Some bond indentures
containing anti-takeover covenants have been written in such a way that the bonds are nonredeemable for a period of years.
The company's bond indentures
do not contain material financial covenants or change of control provisions of the type that are included in the credit facility.
Fitch believes that the lack of financial restrictions in the most recent CPT and KIM bond indentures
alone does not negatively impact CPT and KIM's credit profiles.
LBO Analysis' provides a detailed LBO scenario as well as additional analysis on First Data's bond indentures
s (Motorola) market capitalization over the past few months to below $50 billion, Fitch Ratings has examined LBO risk for Motorola by assessing the level of bondholder protection provided by bond indentures
, specifically change of control provisions and limitations on secured debt.