medium · Corporate Credit Analysis covenants
Veneer Corp is a sponsor-backed LBO with $600M of senior secured debt and $400M of unsecured bonds. The company's EBITDA is $200M. The credit agreement contains an incurrence-based debt test set at 6.0x total leverage.
How much additional unsecured debt can the company issue for a dividend recapitalization?
- $600M
- $0M
- $1,200M
- $200M
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