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TMANY Meeting - January 18, 2018
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Cutting the Clutter: Developing a Risk-Based Covenant Checklist Jim Simpson, Managing Director, Debt Compliance Services

When: Thursday, January 18, 2018
12:00 PM
Where: Trecolori
254 W. 47th Street
New York, NY 10036
United States
Presenter: Jim Simpson, Managing Director of Debt Compliance Services
Contact: Margaret Green

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A covenant checklist is the foundation of the debt compliance process. The problem is that debt agreements are in dense legalese with too many covenants – some important and some not so important – written by the best lawyers your money can buy. We will show to how develop a risk-based covenant checklist that cuts out the less important covenants. The result is an efficient, effective debt compliance process that minimizes the compliance burden and focuses on the truly at-risk covenants.

We will explain how to:

  • Efficiently read debt agreements so that you really understand them (hint: not front to back).
  • Evaluate covenant risk by using lender objectives, covenant types, and default cure periods.
  • Reduce the number of covenants that need to be managed by allocating them quarterly,  annually, or when the dependent and subordinated covenants are triggered by their controlling and independent covenants.
  • Write simple, effective questions about covenant compliance that eliminates the need to understand and then simplify the covenants’ pre-conditions, exceptions, and post-conditions.

Jim Simpson is Managing Director of Debt Compliance Services which he co-founded with Jeff Wallace in 2009. He is also Managing Director of Corporate Finance Solutions, which he founded in 2002.

He has lead or consulted on arranging over $4B in convertibles, high yield bonds, revolvers, term loans, and ABLs. He was CFO of Moore Medical (public, $300M sales) and CS Brooks (private, $200M sales), and Treasurer of Sandoz USA (now Novartis). He was also a treasury consultant at KPMG and a previous partner at Greenwich Treasury Advisors.

Jim holds a BA from Tufts University and an MBA in Finance from Babson College.



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