Fixed income · limited pilot · institutional access

Find the trapdoors before the competition does.

Collexity reads every credit agreement, indenture and amendment in a capital structure and shows which liability-management moves are still open: drop-downs, uptiers, guarantee releases and double-dips, each tied to the clause that allows it. Where the documents don’t answer, it says so and names what you would have to read.

SEC-filed documents only No estimated slack Operative vintage pinned

Sample Issuer

Indenture — Senior Notes

Face $500MRank unsecuredDue 2029Base + 3 supplements

Covenant EBITDA · LTM$312.4Mevery add-back cited

Package read · 3 routes open · 1 blocked · amendable by a majority (>50%)

LME vectorVerdictSource

J. Crew drop-downAssets can move to an unrestricted subsidiary

Exposed

§ 4.07(b)(11)+ 4 more clauses

Chewy guarantee releaseReleased when the credit facilities release it

Exposed

§ 10.06(1)(B)→ Term loan § 9.10(a)(iii)

Serta uptierSubordinating the notes needs every affected holder

Protected

§ 9.02(6)

New-guarantor joinderOnly once a subsidiary guarantees other debt, then within 30 days

Weakened

§ 4.15

Double-dipEach leg permitted by its own clause; the loan back in needs no subordination

Exposed

§ 4.09(b)(22)+ 4 more clauses

Opened from Chewy guarantee release

EX-4.1 · pp. 138–139

Section 10.06 Release of Guarantees.

A Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and no further action … is required for the release of such Guarantor’s Guarantee, upon:

(1) (A) any sale, exchange or transfer … of the Capital Stock of such Guarantor …;

(B) the release or discharge of the guarantee by, or direct obligations of, such Guarantor of the Obligations under the Corporate Credit Facilities or the guarantee which resulted in the creation of such Guarantee, except (x) … a repayment in full of the Corporate Credit Facilities or (y) …;

Indenture§ 10.06(1)(B)
Term loan§ 9.10(a)(iii)
Definition“Excluded Subsidiary” (a)(i)

Next: the term loan releases a guarantor that stops being wholly owned. A partial stock sale strips this guarantee.→