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People & Business :: People/Executives
LyondellBasell Debt Draws 'Cov-Lite' Terms
10:33 AM MDT | April 9, 2010 | Vincent Valk
LyondellBasell’s post-bankruptcy financing, including $2.75 billion in debt and a $500 million term loan, has generated enough interest to adjust the terms to a “covenant-light” structure. “Cov-lite” agreements are favorable to borrowers, as they forego some of the usual protections ensuring lenders can intervene under certain circumstances. The yield on the debt was cut by 0.75%, and financial covenants were removed from the loan, says Gunter Frangenberg, director/industrials at Bank of America Merrill Lynch (New York), who worked...
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