Covenant screener
178 covenants across 94 credit facilities.
| Company | Covenant | Limit now | Next step | Ratio | Headroom vs today's limit | Tested | Margin | Size | Maturity | Agent | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Paradium.AI, Inc.Estimated above the limit | Total Net Leverage RatioNet leverage | 3.50x | n/a | 3.84xestimated, Jun 2026 | Estimated above the limit | quarterly | 1000 bps | $97.7m | Aug 2029 | Not stated | Cable & Other Pay Television Services |
| TTEC Holdings, Inc.Estimated above the limit | Interest Coverage RatioInterest coverage | 2.50x | n/a | 2.44xestimated, Jun 2026 | Estimated above the limit | quarterly | 325–625 bps | $975m | Nov 2027 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Services-Help Supply Services |
| AVNET INCEstimated above the limit | Consolidated Leverage RatioTotal leverage | 4.00x | n/a | 4.01xestimated, Jun 2026 | Estimated above the limit | quarterly | 100–175 bps | n/a | Jul 2028 | Bank of America, N.A. | Wholesale-Electronic Parts & Equipment, NEC |
| CHOICE HOTELS INTERNATIONAL INC /DE6.2% headroom | Consolidated Leverage RatioTotal leverage | 4.50x | n/a | 4.22xestimated, Jun 2026 | 6.2% | quarterly | 125 bps | $500m | Aug 2029 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Hotels & Motels |
| HENRY SCHEIN INC6.3% headroom | Consolidated Net Leverage RatioNet leverage | 3.50x | n/a | 3.28xestimated, Jun 2026 | 6.3% | quarterly | 69–108 bps | $1.25bn | Sep 2031 | JPMORGAN CHASE BANK, N.A. | Wholesale-Medical, Dental & Hospital Equipment & Supplies |
| Summit Hotel Properties, Inc.14.1% headroom | Maximum Leverage RatioTotal leverage | 7.25x | n/a | 6.23xestimated, Jun 2026 | 14.1% | quarterly | 135–230 bps | $50m | n/a | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| MARTIN MARIETTA MATERIALS INC23.2% headroom | Leverage RatioTotal leverage | 3.75x | n/a | 2.88xestimated, Jun 2026 | 23.2% | quarterly | n/a | $1.5bn | Aug 2031 | JPMorgan Chase Bank, N.A. | Mining & Quarrying of Nonmetallic Minerals (No Fuels) |
| Intercontinental Exchange, Inc.24.5% headroom | Maximum Total Leverage RatioTotal leverage | 3.75x | n/a | 2.83xestimated, Jun 2026 | 24.5% | quarterly | 63–125 bps | $2bn | n/a | Bank of America, N.A. | Security & Commodity Brokers, Dealers, Exchanges & Services |
| ZIMMER BIOMET HOLDINGS, INC.32.0% headroom | Consolidated Leverage RatioNet leverage | 4.50x | n/a | 3.06xestimated, Jun 2026 | 32.0% | quarterly | 80–130 bps | $1.5bn | Jun 2030 | JPMORGAN CHASE BANK, N.A. | Orthopedic, Prosthetic & Surgical Appliances & Supplies |
| ZIMMER BIOMET HOLDINGS, INC.32.0% headroom | Consolidated Leverage RatioNet leverage | 4.50x | n/a | 3.06xestimated, Jun 2026 | 32.0% | quarterly | 82–135 bps | $1bn | n/a | JPMORGAN CHASE BANK, N.A. | Orthopedic, Prosthetic & Surgical Appliances & Supplies |
| Summit Hotel Properties, Inc.33.0% headroom | Minimum Unsecured Interest Coverage Ratio (Unencumbered Asset Pool)Interest coverage | 2.00x | n/a | 2.66xestimated, Jun 2026 | 33.0% | quarterly | 135–230 bps | $50m | n/a | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| Perma-Pipe International Holdings, Inc.64.0% headroom | Leverage RatioTotal leverage | 3.00x | n/a | 1.08xestimated, Jul 2026 | 64.0% | quarterly | 250–300 bps | $89m | Aug 2031 | JPMorgan Chase Bank, N.A. | Industrial & Commercial Fans & Blowers & Air Purifing Equip |
| CARDINAL HEALTH INC73.3% headroom | Consolidated Net Leverage RatioNet leverage | 4.00x | n/a | 1.07xestimated, Jun 2026 | 73.3% | quarterly | n/a | $4bn | Aug 2031 | Wells Fargo Bank, National Association | Wholesale-Drugs, Proprietaries & Druggists' Sundries |
| ExlService Holdings, Inc.80.0% headroom | Total Net Leverage RatioNet leverage | 3.50x | n/a | 0.70xestimated, Mar 2026 | 80.0% | quarterly | 100–175 bps | $1bn | Aug 2031 | PNC Bank, National Association | Services-Business Services, NEC |
| Artisan Partners Asset Management Inc.85.0% headroom | Consolidated Leverage RatioTotal leverage | 3.00x | n/a | 0.45xestimated, Jun 2026 | 85.0% | quarterly | 125–200 bps | $150m | Sep 2031 | BANK OF AMERICA, N.A. | Investment Advice |
| Limbach Holdings, Inc.86.7% headroom | Maximum Consolidated Net Leverage RatioNet leverage | 3.00x | n/a | 0.40xestimated, Jun 2026 | 86.7% | quarterly | n/a | $300m | Sep 2031 | PNC Bank, National Association | Construction - Special Trade Contractors |
| UNIVERSAL TECHNICAL INSTITUTE INC87.7% headroom | Maximum Consolidated Total Net Leverage RatioNet leverage | 3.00x | n/a | 0.37xestimated, Jun 2026 | 87.7% | quarterly | 150–225 bps | $200m | Aug 2031 | Fifth Third Bank, National Association | Services-Educational Services |
| ENSIGN GROUP, INC93.6% headroom | Total Leverage RatioTotal leverage | 3.75x | n/a | 0.24xestimated, Jun 2026 | 93.6% | quarterly | 125–200 bps | $800m | Aug 2031 | Truist Bank | Services-Skilled Nursing Care Facilities |
| Schneider National, Inc.95.4% headroom | Consolidated Net Debt Coverage RatioNet leverage | 3.50x | n/a | 0.16xestimated, Jun 2026 | 95.4% | quarterly | 100–175 bps | $350m | Sep 2031 | JPMorgan Chase Bank, N.A. | Trucking (No Local) |
| TWFG, Inc.98.7% headroom | Maximum Consolidated Leverage RatioTotal leverage | 3.00x | n/a | 0.04xestimated, Jun 2026 | 98.7% | quarterly | 175–275 bps | $125m | Aug 2031 | PNC Bank, National Association | Insurance Agents, Brokers & Service |
| RADIANT LOGISTICS, INC355.7% headroom | Consolidated Interest Coverage RatioInterest coverage | 3.00x | n/a | 13.67xestimated, Jun 2026 | 355.7% | quarterly | 138–213 bps | $200m | Aug 2031 | BANK OF AMERICA, N.A. | Arrangement of Transportation of Freight & Cargo |
| UNIVERSAL TECHNICAL INSTITUTE INC596.0% headroom | Minimum Consolidated Interest Coverage RatioInterest coverage | 3.00x | n/a | 20.88xestimated, Jun 2026 | 596.0% | quarterly | 150–225 bps | $200m | Aug 2031 | Fifth Third Bank, National Association | Services-Educational Services |
| ExlService Holdings, Inc.640.3% headroom | Interest Coverage RatioInterest coverage | 3.00x | n/a | 22.21xestimated, Mar 2026 | 640.3% | quarterly | 100–175 bps | $1bn | Aug 2031 | PNC Bank, National Association | Services-Business Services, NEC |
| Schneider National, Inc.693.6% headroom | Consolidated Interest Coverage RatioInterest coverage | 2.50x | n/a | 19.84xestimated, Jun 2026 | 693.6% | springing | 100–175 bps | $350m | Sep 2031 | JPMorgan Chase Bank, N.A. | Trucking (No Local) |
| Katapult Holdings, Inc.729.6% headroom | Minimum Interest Coverage RatioInterest coverage | 1.25x | Mar 2028 → 1.30x | 10.37xestimated, Jun 2026 | 729.6% | quarterly | n/a | $200m | n/a | BP COMMERCIAL FUNDING TRUST III, SERIES SPL-XIV | Services-Equipment Rental & Leasing, NEC |
| Artisan Partners Asset Management Inc.1120.5% headroom | Consolidated Interest Coverage RatioInterest coverage | 4.00x | n/a | 48.82xestimated, Jun 2026 | 1120.5% | quarterly | 125–200 bps | $150m | Sep 2031 | BANK OF AMERICA, N.A. | Investment Advice |
| ENSIGN GROUP, INC4880.0% headroom | Interest/Rent Coverage RatioInterest coverage | 1.50x | n/a | 74.70xestimated, Jun 2026 | 4880.0% | quarterly | 125–200 bps | $800m | Aug 2031 | Truist Bank | Services-Skilled Nursing Care Facilities |
| MARRIOTT INTERNATIONAL INC /MD/Not measured | Leverage RatioTotal leverage | 4.50x | n/a | Not measured | Not measured | quarterly | 79–128 bps | $5bn | n/a | BANK OF AMERICA, N.A. | Hotels & Motels |
| FLOTEK INDUSTRIES INC/CN/Not measured | Consolidated Leverage RatioNet leverage | 3.00x | n/a | Not measured | Not measured | quarterly | 650 bps | $90m | n/a | Alter Domus (US) LLC | Miscellaneous Chemical Products |
| Aon plcNot measured | Consolidated Adjusted EBITDA to Consolidated Interest ExpenseInterest coverage | 4.00x | n/a | Not measured | Not measured | quarterly | 75–125 bps | $4bn | n/a | CITIBANK, N.A. | Insurance Agents, Brokers & Service |
| Aon plcNot measured | Consolidated Leverage RatioNet leverage | 4.75x | n/a | Not measured | Not measured | quarterly | 75–125 bps | $4bn | n/a | CITIBANK, N.A. | Insurance Agents, Brokers & Service |
| Aon plcNot measured | Consolidated Adjusted EBITDA to Consolidated Interest ExpenseInterest coverage | 4.00x | n/a | Not measured | Not measured | quarterly | 69–120 bps | $3bn | Sep 2031 | CITIBANK, N.A. | Insurance Agents, Brokers & Service |
| Aon plcNot measured | Consolidated Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 69–120 bps | $3bn | Sep 2031 | CITIBANK, N.A. | Insurance Agents, Brokers & Service |
| IPG PHOTONICS CORPNot measured | Consolidated Interest Coverage RatioInterest coverage | 3.00x | n/a | Not measured | Not measured | quarterly | 125–145 bps | n/a | Jun 2030 | Bank of America, N.A. | Semiconductors & Related Devices |
| IPG PHOTONICS CORPNot measured | Consolidated Net Leverage RatioNet leverage | 3.00x | n/a | Not measured | Not measured | quarterly | 125–145 bps | n/a | Jun 2030 | Bank of America, N.A. | Semiconductors & Related Devices |
| MERCANTILE BANK CORPNot measured | Total Risk-Based Capital RatioOther | 0.12 | n/a | Not measured | Not measured | quarterly | 170 bps | $30m | Dec 2028 | U.S. BANK NATIONAL ASSOCIATION | State Commercial Banks |
| MERCANTILE BANK CORPNot measured | Return on Average AssetsOther | 0.01 | n/a | Not measured | Not measured | quarterly | 170 bps | $30m | Dec 2028 | U.S. BANK NATIONAL ASSOCIATION | State Commercial Banks |
| Prologis, L.P.Not measured | Consolidated Leverage RatioDebt to capitalization | 0.60x | n/a | Not measured | Not measured | quarterly | 63–135 bps | $2bn | Jun 2030 | Bank of America, N.A. | Real Estate |
| Prologis, L.P.Not measured | Fixed Charge Coverage RatioFixed charge coverage | 1.50x | n/a | Not measured | Not measured | quarterly | 63–135 bps | $2bn | Jun 2030 | Bank of America, N.A. | Real Estate |
| Prologis, L.P.Not measured | Unencumbered Debt Service Coverage RatioOther | 1.50 | n/a | Not measured | Not measured | quarterly | 63–135 bps | $2bn | Jun 2030 | Bank of America, N.A. | Real Estate |
| Prologis, L.P.Not measured | Secured Debt to Total Asset ValueDebt to capitalization | 0.40x | n/a | Not measured | Not measured | quarterly | 63–135 bps | $2bn | Jun 2030 | Bank of America, N.A. | Real Estate |
| Clearwater Paper CorpNot measured | Current RatioOther | 1.75 | n/a | Not measured | Not measured | quarterly | 250–475 bps | $475m | Sep 2031 | AgWest Farm Credit, PCA | Paperboard Mills |
| Clearwater Paper CorpNot measured | Consolidated Debt Service Coverage RatioFixed charge coverage | 2.65x | Sep 2027 → 2.75x | Not measured | Not measured | quarterly | 250–475 bps | $475m | Sep 2031 | AgWest Farm Credit, PCA | Paperboard Mills |
| Clearwater Paper CorpNot measured | Capital ExpendituresCapital expenditure | $90m | n/a | Not measured | Not measured | annual | 250–475 bps | $475m | Sep 2031 | AgWest Farm Credit, PCA | Paperboard Mills |
| National CineMedia, Inc.Not measured | Net Total Leverage RatioNet leverage | 5.00x | Jun 2028 → 4.75x | Not measured | Not measured | quarterly | 700 bps | $300m | Sep 2031 | CRESTLINE DIRECT FINANCE, L.P. | Services-Advertising |
| HECLA MINING CO/DE/Not measured | Consolidated Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 163–250 bps | $500m | Sep 2030 | Bank of America, N.A. | Mining & Quarrying of Nonmetallic Minerals (No Fuels) |
| HECLA MINING CO/DE/Not measured | Consolidated Interest Coverage RatioInterest coverage | 3.00x | n/a | Not measured | Not measured | quarterly | 163–250 bps | $500m | Sep 2030 | Bank of America, N.A. | Mining & Quarrying of Nonmetallic Minerals (No Fuels) |
| Paylocity Holding CorpNot measured | Maximum Net Total Leverage RatioOther | 4.00 | n/a | Not measured | Not measured | quarterly | n/a | n/a | n/a | PNC Bank, National Association | Services-Prepackaged Software |
| Paylocity Holding CorpNot measured | Minimum Interest Coverage RatioInterest coverage | 2.00x | n/a | Not measured | Not measured | quarterly | n/a | n/a | n/a | PNC Bank, National Association | Services-Prepackaged Software |
| Janus Living, Inc.Not measured | Leverage RatioDebt to capitalization | 0.60x | n/a | Not measured | Not measured | quarterly | 65–155 bps | $1.25bn | Mar 2030 | Bank of America, N.A. | Real Estate Investment Trusts |
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