Credit documents and covenants

CRDOC FICO opens a company's credit instruments. COVN IVZ opens its covenant tests. Pro includes full documents and amendment history. Free access previews up to three instruments and three rows per analytical section, including the evidence supporting each visible value.

Capital lists the disclosed facilities and securities, their current principal or drawn balances, commitments and final maturities. Open an instrument for its terms, original quotes, filing links and amendment history. Covenants shows maintenance thresholds alongside comparable reported financial metrics. Maturities groups principal by final maturity year and original currency. Screen finds comparable covenant headroom below your threshold and conditional springing maturities inside your chosen horizon.

Use DDIS for the issuer's consolidated debt maturity schedule and its history, CDS for credit-market observations, FA for financial statements, DES for the company profile, and G for the security's chart. CRDOC is document-level legal and financial research; it does not replace the consolidated maturity schedule.

Evidence and revisions

Every term retains the original quote, primary filing URL, filing date, observation period, confidence, source language, unit and currency. Quotes must match the fetched source text after Unicode NFKC and whitespace normalization. Offsets are UTF-16 character offsets into the normalized source text, not PDF coordinates or HTML byte positions. Source metadata retains its SHA-256 and text length, and references an existing stored filing where available; credit records do not duplicate full reports. Re-fetching an external source can verify an offset only when the normalized text hash still matches.

A later disclosure adds a revision. Earlier quotes remain in instrument history. Financial observations are ordered by their economic period before their filing date, so an older reimport cannot replace a newer balance. Contractual terms are ordered by effective date where available, otherwise filing date. Future-effective revisions remain pending in history until that date; current views retain the preceding terms. An amendment changes only the terms it actually discloses. Missing clauses are not proof that a restriction has disappeared.

Instrument identity follows the legal security or facility, not the issuer's aggregate debt. Separate tranches, borrowing entities and currencies remain separate. Where a document gives a combined balance for fungible notes, that combined class remains one balance. Original issue amounts are retained separately and never substitute for current outstanding principal.

Covenant headroom

A maintenance covenant is tested regularly or when its disclosed activation conditions apply. An incurrence test applies to a particular action such as borrowing or making a distribution; it is not treated as a maintenance test.

Headroom uses a reported ratio or value only when its metric definition and borrower scope match the covenant, its financial period matches any explicit test date, and the observation is no more than 190 days old. Explicit step-downs apply as of that test period. A company saying it is “in compliance” does not disclose a numeric ratio.

For a maximum covenant, percentage headroom is (threshold − reported value) / threshold × 100. For a minimum covenant it is (reported value − threshold) / threshold × 100. Negative headroom identifies a disclosed test failure. It is not a prediction of default. Every computed result links back to the threshold and financial observation that support it.

If adjusted EBITDA, add-back caps, permitted netting, basket elections, scope, test dates or springing utilisation cannot be reconciled, headroom stays unavailable. Springing tests remain conditional until their activation can be established. Stale financials remain visible as evidence but never enter the low-headroom screen.

Maturity walls and change of control

The wall groups current disclosed principal or drawn balances at final maturity. Undrawn commitments and original issue sizes are excluded. Currencies are never summed or converted. Instruments missing current principal, currency or a complete maturity date are excluded from the chart, while their available terms remain in Capital.

This is a final-maturity concentration view. Contractual amortisation, call schedules, make-whole provisions and springing maturities remain in instrument evidence; the wall does not assume they occur. A conditional maturity screen retains its full trigger rather than presenting the date as certain.

Change-of-control exposure preserves rating-downgrade conditions and other double triggers, put prices and the supporting outstanding balance when known. It does not assume every change of control forces every instrument to be repaid.

Sources and coverage

The collection pipeline reads stored SEC annual and quarterly reports, current reports, prospectuses, Ex-4 indentures and Ex-10 credit agreements and amendments. Foreign SEC filers are included. Native currency, source language and local reporting periods are preserved.

OpenDART supports Korean reports using an existing configured account key. ESEF and issuer adapters accept registered official XHTML or report-package URLs, with explicit host allowlists. EDINET is disabled while its key is pending. Absence from CRDOC means a source or sufficiently supported extraction is unavailable, not that the issuer has no debt or covenants.

Collection is separate from viewing a pane. Opening or refreshing CRDOC reads the stored dataset; it does not start extraction. Source failures leave prior evidence intact. Coverage grows only after configured collectors successfully ingest and validate documents.

The debt-ranked collection universe is partial. Standard financial facts miss some custom borrowing concepts and dimensional disclosures; reviewed primary filings can supplement those gaps with dated amounts, component contexts and incorporation evidence. A recovered debt total improves collection eligibility, but does not mean the underlying agreements have already been extracted. Rankings use available borrowing debt and finance leases, not every financing liability or a complete ranking of all borrowers.

REST and headless access

REST follows the account's Pro entitlement. MCP follows the existing Pro key policy. Ask Gloom uses the same dataset and applies the account's preview entitlement. Responses retain evidence even when rows are limited.