The covenants on a low leverage transaction are likely highly limited: a)make interest payments, b) make principal payments, c) don’t make illegal dividends, d)

The covenants on a low leverage transaction are likely highly limited: a)make interest payments, b) make principal payments, c) don’t make illegal dividends, d) don’t cross certain covenants such as EV/EBITDA, fixed charge coverage ratio, or similar, and e) get an audit every year and submit financials to the banks every 90 days. Not exactly onerous since they were a public company before.