Largest credit facilities
Covenants on the largest facilities by commitment. 178 covenants across 94 credit facilities.
| Company | Covenant | Limit now | Next step | Ratio | Headroom vs today's limit | Tested | Margin | Size | Maturity | Agent | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TARGET CORPNot measured | Limitation on Secured DebtOther | 0.20 | n/a | Not measured | Not measured | quarterly | 46–90 bps | $4bn | Aug 2031 | Bank of America, N.A. | Retail-Variety Stores |
| TARGET CORPNot measured | Leverage Ratio (Total Finance Liabilities to Total Capitalization)Debt to capitalization | 0.75x | n/a | Not measured | Not measured | quarterly | 46–90 bps | $4bn | Aug 2031 | Bank of America, N.A. | Retail-Variety Stores |
| 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 |
| Apollo Debt Solutions BDCNot measured | Minimum Shareholders’ EquityNet worth | $9.2bn | n/a | Not measured | Not measured | quarterly | n/a | $3.99bn | Aug 2031 | JPMorgan Chase Bank, N.A. | n/a |
| Apollo Debt Solutions BDCNot measured | Asset Coverage RatioOther | 1.50 | n/a | Not measured | Not measured | other | n/a | $3.99bn | Aug 2031 | JPMorgan Chase Bank, N.A. | n/a |
| IREN LtdNot measured | Parent Minimum LiquidityMinimum liquidity | $200m | n/a | Not measured | Not measured | other | n/a | $3.65bn | n/a | CSC DELAWARE TRUST COMPANY | Finance Services |
| IREN LtdNot measured | Debt Service Coverage RatioFixed charge coverage | 1.05x | n/a | Not measured | Not measured | quarterly | n/a | $3.65bn | n/a | CSC DELAWARE TRUST COMPANY | Finance Services |
| 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 |
| CENTERPOINT ENERGY RESOURCES CORPNot measured | Ratio of Consolidated Indebtedness for Borrowed Money to Consolidated CapitalizationDebt to capitalization | 0.68x | n/a | Not measured | Not measured | quarterly | 113–200 bps | $2.2bn | Sep 2031 | JPMORGAN CHASE BANK, N.A. | Natural Gas Transmisison & Distribution |
| 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 |
| 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 |
| Venture Global, Inc.Not measured | Debt Service Coverage RatioOther | 1.10 | n/a | Not measured | Not measured | quarterly | 325 bps | $1.75bn | Apr 2033 | GOLDMAN SACHS BANK USA | Natural Gas Distribution |
| 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 |
| 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) |
| Venture Global, Inc.Not measured | Collateral Maintenance TestOther | n/a | n/a | Not measured | Not measured | other | 200 bps | $1.5bn | Jun 2032 | ING CAPITAL LLC | Natural Gas Distribution |
| Venture Global, Inc.Not measured | Debt Service Coverage RatioFixed charge coverage | 1.10x | n/a | Not measured | Not measured | quarterly | 200 bps | $1.5bn | Jun 2032 | ING CAPITAL LLC | Natural Gas Distribution |
| KORN FERRYNot measured | Consolidated Secured Net Leverage RatioSenior secured leverage | 3.75x | n/a | Not measured | Not measured | quarterly | 113–200 bps | $1.45bn | Aug 2031 | Wells Fargo Bank, National Association | Services-Employment Agencies |
| 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 |
| 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 |
| Janus Living, Inc.Not measured | Secured Debt RatioDebt to capitalization | 0.40x | n/a | Not measured | Not measured | quarterly | 65–155 bps | $1.25bn | Mar 2030 | Bank of America, N.A. | Real Estate Investment Trusts |
| Janus Living, Inc.Not measured | Fixed Charge Coverage RatioFixed charge coverage | 1.50x | n/a | Not measured | Not measured | quarterly | 65–155 bps | $1.25bn | Mar 2030 | Bank of America, N.A. | Real Estate Investment Trusts |
| Janus Living, Inc.Not measured | Unsecured 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 |
| Janus Living, Inc.Not measured | Consolidated Tangible Net WorthNet worth | $2.04bn | n/a | Not measured | Not measured | quarterly | 65–155 bps | $1.25bn | Mar 2030 | Bank of America, N.A. | Real Estate Investment Trusts |
| Janus Living, Inc.Not measured | Unsecured Interest Coverage RatioInterest coverage | 1.75x | n/a | Not measured | Not measured | quarterly | 65–155 bps | $1.25bn | Mar 2030 | Bank of America, N.A. | Real Estate Investment Trusts |
| 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 |
| 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 |
| 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 |
| ILLUMINA, INC.Not measured | Total Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 81–130 bps | $1bn | Aug 2031 | Bank of America, N.A. | Laboratory Analytical Instruments |
| TTEC Holdings, Inc.Not measured | Net Leverage RatioNet leverage | 3.75x | Sep 2026 → 4.25x | Not measured | Not measured | quarterly | 325–625 bps | $975m | Nov 2027 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Services-Help Supply Services |
| TTEC Holdings, Inc.Not measured | Secured Net Leverage RatioSenior secured leverage | 3.75x | Sep 2026 → 4.25x | Not measured | Not measured | quarterly | 325–625 bps | $975m | Nov 2027 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Services-Help Supply 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 |
| TTEC Holdings, Inc.Not measured | Available Liquidity vs. Expected Earn-Out AmountMinimum liquidity | n/a | n/a | Not measured | Not measured | quarterly | 325–625 bps | $975m | Nov 2027 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Services-Help Supply Services |
| FirstEnergy Pennsylvania Electric CoNot measured | Debt to Capitalization RatioDebt to capitalization | 0.65x | n/a | Not measured | Not measured | quarterly | 88 bps | $950m | Oct 2029 | MIZUHO BANK, LTD. | Electric Services |
| PRINCIPAL FINANCIAL GROUP INCNot measured | Total Debt to Total CapitalDebt to capitalization | 0.35x | n/a | Not measured | Not measured | other | 75–125 bps | $900m | Sep 2031 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Accident & Health Insurance |
| PRINCIPAL FINANCIAL GROUP INCNot measured | Minimum Statutory Surplus (PLIC)Other | 2,885,208,297 | n/a | Not measured | Not measured | other | 75–125 bps | $900m | Sep 2031 | WELLS FARGO BANK, NATIONAL ASSOCIATION | Accident & Health Insurance |
| Ferguson Enterprises Inc. /DE/Not measured | Maximum Consolidated Net Funded Debt to Consolidated EBITDA RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 75–125 bps | $900m | n/a | JPMorgan Chase Bank, N.A. | Wholesale-Hardware & Plumbing & Heating Equipment & Supplies |
| SPIRE INCNot measured | Maximum Consolidated Capitalization RatioDebt to capitalization | 0.70x | n/a | Not measured | Not measured | quarterly | 85 bps | $800m | n/a | Bank of Montreal | Natural Gas Distribution |
| IDEX CORP /DE/Not measured | Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 80–130 bps | $800m | Sep 2031 | Bank of America, N.A. | Pumps & Pumping Equipment |
| 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 |
| 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 |
| Ferguson Enterprises Inc. /DE/Not measured | Maximum Consolidated Net Funded Debt to Consolidated EBITDANet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 75–125 bps | $700m | n/a | JPMorgan Chase Bank, N.A. | Wholesale-Hardware & Plumbing & Heating Equipment & Supplies |
| JBG SMITH PropertiesNot measured | Ratio of Total Outstanding Indebtedness to Capitalization ValueDebt to capitalization | 0.60x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
| JBG SMITH PropertiesNot measured | Ratio of Combined EBITDA to Fixed ChargesFixed charge coverage | 1.50x | n/a | Not measured | Not measured | quarterly | 130–175 bps | $690m | Aug 2030 | BANK OF AMERICA, N.A. | Real Estate Investment Trusts |
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