Event Risk Covenants - Frankfurt School of Finance & Management
Event Risk Covenants - Frankfurt School of Finance & Management
Event Risk Covenants - Frankfurt School of Finance & Management
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Abstract:<br />
Merger and acquisition activities can have a strong impact on the capital structure <strong>of</strong><br />
the companies involved and therefore on the value <strong>of</strong> debt. This paper discusses the<br />
role <strong>of</strong> covenants within debt contracts. Using the Real Option approach to quantify<br />
the implications <strong>of</strong> covenants on the value <strong>of</strong> the company, it can be shown that cove-<br />
nants do not necessarily reduce the risk <strong>of</strong> debt lender. The value <strong>of</strong> the company is<br />
determined by assets in place and management decisions in the future. Any limitation<br />
<strong>of</strong> the management might reduce the value <strong>of</strong> the company and therefore the value <strong>of</strong><br />
debt.<br />
Inhalt:<br />
1. Einleitung..........................................................................................................................3<br />
2. Schuldtitel und die Prinzipal-Agent-Theorie.................................................................3<br />
3. Qualitative Beurteilung von <strong>Covenants</strong> .........................................................................6<br />
3.1. Einordnung der <strong>Covenants</strong>.....................................................................................6<br />
3.2. Motive für <strong>Covenants</strong>...............................................................................................8<br />
3.3. Rechtliche Einordnung von <strong>Covenants</strong>................................................................10<br />
3.4. Einhaltung von Convenants...................................................................................11<br />
3.5. <strong>Event</strong> <strong>Risk</strong> <strong>Covenants</strong> (ERC)...............................................................................13<br />
3.6. Grundlagen der Realoptionen..............................................................................15<br />
3.6.1. Klassifikation von Realoptionen.......................................................................16<br />
3.6.2. Besonderheiten der Realoptionen...................................................................17<br />
3.7. Strategische Handlungsstrategien und <strong>Covenants</strong>............................................18<br />
3.7.1. Covenant Limitation on Mergers, Consolidation, Transfer <strong>of</strong> Assets...........19<br />
3.7.2. Covenant Limitation on Asset Sales................................................................23<br />
3.7.3. Covenant Limitation <strong>of</strong> Indebtedness ..............................................................25<br />
4. Schlussfolgerung ...........................................................................................................28<br />
Literaturliste:.......................................................................................................................31<br />
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