Covenants are not forever as De Beers asks for waiver

De Beers has asked its banks for a covenants waiver amid a slump in sales of diamonds that led the company to slash production by 91% in the first quarter of the year. The borrower, which launched the amendment this week, is seeking to waive covenant tests on a $3bn revolver in the first phase of a wider debt restructuring process.

  • 11 Jun 2009

The borrower wants to delay covenants tests on the loan from the end of June until September, by when it expects to have completed the wider restructuring.

The waiver is being co-ordinated by active leads Barclays Capital and Royal Bank of Scotland, and also by Lloyds Banking Group, Scotia ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 8,649 25 10.94
2 Bank of America Merrill Lynch (BAML) 8,597 25 10.87
3 Lloyds Bank 5,252 18 6.64
4 JP Morgan 5,195 12 6.57
5 Morgan Stanley 5,011 12 6.34

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 05 Dec 2016
1 Wells Fargo Securities 80,174.27 201 10.91%
2 Bank of America Merrill Lynch 74,495.43 214 10.14%
3 JPMorgan 67,723.30 201 9.22%
4 Citi 66,850.08 199 9.10%
5 Credit Suisse 54,924.54 146 7.48%