Investor group slams Ancestry voting cap term

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By Owen Sanderson
03 Dec 2020

The European Leveraged Finance Association, a trade body of investors, has slammed terms in the $1bn buyout bond for which cap investor voting rights, hoping to stop the new feature in its tracks and prevent sponsors including it in European transactions.

ELFA "believes that these new covenant terms are detrimental to credit investors’ best interests and opposes their inclusion in European leveraged credit deals,” it said in a statement. “These provisions, if widely adopted, would undermine the entire principle of pari passu lending and the concept of equal contractual ...

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