Blackstone covenants deprive Refinitiv holders of premiums

By Karoliina Liimatainen
01 Aug 2019

Refinitiv bondholders will likely not receive the full sum of the make-whole premiums that apply to the bonds if London Stock Exchange Group refinances all of them before their call date. An equity claw clause will allow Refinitiv to refinance 40% of the bonds at a cheaper rate.

This equity claw, regularly used in bond documents in Blackstone-sponsored leveraged buyouts, is designed to make it easy for the sponsor to pile debt on a company and sell it on quickly.  

“The real takeaway is that the equity claw language, like all language in Refinitiv’s covenants, ...

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