Market stats
How covenant limits, pricing, step-downs, maturities and lenders compare across every tracked credit agreement. Any group under 5 facilities is left out, not shown as a thin median.
The median debt to capitalization limit is 0.65x across 14 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 14 | 0.40x | 0.65x | 0.67x |
| Real Estate Investment Trusts | 5 | 0.10x | 0.40x | 0.65x |
The median net leverage limit is 3.50x across 30 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 30 | 3.50x | 3.50x | 3.75x |
The median total leverage limit is 3.75x across 17 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 17 | 3.00x | 3.75x | 4.50x |
The median fixed charge coverage limit is 1.25x across 23 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 23 | 1.13x | 1.25x | 1.50x |
The median interest coverage limit is 3.00x across 21 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 21 | 1.75x | 3.00x | 3.00x |
The median minimum liquidity limit is $5m across 10 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 10 | $5m | $5m | $76.3m |
The median net worth limit is $1.99bn across 11 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| All industries | 11 | $970m | $1.99bn | $6.97bn |
Margins on a revolving credit facility run 115 bps to 200 bps, median 163 bps, across 50 facilities.
| Group | n | p25 | Median | p75 |
|---|---|---|---|---|
| Revolving credit facility | 50 | 115 bps | 163 bps | 200 bps |
| Delayed draw term loan | 11 | 97 bps | 180 bps | 245 bps |
| Term Loan A | 26 | 150 bps | 200 bps | 269 bps |
| Term Loan B | 8 | 494 bps | 675 bps | 703 bps |
17.6% of total leverage covenants step down, the most of any kind; the median step is 0.25x.
- Total leverage18% of 17
- Interest coverage5% of 21
- Fixed charge coverage4% of 23
- Net leverage3% of 30
- Debt to capitalization0% of 14
- Minimum liquidity0% of 10
- Net worth0% of 11
Share of each kind's facilities with a scheduled step-down, out of the facilities counted.
The heaviest maturity year is 2031, with $36.55bn across 38 facilities.
- 2026$44.4m
- 2027$3.64bn
- 2028$727m
- 2029$3.48bn
- 2030$5.94bn
- 2031$36.55bn
- 2032$1.73bn
- 2033$1.75bn
- 2034$75m
- 2036$315m
- 2038$327.5m
Commitments by tranche maturity: a facility with tranches maturing in different years counts toward each.
Bank of America, N.A. leads with 12 facilities ($14.3bn committed).
- Bank of America, N.A.12
- JPMorgan Chase Bank, N.A.9
- JPMORGAN CHASE BANK, N.A.6
- WELLS FARGO BANK, NATIONAL ASSOCIATION6
- BANK OF AMERICA, N.A.5
- CITIBANK, N.A.4
- PNC Bank, National Association4
- WILMINGTON TRUST, NATIONAL ASSOCIATION2
- Wells Fargo Bank, National Association2
- CSC DELAWARE TRUST COMPANY2
- GOLDMAN SACHS BANK USA2
- Bank of Montreal2
- HSBC Bank Middle East Limited2
- Royal Bank of Canada2