Compare

Cross-deal compare

Select deals to compare on the scorecard axes that matter. A percentile vs cohort is abstract; placing the deal next to a tighter or looser peer makes the structural difference concrete.

Deals in compare (2 selected)

Material holder protections6 axes · 2 deals

Axis	Trinseo PLC — 2025 Credit Agreementtrinseo-2025	Pareto Industries — 2024 Senior Credit Agreementpareto-2024
MFN protection on incremental	Yes55th pct 50 bps, 6-month sunset §2.01(e)	Yes92nd pct 50 bps, no sunset; broad MFN with limited carve-outs §2.01(e)
Sacred rights — pro-rata sharing	Partial32nd pct Pre-Serta drafting; ranking not a sacred right §10.02(b)	Yes88th pct Affected-lender consent required for ranking change (Serta blocker) §10.02(b)
Sacred rights — payment modification	Yes62nd pct Each affected lender must consent §10.02(c)	Yes94th pct Each affected lender must consent — full package §10.02(c)
Net-short protection	No No disqualification provisions	Yes85th pct Net-short lenders disenfranchised on consents §10.02(d)
Disqualified institution list	Yes61st pct Founder-controlled; amendable by Borrower §1.01	Yes70th pct Borrower-controlled list, capped at 25 entities §1.01
Open-market purchase restrictions	Partial Permitted but subject to 2.5% cap per quarter §2.05(b)	Yes78th pct Open-market only; no Dutch auction or par-tender §2.05(b)

Material aggressive terms9 axes · 2 deals

Axis	Trinseo PLC — 2025 Credit Agreementtrinseo-2025	Pareto Industries — 2024 Senior Credit Agreementpareto-2024
Incremental debt — $500M + 100% EBITDA + 4.25× ratio	Yes73rd pct Uncapped ratio headroom; $1.32B available today §2.01	—
J.Crew trapdoor — unrestricted sub	Yes81st pct No investment cap to unrestricted subsidiaries §7.03(b)	No8th pct Investment cap to unrestricted subs $50M; material IP carve-in §7.03(b)
Serta priming — non-pro-rata	Yes88th pct No prohibition; required-lender vote sufficient §10.02	No12th pct Affected-lender consent required for any ranking change §10.02
Chewy dropdown — excluded assets	Partial78th pct Collateral carve-outs present; dollar values need 10-K §7.05	No15th pct Material subsidiary equity must remain in collateral §7.05
Restricted payments — builder basket	Yes64th pct 50% of CNI starter; Available Amount reference §7.02(g)	Yes35th pct 50% CNI starter; 1.0× FCCR cap on cumulative RP §7.02(g)
Prepayment — ECF sweep	Yes42nd pct 50% with stepdowns at 4.0× and 3.5× leverage §2.05(c)	Yes75th pct 75% of ECF with stepdowns at 3.5× and 3.0× leverage §2.05(c)
Collateral — IP transfer carve-out	Partial78th pct Silent on material IP; litigation risk §7.05(d)	No10th pct Material IP explicitly carved into collateral §7.05(d)
Sale-leaseback capacity	Yes57th pct $200M general basket plus ratio §7.06	Yes30th pct $100M general basket; ratio test capped at 3.5× §7.06
Incremental debt — $300M + 75% EBITDA + 3.50× ratio	—	Yes28th pct Tighter than median; ~$700M available today §2.01

Open one of these deals

Trinseo PLC — 2025 Credit Agreement

Public · LSTA / NY law · 2025-05-14

Pareto Industries — 2024 Senior Credit Agreement

Vanguard / Fidelity (public) · LSTA / NY law · 2024-09-18

Phase 2 mockup · two deals seeded · scales to N-way compare in the production registry