Requirement Without Requirement
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average (with Requirement) = 51%
Fairness Opinion Requirement% of Deals with Fairness Opinion Requirement
107
Geography
0%
25%
50%
75%
100%
U.S. EMEA Asia Latin America
Deal Size
0%
25%
50%
75%
100%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Fairness Opinion Requirement% of Deals with Fairness Opinion Requirement
108
0%
25%
50%
75%
100%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Fairness Opinion Requirement% of Deals with Fairness Opinion Requirement
109
Ratings
0%
25%
50%
75%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Fairness Opinion Requirement% of Deals with Fairness Opinion Requirement
110
0%
25%
50%
75%
Non-Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
25%
50%
75%
Sponsor
3-Year Average = 59%
3-Year Average = 37%
Asset Sales
Reinvestment Period
112
Global
0%
25%
50%
75%
100%
2012 2013 2014
<360 Days 360–365 Days >365 Days
85%
15%
Global 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (360–365 Days) = 78%
0%
25%
50%
75%
100%
2012 2013 2014
Reinvestment PeriodGeographic Breakdown
113
U.S.
0%
25%
50%
75%
100%
2012 2013 2014
<360 Days
360–365 Days
>365 Days
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (360–365 Days) = 93%
3-Year Average (360–365 Days) = 96%3-Year Average
(360–365 Days) = 86%
3-Year Average (360–365 Days) = 73%
Reinvestment PeriodDeal Size Breakdown
114
Small
0%
25%
50%
75%
100%
2012 2013 2014
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
<360 Days 360–365 Days >365 Days
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (360–365 Days) =
85%
3-Year Average (360–365 Days) =
78%
3-Year Average (360–365 Days) =
73%
Reinvestment PeriodIndustry Breakdown
115
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (360–365 Days) =
75%
3-Year Average (360–365 Days) =
82%
3-Year Average (360–365 Days) =
89%
3-Year Average (360–365 Days) =
68%
3-Year Average (360–365 Days) =
79%
<360 Days 360–365 Days >365 Days
3-Year Average (360–365 Days) =
73%
3-Year Average (360–365 Days) =
62%
Reinvestment PeriodRatings Breakdown
116
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
<360 Days 360–365 Days >365 Days
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (360–365 Days) =
60%
3-Year Average (360–365 Days) =
79%
3-Year Average (360–365 Days) =
81%
Reinvestment PeriodSponsor Breakdown
117
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average (360–365 Days) =
63%
3-Year Average (360–365 Days) =
86%
<360 Days 360–365 Days >365 Days
69%
31%
Designated Non-Cash Consideration% of Deals
118
Global
% of Deals with Carve-out
0%
25%
50%
75%
Global 2014
With Carve-out Without Carve-out
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 66%
Designated Non-Cash Consideration% of Deals with Carve-out
119
Geography
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. EMEA Asia Latin America
Deal Size
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Small Medium Large
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Designated Non-Cash Consideration% of Deals with Carve-out
120
0%
25%
50%
75%
100%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Designated Non-Cash Consideration% of Deals with Carve-out
121
Ratings
0%
25%
50%
75%
100%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Designated Non-Cash Consideration% of Deals with Carve-out
122
0%
25%
50%
75%
100%
Non-Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
25%
50%
75%
100%
Sponsor
3-Year Average = 55%
3-Year Average = 85%
Merger Covenant
Ratio Debt Condition% of Deals
124
Global 2014
Must Meet Ratio Test Ratio No Worse or Improves
Global
16%
84%
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Must Meet Ratio
Test) = 22%
0%
25%
50%
75%
100%
2012 2013 2014
Ratio Debt ConditionGeographic Breakdown
125
U.S.
0%
25%
50%
75%
100%
2012 2013 2014 Must Meet Ratio Test
Ratio No Worse or Improves
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Must Meet Ratio
Test) = 33%
3-Year Average (Must Meet Ratio
Test) = 67%
3-Year Average (Must Meet Ratio
Test) = 19%
3-Year Average (Must Meet Ratio
Test) = 24%
Ratio Debt ConditionDeal Size Breakdown
126
Small
0%
25%
50%
75%
100%
2012 2013 2014
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
Must Meet Ratio Test Ratio No Worse or Improves
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(Must Meet Ratio Test)
= 33%
3-Year Average
(Must Meet Ratio Test)
= 24%
3-Year Average
(Must Meet Ratio Test)
= 23%
Ratio Debt ConditionIndustry Breakdown
127
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
Must Meet Ratio Test Ratio No Worse or Improves
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(Must Meet Ratio
Test) = 23%
3-Year Average
(Must Meet Ratio
Test) = 29%
3-Year Average
(Must Meet Ratio
Test) = 29%
3-Year Average
(Must Meet Ratio
Test) = 39%
3-Year Average
(Must Meet Ratio
Test) = 15%
3-Year Average
(Must Meet Ratio
Test) = 23%
3-Year Average
(Must Meet Ratio
Test) = 35%
Ratio Debt ConditionRatings Breakdown
128
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
Must Meet Ratio Test Ratio No Worse or Improves
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(Must Meet Ratio Test)
= 24%
3-Year Average
(Must Meet Ratio Test)
= 24%
3-Year Average
(Must Meet Ratio Test)
= 27%
Ratio Debt ConditionSponsor Breakdown
129
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
Sponsor
Must Meet Ratio Test Ratio No Worse or Improves
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average
(Must Meet Ratio Test)
= 16%
3-Year Average
(Must Meet Ratio Test)
= 30%
Registration Rights
Registration Rights% of Deals
132
Global
0%
25%
50%
75%
100%
2012 2013 2014
Private-for-Life Registered Registration Rights
64% 8%
28%
Global 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Private-for-Life)
= 56%
0%
25%
50%
75%
100%
2012 2013 2014
Registration RightsGeographic Breakdown
133
U.S.
0%
25%
50%
75%
100%
2012 2013 2014
Private-for-Life
Registered
Registration Rights
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Private-for-Life)
= 96%3-Year Average (Private-for-Life)
= 86%
3-Year Average (Private-for-Life)
= 43%
3-Year Average (Private-for-Life)
= 95%
Registration RightsDeal Size Breakdown (U.S. Deals)
134
Small
0%
25%
50%
75%
100%
2012 2013 2014
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
Private-for-Life Registered Registration Rights
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Private-
for-Life) = 46%
3-Year Average (Private-
for-Life) = 43%
3-Year Average (Private-
for-Life) = 40%
Registration RightsIndustry Breakdown (U.S. Deals)
135
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
Private-for-Life Registered Registration Rights
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Private-for-Life) = 42%
3-Year Average (Private-for-Life) = 50% 3-Year
Average (Private-for-Life) = 20%
3-Year Average (Private-for-Life) = 48%
3-Year Average (Private-for-Life) = 41%
3-Year Average (Private-for-Life) = 61%
3-Year Average (Private-for-Life) = 46%
Registration RightsRatings Breakdown (U.S. Deals)
136
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
Private-for-Life Registered Registration Rights
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (Private-for-Life) = 23%
3-Year Average (Private-for-Life) = 43%
3-Year Average (Private-for-Life) = 63%
Registration RightsSponsor Breakdown (U.S. Deals)
137
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
Private-for-Life Registered Registration Rights
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average (Private-for-Life) = 64%
3-Year Average (Private-for-Life) = 32%
Covenant Suspension/Fall Away
Covenant Suspension / Fall Away % of Deals
140
72%
11%
17%
Global 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Global
0%
25%
50%
75%
100%
2013 2014
Suspension Fall Away Neither
0%
25%
50%
75%
100%
2013 2014
Covenant Suspension / Fall AwayGeographic Breakdown
141
EMEA
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
U.S.
0%
25%
50%
75%
100%
2013 2014
Suspension
Fall Away
Neither
0%
25%
50%
75%
100%
2013 2014
Asia
0%
25%
50%
75%
100%
2013 2014
Latin America
Covenant Suspension / Fall AwayDeal Size Breakdown
142
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
25%
50%
75%
100%
2013 20140%
25%
50%
75%
100%
2013 2014
Large
0%
25%
50%
75%
100%
2013 2014
Suspension Fall Away Neither
Small Medium
Covenant Suspension / Fall AwayIndustry Breakdown
143
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Consumer
0%
25%
50%
75%
100%
2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2013 2014
Industrials
0%
25%
50%
75%
100%
2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2013 2014
TMT
0%
25%
50%
75%
100%
2013 2014
Financial Services
0%
25%
50%
75%
100%
2013 2014
Health Care
0%
25%
50%
75%
100%
2013 2014
Suspension Fall Away Neither
0%
25%
50%
75%
100%
2013 2014
Covenant Suspension / Fall AwayRatings Breakdown
144
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
BB B
0%
25%
50%
75%
100%
2013 2014
CCC
0%
25%
50%
75%
100%
2013 2014
Suspension Fall Away Neither
Covenant Suspension / Fall AwaySponsor Breakdown
145
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Suspension Fall Away Neither
Non-Sponsor
0%
25%
50%
75%
100%
2013 2014
Sponsor
0%
25%
50%
75%
100%
2013 2014
Collateral
Secured vs. Unsecured% of Deals
148
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
29%
71%
0%
10%
20%
30%
40%
50%
Global 2014 Global
% of Secured Deals
Secured Unsecured 2012 2013 2014
3-Year Average = 30%
0%
10%
20%
30%
40%
50%
60%
70%
U.S. EMEA Asia Latin America
Secured vs. Unsecured% of Secured Deals
149
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Geography Deal Size
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Small Medium Large
2012 2013 2014
Secured vs. Unsecured% of Secured Deals
150
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT
Industry
Secured vs. Unsecured% of Secured Deals
151
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Ratings
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
BB B CCC
2012 2013 2014
Priority of Collateral Package% of Secured Deals
152
Global
0%
25%
50%
75%
100%
2012 2013 2014
First Lien Second Lien >Split Lien
46%
21%
33%
Global 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (First Lien) = 50%
0%
25%
50%
75%
100%
2012 2013 2014
Priority of Collateral PackageGeographic Breakdown
153
U.S.
0%
25%
50%
75%
100%
2012 2013 2014First LienSecond LienSplit Lien
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (First Lien) = 88%
3-Year Average (First Lien) = 30%
3-Year Average (First Lien) = 67%
3-Year Average (First Lien) = 83%
Priority of Collateral PackageDeal Size Breakdown
154
Small
0%
25%
50%
75%
100%
2012 2013 2014
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
First Lien Second Lien >Split Lien
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(First Lien) = 47%
3-Year Average
(First Lien) = 42%
3-Year Average
(First Lien) = 63%
Priority of Collateral Package Industry Breakdown
155
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
First Lien Second Lien >Split Lien
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(First Lien) = 28%
3-Year Average
(First Lien) = 38%
3-Year Average
(First Lien) = 58%
3-Year Average
(First Lien) = 78%
3-Year Average
(First Lien) = 53%
3-Year Average
(First Lien) = 49%
3-Year Average
(First Lien) = 23%
Priority of Collateral Package Ratings Breakdown
156
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
First Lien Second Lien >Split Lien
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average
(First Lien) = 73%
3-Year Average
(First Lien) = 45%
3-Year Average
(First Lien) = 33%
Priority of Collateral PackageSponsor Breakdown
157
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
Sponsor
First Lien Second Lien >Split Lien
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
25%
50%
75%
100%
2012 2013 2014
3-Year Average
(First Lien) = 52%
3-Year Average
(First Lien) = 47%
Voting Requirement to Release All or Substantially All Collateral
158
Global
0%
25%
50%
75%
100%
2012 2013 2014
Majority 66.67% 75% 80% 90–95% 100%
3%
57% 18%
17%5%
Global 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (66.67% Required) =
53%
0%
25%
50%
75%
100%
2012 2013 2014
Voting Requirement to Release All or Substantially All CollateralGeographic Breakdown
159
U.S.
0%
25%
50%
75%
100%
2012 2013 2014
Majority
66.67%
75%
80%
90–95%
100%
EMEA
0%
25%
50%
75%
100%
2012 2013 2014
Asia Latin America
0%
25%
50%
75%
100%
2012 2013 2014
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
3-Year Average (66.67% Required) =
78%
Voting Requirement to Release All or Substantially All CollateralDeal Size Breakdown
160
Small
0%
25%
50%
75%
100%
2012 2013 2014
Medium
0%
25%
50%
75%
100%
2012 2013 2014
Large
0%
25%
50%
75%
100%
2012 2013 2014
Majority 66.67% 75% 80% 90–95% 100%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Voting Requirement to Release All or Substantially All CollateralIndustry Breakdown
161
Consumer
0%
25%
50%
75%
100%
2012 2013 2014
Hospitality/Gaming
0%
25%
50%
75%
100%
2012 2013 2014
Industrials
0%
25%
50%
75%
100%
2012 2013 2014
Oil & Gas
0%
25%
50%
75%
100%
2012 2013 2014
TMT
0%
25%
50%
75%
100%
2012 2013 2014
Financial Services
0%
25%
50%
75%
100%
2012 2013 2014
Health Care
0%
25%
50%
75%
100%
2012 2013 2014
Majority 66.67% 75% 80% 90–95% 100%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Voting Requirement to Release All or Substantially All CollateralRatings Breakdown
162
BB
0%
25%
50%
75%
100%
2012 2013 2014
B
0%
25%
50%
75%
100%
2012 2013 2014
CCC
0%
25%
50%
75%
100%
2012 2013 2014
Majority 66.67% 75% 80% 90–95% 100%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
Voting Requirement to Release All or Substantially All CollateralSponsor Breakdown
163
Non-Sponsor
0%
25%
50%
75%
100%
2012 2013 2014
Sponsor
Majority 66.67% 75% 80% 90–95% 100%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
0%
25%
50%
75%
100%
2012 2013 2014
Events of Default
Required Percentage to Accelerate* % of Deals
166
Global
0%
10%
20%
13%
87%
Global 2014
25% 230%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
% of Deals Requiring 30%
3-Year Average = 11%
*Based on aggregate principal amount of notes
0%
10%
20%
U.S. EMEA Asia Latin America------
Required Percentage to Accelerate*% of Deals Requiring 30%
167
Geography Deal Size
0%
10%
20%
Small Medium Large------ ------
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
------
----- Indicates no reviewed deals contained term * Based on aggregate principal amount of notes
0%
10%
20%
30%
Consumer Financial Services Health Care Hospitality/Gaming Industrials Oil & Gas TMT-------
Required Percentage to Accelerate*% of Deals Requiring 30%
168
Industry
-------
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
----- Indicates no reviewed deals contained term * Based on aggregate principal amount of notes
Required Percentage to Accelerate*% of Deals Requiring 30%
169
Ratings
0%
10%
20%
30%
40%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
*Based on aggregate principal amount of notes
Required Percentage to Accelerate*% of Deals Requiring 30%
170
0%
10%
20%
30%
Sponsor
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
0%
10%
20%
30%
Non-Sponsor
3-Year Average = 2.5%
3-Year Average = 26%
*Based on aggregate principal amount of notes
Cross-Acceleration Threshold% of Issuer's Assets
171
Global
0%
1%
2%
3%
Geography
0%
1%
2%
3%
U.S. EMEA Asia Latin America
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
3-Year Average = 1.9%
Cross-Acceleration Threshold% of Issuer’s Assets
172
Deal Size
0%
1%
2%
3%
Small Medium Large
Industry
0%
1%
2%
3%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Cross-Acceleration Threshold% of Issuer’s Assets
173
Ratings
0%
1%
2%
3%
BB B CCC
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Cross-Acceleration Threshold% of Issuer’s Assets
174
Non-Sponsor
0%
1%
2%
3%
Overview Call Protection
Change of Control
PortabilityDebt
Restricted Payments / Investments
Liens Affiliate Transactions Asset Sales Merger
CovenantRegistration
RightsCovenant
Suspension / Fall Away
Collateral Events of Default
2012 2013 2014
Sponsor
0%
1%
2%
3%
3-Year Average = 1.7%
3-Year Average = 2.4%
Thank you
175
A very special thanks to the following Capital Markets & Leveraged Finance Analysts, Associates and Staff for their contributions to the 2015 Global High-Yield Bond Study:
Anthony McIntyreGreg OehlerNorman RiveraJames RossGordon SchonfeldAndrew ShapiroScott Thurman
Shauna BracherBruce DaviesJames DuongDaniel HendrickDavid HuangAndrea HwangJinyoung JooLauren Kazmierski
Beijing
Suite 5102, 51/F Beijing Yintai Centre Tower C 2 Jianguomenwai AvenueChaoyang DistrictBeijing 100022, Chinat: +86.10.8572.1800f: +86.10.8572.1850
Boca Raton
2255 Glades RoadSuite 421 AtriumBoca Raton, FL 33431-7360, USAt: +1.561.241.7400f: +1.561.241.7145
Boston
One International PlaceBoston, MA 02110-2600, USAt: +1.617.526.9600f: +1.617.526.9899
Chicago
Three First National Plaza70 West Madison, Suite 3800Chicago, IL 60602-4342, USAt: +1.312.962.3550f: +1.312.962.3551
Hong Kong
Suites 1701-1705, 17/FTwo Exchange Square8 Connaught PlaceCentral, Hong Kongt: +852.3410.8000f: +852.3410.8001
London
110 BishopsgateLondon EC2N 4AY, United Kingdomt: +44.20.7280.2000f: +44.20.7280.2001
Los Angeles
2049 Century Park East, 32nd FloorLos Angeles, CA 90067-3206, USAt: +1.310.557.2900f: +1.310.557.2193
New Orleans
Poydras Center650 Poydras StreetSuite 1800New Orleans, LA 70130-6146, USAt: +1.504.310.4088f: +1.504.310.2022
New York
Eleven Times SquareNew York, NY 10036-8299, USAt: +1.212.969.3000f: +1.212.969.2900
Newark
One Newark CenterNewark, NJ 07102-5211, USAt: +1.973.274.3200f: +1.973.274.3299
Paris
374 rue Saint-Honoré75001 Paris, Francet: +33.(0)1.53.05.60.00f: +33.(0)1.53.05.60.05
São Paulo
Rua Funchal, 41826º andar 04551-060 São Paulo, SP, Brasilt: +55.11.3045.1250f: +55.11.3049.1259
Washington, D.C.
1001 Pennsylvania Avenue, NW Suite 600 SouthWashington, DC 20004-2533, USAt: +1.202.416.6800f: +1.202.416.6899
www.proskauer.com