Welcome to the Covenant Review Liability Management Transactions Webinar Series: Ep1. Overview and Uptiering [Please note: This webinar was broadcasted on October 22nd, 2025]

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In this webinar, participants gain a comprehensive overview of liability management transactions (LMTs), with a particular focus on uptiering transactions, drop downs, and double dips. The session features insights from Anthony Canale, Scott Josefsberg, and Ian Feng, who discuss the mechanics of LMTs, market trends, the evolution of uptiering post-Serta and Mitel, and the impact on creditor rights, recovery values, and capital structures. The speakers highlight recent market responses, legal developments, and the increasingly creative approaches to structuring deals, providing viewers with valuable knowledge to navigate the rapidly changing landscape of debt management. This webinar is essential for anyone seeking to understand the latest innovations and risks in liability management.

Speakers
· Anthony P. Canale, J.D., Global Head of Research, Covenant Review:
Anthony specializes in covenant analysis and liability management transactions, with extensive experience tracking and analyzing complex debt restructuring mechanisms across global credit markets.
· Scott Josefsberg, J.D., Head of U.S. High Yield Research, Covenant Review:
Scott focuses on high yield bond covenant structures and has deep expertise in analyzing payment priorities, lien subordination provisions, and consent mechanisms in distressed credit situations.
· Ian Y. Feng, J.D., Senior Director, U.S. Leveraged Loans, Covenant Review:
Ian specializes in analyzing first lien credit agreements, amendment provisions, and uptier exchange mechanics in the broadly syndicated loan market.

Timestamps:
00:00 – Introduction
01:38 – LMT Market Trends & Statistics
03:44 – Common LMT Types Overview
06:06 – Up-Tiering Transactions Explained
15:09 – Serta Transaction Case Study
25:05 – LME 1.0 vs 2.0 Evolution
31:02 – Up-Tiering Litigation Overview
37:31 – Encora Case & Vote Rigging
44:00 – Post-Serta Workarounds
48:00 – Market Response & Serta Blockers
54:47 – Audience Q&A
59:06 – Conclusion & Next Session Preview

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