We only employ senior lawyers with at least 10yrs EHY experience:
About Us
SAMPLE REPORTS:
CEVA
GOLD REPORT
Non-Subscribers can buy individual reports.
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About Us :: Why DXP?
Why does the market need DebtXplained?
Any decision involving the advance of credit to a borrower has many
elements. The most obvious is the ability of that borrower to
pay interest and repay principal in due course. DebtXplained is not
concerned with credit analysis. We focus on the number of other complex
issues which are woefully under-addressed but are equally significant
to the risk involved in any investment. These include: The terms on
which credit is
advanced; Possible sources of credit support (and possible
limitations!); Location or local law issues; Rights of other (senior)
creditors; And the restrictions (controls) placed on the borrowers.
These issues are sometimes mentioned in an Offering
Memorandum (“OM”) executive summary; and then are set out in considerable
detail in sections of the OM (where it may be hoped they will remain unread!). DebtXplained brings them
together in a standardized, easy-to-read format so subscribers can understand the issues and decide on whether
more diligence is required. The reports are similar to a
road map: A “traffic light” (red/amber/green) rating system highlights an issues of concern and click throughs to the relevant sections of the OM make further investigation
easy.
The purpose of DebtXplained is
therefore to provide essential information to investors and advisors to
increase the level of diligence and confidence that guides their
choices in the market.
Why do I need DebtXplained?
When did you last read a five hundred page OM? Searching
through for key elements? Worrying about the deal structure?
Guarantees/security? Extent of prior ranking debt? Standard covenants?
Change of Control definitions?
DebtXplained
facilitates informed investment decisions while removing the burden of
research from the investor or advisor. Content is extracted into a
simple standard format offering key benefits:
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Time saving
- Expert analysis
- Compilation of all core issues
- Quick and easy deal comparison
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- Exceptional documentary diligence
- Easy content navigation
- Traffic light rating system
- Full market coverage
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What issues does DebtXplained cover? How is it different to an OM Executive Summary?
Any decision involving the advance of credit to a borrower has many elements. DXP supplies the detail on the structure and key provisions leaving potential investors to focus on the credit.
DebtXplained offers the investor or advisor the same high level of
diligence for every deal considered providing a clear market advantage
and promoting responsible investment.
The reports provide:
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The terms on which credit is advanced.
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Identifying possible sources of credit support (and possible limitations!).
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Location (local law) issues.
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Rights of other (senior) creditors and.
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The restrictions (controls) placed on the borrowers.
Should I be going to a Law firm?
DebtXplained was conceived by Lawyers and the reports are all written
by legal professionals but is intended as a different resource
from standard legal advice: Any reputable law firm should be able to
supply an analysis of an OM. DXP is not just about the analysis of
single deals but rather about continuing professional diligence,
responsibility and improved understanding of the market as a whole.
Distinguishing benefits for members include:
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Frequent uploads of new reports as issuance comes to market.
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A standardised format and metric system for easy understanding and comparison.
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Traffic light ratings for important details.
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A search function for similar/ past issuance.
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The DXP comparison database for quick analysis of key metrics.
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Click though functionality from reports to the relevant part of the OM.
- Q+A Tabular multi-deal comparison.
- Key points review table for each issue analysed.
PLUS - Significant cost savings:
Leading law firms charge around £10,000 to produce a deal analysis
without any of the features above. Compare this to an annual
subscription giving access to multiple past reports and new issues and
you can see how a DXP subscription provides substantial, continuing value.
Who is behind DebtXplained?
DebtXplained was founded by Stephen Mostyn-Williams who has been in the
leverage finance industry (primarily as a lawyer) for over twenty
years. Stephen was co-founder of the EHYA. He is well known in the
leveraged finance industry and advises many investors in private debt
(par, stressed and distressed). These clients convinced him of the need
for a product such as DebtXplained in the public leveraged debt
markets. DebtXplained has raised capital from a group of private
individuals. The business plan for DXP is fully funded.
What is the source material of the reports? Can I access the Offering Memorandum?
DXP
reports are complied from information in the Offering Memorandum. This
is a public document available to all investors. DebtXplained offers a
free online store of OM’s for Gold members of the community for quick
and easy reference.
Is DebtXplained like debtwire or LCD?
No it’s totally different. No gossip; no auction talk; no press release
reproduction; no private information. DXP Reports contain information
drawn from the public document issued to potential investors and
benchmark it to market. DebtXplained is not a live information
resource. It is a community reference database for in-depth diligence
and analysis.
Why not rely on investment bank research?
Investment
bank research sometimes provides a structure chart and basic
information about a bond issue but is more focused on the underlying
business. DXP
is
focused on the deal structure, terms and covenants and how they
could affect investors. DXP information is deeper and is a matter of
continuing diligence. DebtXplained adds click through functionality to
relevant item in
the OMs, storage capacity, traffic light rating and a key points table
for deals. Furthermore, will all reports stored on the site,
subscribers can search and compare reports written in a standardized
format giving them an understanding of the market as a whole rather
than a single issue.
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Latest Reports:
Gold Reports Cover:
- Listing Jurisdiction and Implications
- Seniority of Notes and Implications
- Security/ Shared with other debt?
- Redemption Clauses
- Events of Default/Cross Default Provisions
- Waivers and Amendments
- Intercreditor Agreements
- Triggers for restricted payments
- Acceleration Voting/Instruction voting
- Guarantees/Credit Support
- Change of Control
- Special Provisions
- And all other key issues...
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