Tightest leverage covenants
Net leverage covenants with the least headroom. 30 covenants across 30 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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) |
| 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 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 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 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 |
| 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) |
| Ares Management CorpNot measured | Debt to Adjusted EBITDANet leverage | 4.00x | n/a | Not measured | Not measured | quarterly | 75–125 bps | n/a | Mar 2029 | Bank of America, N.A. | Investment Advice |
| DPC Holdings PLCNot measured | Total Net Leverage RatioNet leverage | 3.00x | n/a | Not measured | Not measured | other | 125–235 bps | $325m | Sep 2029 | Barclays Bank PLC | Nonferrous Foundries (Castings) |
| PBT Land & Minerals, Inc.Not measured | Consolidated Total Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 225–325 bps | $250m | May 2031 | JPMorgan Chase Bank, N.A. | Oil Royalty Traders |
| 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 |
| DIGI INTERNATIONAL INCNot measured | Maximum Total Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | 125–263 bps | $350m | n/a | BMO BANK N.A. | Computer Communications Equipment |
| AdvanSix Inc.Not measured | Consolidated Leverage RatioNet leverage | 3.75x | n/a | Not measured | Not measured | quarterly | 150–250 bps | $425m | Aug 2031 | CITIZENS BANK, N.A. | Plastic Materials, Synth Resins & Nonvulcan Elastomers |
| CIM GROUP, INC.Not measured | Consolidated Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | n/a | $150m | Aug 2029 | Not stated | Real Estate Investment Trusts |
| CIM GROUP, INC.Not measured | Consolidated Net Leverage RatioNet leverage | 3.50x | n/a | Not measured | Not measured | quarterly | n/a | $250m | Mar 2028 | City National Bank | Real Estate Investment Trusts |
| Intapp, Inc.Not measured | Total Net Leverage RatioNet leverage | 3.75x | n/a | Not measured | Not measured | quarterly | 150–225 bps | $150m | Jul 2031 | UBS AG, Stamford Branch | Services-Prepackaged Software |
| 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 |
| RADIANT LOGISTICS, INCNot measured | Consolidated Net Leverage RatioNet leverage | 3.00x | n/a | Not measured | Not measured | quarterly | 138–213 bps | $200m | Aug 2031 | BANK OF AMERICA, N.A. | Arrangement of Transportation of Freight & Cargo |
| 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 |
| 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 |
| SUPERIOR GROUP OF COMPANIES, INC.Not measured | Maximum Consolidated Total Net Leverage RatioNet leverage | 4.00x | n/a | Not measured | Not measured | quarterly | 113–213 bps | $200m | Aug 2031 | PNC BANK, NATIONAL ASSOCIATION | Apparel & Other Finishd Prods of Fabrics & Similar Matl |
| 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 |
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