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THE AUTHORITY ON BOND AND LOAN COVENANTS

About Covenant Review, a Fitch Solutions Service:

Covenant Review creatively analyzes the indentures, credit agreements, and other
contracts that determine creditor rights.

Reports are written by a team of 19 lawyers with extensive covenant experience

Detailed covenant analysis on 5,000+ bonds and loans

1,400+ issuers covered

New issue and secondary market analysis

Comparative analysis of covenants across the capital structure

Timely research on exchange offers, LBOs, and other actionable events

A successful 12-year track record as the trusted authority on covenants


REQUEST A FREE TRIAL

Covenant Review provides
free trials to qualified Institutions.


QUALIFICATIONS

Since 2006, investors have relied on Covenant Review for:
 * In depth analysis of indentures and credit agreements by the same lawyers who
   used to create and exploit loopholes for underwriters and financial sponsors
 * Rapid understanding of event risk
 * Risk management through an educated understanding of investor rights
 * Alpha generation from new investment ideas, often at odds with “conventional
   wisdom” about the meaning of the documents
 * Benchmark comparison of deal structures
 * A reference tool for understanding covenants and contract rights

All analysts are finance educated, bar-admitted lawyers with excellent
professional and academic experience from:
Top law schools:
 * Harvard
 * Cornell
 * Georgetown
 * NYU
 * University of Pennsylvania
 * UT Austin

Top law firms:
 * Davis Polk
 * Gibson Dunn
 * Latham & Watkins
 * Milbank Tweed
 * Shearman & Sterling
 * Simpson Thacher
 * Sullivan & Cromwell

Covenant Review is the undisputed authority on bond and loan covenants:
 * Cited by the Delaware Chancery Court
 * Routinely cited by bondholders, shareholders, and issuers in disputes over
   contract interpretation


OUR TEAM


MANAGEMENT

--------------------------------------------------------------------------------


STEVE MILLER


CHIEF EXECUTIVE OFFICER


ANTHONY P. CANALE, J.D.


GLOBAL HEAD OF RESEARCH


MANISH AGGARWAL


MANAGING DIRECTOR


JENNIFER DUNBAR


OFFICE MANAGER

Since 2016, Steve has served as CEO of Fulcrum Financial Data, the parent
company of Covenant Review. Steve is an experienced entrepreneur, board member
and hands-on manager. He has been involved in creating news and data tools for
leveraged finance players since 1990. His first job in the space was as a
reporter covering syndicated loans for the Gold Sheets. In the years since,
Steve has played a vital role in several successful ventures in the financial
information and technology arena, including:
   - Co-founder and CEO of Portfolio Management Data (predecessor to LCD);
Acquired by Standard & Poor's in 2000
   - Founding investor in, and board chair of, Black Mountain Systems; Acquired
by Stone Point Capital in 2015
   - Founding investor in, and advisor to, LoanX; Acquired by IHS Markit in 2003
   - Team leader of Gold Sheets group at Loan Pricing Corp.; Acquired by Reuters
Corp. in 1993

Anthony P. Canale, J.D. is Covenant Review’s Global Head of Research. He
graduated from Columbia University cum laude in 1994 and from the University of
Texas at Austin Law School with honors in 1997. He began his career as corporate
finance attorney with Latham & Watkins and represented both issuers and
underwriters in high yield debt offerings. Following that, he joined Vinson &
Elkins where he represented private equity firms in negotiating LBOs and related
financing. Subsequently, he became an in-house attorney, serving as Senior
Counsel for broadband provider Wayport, Inc. and following that, he served as
General Counsel for the publicly traded company Debt Resolve. He joined Covenant
Review in 2007. He served as Head of High Yield Research from 2012 through 2018,
and was named Global Head of Research in May of 2017. As Global Head of
Research, he oversees all of Covenant Review’s various research product
offerings. In addition, he has written research on hundreds of high yield
issuers, including extensive research on some of the most widely-followed names
such as Windstream, Neiman Marcus, iHeartCommunications, Caesars, Bausch Health,
and Claire’s Stores. He has been quoted and/or published in publications such as
Barron's, Bloomberg, the New York Post, and The Wall Street Journal. He
regularly lectures on covenant issues to investment professionals and other
attorneys.

Manish joined Covenant Review in 2017 and runs the U.S. sales team and new
product development. Prior to joining Covenant Review, he was a partner at Gold
Ridge Asset Management, a US-based private equity firm. Manish co-founded Xtract
Research (part of Acuris) in 2005, where he was responsible for overseeing
general business development


RESEARCH

--------------------------------------------------------------------------------


LISA BYRNS, J.D.


SENIOR COVENANT ANALYST


ALEXANDER DIAZ-MATOS, J.D.


HEAD OF INVESTMENT GRADE RESEARCH


IAN FENG, J.D.


SENIOR COVENANT ANALYST


JUSTIN FORLENZA


SENIOR COVENANT ANALYST

Lisa Byrns graduated from Wellesley College in 1982 with Wellesley Scholar
Honors and Cornell Law School cum laude in 1987. Lisa practiced at Simpson
Thacher & Bartlett for seven years where she represented primarily agents,
arrangers and lenders in a wide variety of syndicated and structured financings.
Prior to joining Covenant Review, she was a senior attorney at Berger Legal LLC,
a Connecticut-based boutique law firm and a pioneer in the alternative-delivery
model of sophisticated legal services. She joined Covenant Review in 2018.

Ian Feng graduated from University of Texas in Austin in 2006 and the New York
University School of Law cum laude in 2009. Prior to joining Covenant Review,
Ian practiced law at Latham & Watkins LLP and Gibson, Dunn & Crutcher LLP,
focusing primarily on corporate and sponsor-backed finance transactions
representing both arrangers and financial institutions and sponsors and
corporate borrowers. Ian has extensive experience representing agent banks,
arrangers, and other financial institutions, as well as sponsor and corporate
borrowers in a variety of acquisition / LBO financings and project finance
transactions. Ian joined Covenant Review in 2015.

Alexander graduated from Oberlin College in 1999, obtained a law degree from the
University of Pennsylvania Law School in 2002, and received an L.L.M. (master of
laws) from the University of Amsterdam in 2003. Alexander has analyzed a wide
array of corporate bonds since beginning working with Covenant Review in 2006.
He is principally focused on investment grade issuers with perceived event risk
and analyzing the critical variances that may result in covenant arbitrage
opportunities among their bonds.

Justin Forlenza graduated from Cornell University in 2003 and from Fordham Law
School magna cum laude in 2007. Justin has practiced law at Weil, Gotshal &
Manges LLP and most recently at Cravath, Swaine & Moore LLP. Justin has
extensive experience with leveraged finance transactions, including the
negotiation and execution of credit agreements and bond indentures, issues
relating to secured transactions under Articles 8 and 9 of the UCC, LBO
financings, and the analysis of complex stressed and distressed capital
structures. Justin was with Covenant Review from 2012 until 2018 and rejoined
Covenant Review in August of 2019.


MANISHA GAYAPARSAD


SENIOR COVENANT ANALYST


ALASTAIR GILLESPIE


SENIOR COVENANT ANALYST


JANE GRAY


HEAD OF EUROPEAN RESEARCH


ROSS HALLOCK, J.D.


HEAD OF U.S. HIGH YIELD RESEARCH

Manisha is a dual qualified solicitor in English and South African law. Manisha
graduated from the University of Cape Town, South Africa in 2003 with her
Bachelor of Laws degree and from Rhodes University, South Africa in 2001 with an
honours degree in Political Studies focusing on democratic theory. Prior to
joining Covenant Review, Manisha practiced law at Baker McKenzie LLP in London
and Clifford Chance LLP in London, where she specialised in banking and finance
representing agents, lenders, sponsors and borrowers with a focus on leverage
and corporate acquisition finance, private placements and restructuring. Manisha
joined Covenant Review in 2016.

Alastair Gillespie joined Covenant Review in 2020 from the London office of
Milbank LLP, and is a graduate of Yale University and the McGill University
Faculty of Law. Alastair is a New York securities lawyer with a decade of
experience representing issuers and underwriters in the London and New York high
yield and leveraged finance markets, and has completed secondments to the
Merchant Banking Division of Goldman Sachs and the legal department of J.P.
Morgan. Prior to his legal career Alastair served as an advisor to the Deputy
Prime Minister of Canada. He is also the author of The Confederation Series, a
history of five founders of modern Canada, for which he received the Senate of
Canada Sesquicentennial Medal in 2017.

Jane is a dual-qualified solicitor with more than 15 years of experience in the
European leveraged finance market, having worked on leveraged finance
documentation through multiple credit cycles, including on the first "cov-lite”
loan in Europe. Jane practised law at Dentons and Lovells, and as an in-house
lawyer at Credit Mutuel - CIC specialising in European syndicated loans and
direct lending. Before joining Covenant Review in 2015 to build its European
research products, Jane was Head of Legal at DebtXplained, building both their
loan and high yield bond platforms. Jane now serves as the Head of European
Research, covering the high yield bond and leveraged loan markets in Europe, and
providing covenant analysis to the investor community on the largest top-tier
sponsor deals coming to market. She represents Covenant Review on the Board of
the High Yield Division of the Association for Financial Markets in Europe and
as a member of the Loan Market Association.

Ross Hallock graduated from Dartmouth College summa cum laude in 1997 and
Harvard Law School cum laude in 2000. He has practiced law at Gibson Dunn and
Simpson Thacher & Bartlett LLP. He has represented both borrowers and providers
of capital in a wide range of financing transactions, including bank loans, high
yield offerings, investment grade offerings, and mezzanine financings. He has
considerable experience in financings involving private equity sponsors. Ross
began working with Covenant Review in 2012.


SHOSHANNA HARROW, J.D.


SENIOR COVENANT ANALYST


KIRSTEN HEENAN


SENIOR COVENANT ANALYST


SCOTT JOSEFSBERG, J.D.


HEAD OF SPECIAL SITUATIONS RESEARCH


AVON KHOWONG, J.D.


SENIOR COVENANT ANALYST

Shoshanna was a Global Law Scholar at Georgetown University Law Center, where
she graduated magna cum laude in 2006. She began her legal career at Skadden,
Arps, Slate, Meagher & Flom LLP, practicing in London and Sydney, before joining
the London office of Milbank, Tweed, Hadley & McCloy LLP in 2012. As a
securities law and corporate finance specialist, Shoshanna has advised issuers,
underwriters, and investment funds on a variety of financing transactions,
including 144A/Reg S debt and equity offerings, private placements, and
liability management transactions. Shoshanna joined Covenant Review in 2017.

Kirsten attended Duke University and Harvard Law School before starting her
career in New York at Cahill Gordon. She has experience in a wide variety of
capital markets transactions, particularly with respect to 144A / Reg S high
yield debt financings, along with private placements and equity issuances.
Before joining Covenant Review, Kirsten was a European high yield specialist in
the London offices of Cahill Gordon and Weil, and also spent a year in the U.S.
as a REITs specialist at Alston & Bird. Kirsten joined Covenant Review in 2019.

Scott Josefsberg graduated from St. John’s University School of Law summa cum
laude in 2005, where he was on the St. John’s Law Review. Prior to joining
Covenant Review, Scott was a corporate finance attorney at Latham & Watkins LLP.
At Latham, Scott primarily represented underwriters and issuers in Rule 144A
high yield offerings, registered offerings of equity and investment grade debt,
and debt exchange offers. He has considerable experience in financings for
leveraged buyouts. Scott began working with Covenant Review in 2013.

Avon Khowong graduated from Williams College cum laude in 2006 and New York
University School of Law in 2009. Prior to joining Covenant Review, Avon
practiced law at Weil, Gotshal & Manges LLP and Kramer Levin Naftalis & Frankel
LLP, specializing in banking and finance. Avon has extensive experience
representing borrowers, sponsors, agents, arrangers, and lenders in acquisition
financings / leveraged buyouts, first and second lien financings, multi- lender
and syndicated financings, and project financings. Avon joined Covenant Review
in 2017.


PEGGY MEVS, J.D.


SENIOR COVENANT ANALYST


REBECCA QUAN


SENIOR COVENANT ANALYST


JESSICA REISS, J.D.


HEAD OF LEVERAGED LOAN RESEARCH


RICKY SHARMA


SENIOR COVENANT ANALYST

Peggy Mevs graduated from Clark University and obtained both a master’s in
foreign service and a law degree from Georgetown University in 1984. Prior to
joining Covenant Review, Peggy practiced law as a banking and finance attorney
at Crédit Lyonnais (now Crédit Agricole), Watson, Farley & Williams, Jones Day,
and GE Capital. Peggy is admitted to practice law in New York, Connecticut, and
the District of Columbia. She also was admitted as an Avocat to the Paris Bar
and is trilingual in English, French, and Spanish. Peggy joined Covenant Review
in 2018.

Becky Quan graduated from Georgetown University cum laude in 2010 and from
Cornell University Law School in 2013. Prior to joining Covenant Review, Becky
practiced law at Debevoise & Plimpton LLP and Cahill Gordon & Reindel LLP. She
has extensive experience representing corporate borrowers, sponsors, agents,
arrangers, and other financial institutions in a variety of acquisition / LBO
financings, first and second lien financings, and syndicated financings. Becky
joined Covenant Review in 2019.

Jessica Reiss graduated from Brandeis University magna cum laude in 1999 and
from University of Pennsylvania Law School in 2002. Jessica practiced law at
Shearman & Sterling LLP, Akin Gump Strauss Hauer & Feld LLP, and Goodwin Procter
LLP. She has extensive experience representing borrowers, lenders, arrangers,
agent banks, and sponsors on complex commercial syndicated revolving and term
loans; senior, junior and mezzanine financings; leveraged buyouts; and offerings
of debt securities. Prior to joining Covenant Review, Jessica was the head of
loan covenant research for Moody’s. Jessica joined Covenant Review in 2015.

Ricky Sharma joined Covenant Review in 2018 and is a senior covenant analyst at
the firm. He graduated from University College London in 2003 and BBP law school
in 2005. Prior to joining Covenant Review, Ricky both trained and practiced law
at Clifford Chance LLP, focusing primarily on corporate and sponsor-backed
finance transactions representing financial institutions, sponsors, and
corporate borrowers.


JOHN SIRICO, J.D.


SENIOR COVENANT ANALYST


JASON SUH, J.D.


SENIOR COVENANT ANALYST


IAN K. WALKER, J.D.


HEAD OF LEGAL INNOVATION


SCOTT M. WEBSTER, LLB, CFA


SENIOR COVENANT ANALYST

John A. Sirico graduated from Boston College School of Management summa cum
laude as an accounting major in 1977 and Boston College Law School cum laude in
1980 where he was also Managing Editor of the Boston College Law Review. He
practiced as a finance and M&A attorney for over 30 years at RBS, UBS, Paul
Hastings, GE Capital, and Wiggin & Dana. He has represented agents, arrangers,
and lenders in a broad range of domestic and cross-border syndicated bank credit
facilities (with both public and private debtors in virtually all sectors and
industries) for leveraged buyouts, recapitalizations, refinancings, DIPs, PORs,
and other financings. His experience further includes par and distressed
trading, as well as work-outs, out-of-court restructurings and bankruptcies, in
addition to reviewing and analyzing covenants and terms for bonds and other
competing debt throughout the entire capital structure. John joined Covenant
Review in 2014.

John A. Sirico graduated from Boston College School of Management summa cum
laude as an accounting major in 1977 and Boston College Law School cum laude in
1980 where he was also Managing Editor of the Boston College Law Review. He
practiced as a finance and M&A attorney for over 30 years at RBS, UBS, Paul
Hastings, GE Capital, and Wiggin & Dana. He has represented agents, arrangers,
and lenders in a broad range of domestic and cross-border syndicated bank credit
facilities (with both public and private debtors in virtually all sectors and
industries) for leveraged buyouts, recapitalizations, refinancings, DIPs, PORs,
and other financings. His experience further includes par and distressed
trading, as well as work-outs, out-of-court restructurings and bankruptcies, in
addition to reviewing and analyzing covenants and terms for bonds and other
competing debt throughout the entire capital structure. John joined Covenant
Review in 2014.

Jason Suh graduated from Stanford University in 1998 and the University of
Pennsylvania Law School cum laude in 2006. Prior to joining Covenant Review, he
practiced law at Sullivan & Cromwell LLP and Latham & Watkins LLP, focusing
primarily on corporate finance transactions representing investment banks,
issuers, and investors. His corporate finance experience ranges from investment
grade and high yield debt offerings to public and private equity transactions,
and includes advising on capital restructuring considerations and implementing
related exchange or tender offers and consent solicitations. Jason began working
with Covenant Review in 2014.

Ian K. Walker graduated from The University of the West Indies with first class
honors in 1984 and Howard University School of Law magna cum laude in 1994. He
has practiced law at Davis Polk & Wardwell LLP and as a solo practitioner. He
has represented both borrowers and lenders in leveraged finance transactions as
well as a variety of financing transactions, such as structured finance and
aircraft financings. He has extensive experience in the area of knowledge
management and training, including consultancy with leading legal content
providers. Ian began working with Covenant Review in 2015.

Scott Webster graduated from Curtin University of Technology (Australia) in 1999
and The University of Western Australia Law School in 2004. Most recently he was
an associate in the Global Leveraged Finance team at Milbank LLP in New York,
but he has also practiced law in a number of other jurisdictions, including
London, Paris, and Sydney. Scott is a CFA Charterholder and is currently
licensed to practice law in New York and England & Wales. He was also previously
an Avocat with the Paris Bar, and is fluent in French. Scott began working with
Covenant Review in New York in 2017.


RESEARCH ASSOCIATES

--------------------------------------------------------------------------------


MORGAN ABISLA


HEAD OF RESEARCH SUPPORT


BRADLEY DRAPER


JUNIOR RESEARCH ANALYST


CASEY DUNCAN


JUNIOR RESEARCH ANALYST


HAILEE KESSEL


JUNIOR RESEARCH ANALYST


JAMES KIM


JUNIOR RESEARCH ANALYST


MICHAEL MARTINE


JUNIOR RESEARCH ANALYST


MIKE MCCLATCHEY


JUNIOR RESEARCH ANALYST


STACY OSEAS


JUNIOR RESEARCH ANALYST


BRANDON SMITH


JUNIOR RESEARCH ANALYST


NATALIE WASMER


JUNIOR RESEARCH ANALYST

Natalie Wasmer is a graduate of Baruch College. Before joining Covenant Review,
she worked in web development field. She joined the company in 2013.


SALES AND CRM

--------------------------------------------------------------------------------


TANJA FELDMEIER


HEAD OF CRM


RYAN GOOLCHARAN


SALES DIRECTOR


SHANNON MCGRATH


CLIENT RELATIONSHIP MANAGER


MARK NUGENT


SALES DIRECTOR

Tanja Feldmeier graduated from the University of Alaska with a B.A. in English
and Education. She previously worked at Argo Partners. Tanja has been with
Covenant Review since 2008.

Mark Nugent graduated from Boston University School of Management with a BSBA in
Finance. Mark’s previous Wall Street career spanned 31 years in the corporate
bond inter- dealer brokerage business as a Managing Director/Desk Head at ICAP
North America LLC, and as the Co-Chairman and Co-CEO of Cedar Street Securities
and a Limited Partner of Mabon, Nugent & Company. Mark began working with
Covenant Review in 2015.


MARYIA SHARAMET


CLIENT RELATIONSHIP MANAGER


EDDIE SMILEY


SALES DIRECTOR


MEG WALSH


SALES DIRECTOR

Meg Walsh graduated from Trinity University in Washington DC with a BA in
Business administration. Meg’s business career has spanned 30 yrs working at
Bank of America in Private Banking, McMahan Securities and Basso Capital. Meg
joined Covenant Review in 2009 and is a Sales Director and Account Manager.


CONTACT US

New York City
25 W. 45th Street, Floor 10
New York, NY 10036
+1 212-716-5780
London
30 North Colonnade
London E14 5GN
England
+44 207 469 0989
Sales:
sales@covenantreview.com

Research Inquiries:
research@covenantreview.com

Technical Support:
support@covenantreview.com

Careers:
careers@covenantreview.com

Covenant Review is a Fitch Solutions Services company

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