Covenants in growth lending
Understand growth debt and venture debt covenants, including reporting duties, restricted actions, minimum liquidity, performance tests, headroom and cures.
4 min read26 Aug 2026Alex Price
Founder & Editor
Alex Price is the founder & editor of Undiluted. Having previously built and sold an agency and media business to a debt financed roll up, he launched Undiluted in 2026. Alex talks with funds, banks, advisors and others across the growth lending ecosystem daily.
LinkedIn (opens in a new tab)Terms & Structures Managing Growth Debt What happens if you breach a debt covenant?
A measured guide to growth debt and venture debt covenant breaches, including notification, cure periods, waivers, amendments and possible default consequences.
4 min read26 Aug 2026Terms & Structures Warrants and equity kickers in growth lending
Venture debt warrants give lenders potential equity upside. Learn how warrant coverage, exercise prices, share classes, dilution and exit treatment affect the real cost.
4 min read26 Aug 2026Terms & Structures Venture debt interest rates and costs
Growth debt and venture debt cost more than the headline interest rate. Understand benchmarks, margins, fees, PIK interest, final payments, prepayment and warrants.
6 min read26 Aug 2026Managing Growth Debt Reporting to growth lenders
A practical guide to growth debt and venture debt reporting, covering management accounts, KPIs, forecasts, compliance certificates, covenants and event notices.
5 min read26 Aug 2026Raising Growth Debt Preparing a growth debt data room
A practical checklist for preparing a growth debt or venture debt data room, including financials, forecasts, customer data, ownership, existing financing and legal documents.
8 min read26 Aug 2026Raising Growth Debt How to raise growth or venture debt
A practical guide to raising venture or growth debt, from defining the need and approaching suitable lenders through term sheets, due diligence, legal documents and drawdown.
9 min read26 Aug 2026Raising Growth Debt How growth lenders assess companies
Growth lenders assess far more than headline revenue. Here is how they test management, customers, cash, investors, downside risk and the company’s ability to repay.
7 min read26 Aug 2026Raising Growth Debt How much growth debt can a company raise?
Growth debt is sized using different combinations of equity, cash burn, revenue, EBITDA, company value and repayment capacity. The safe amount may be below the lender’s offer.
7 min read26 Aug 2026Raising Growth Debt Is your company suitable for growth lending?
Growth lenders look for evidence that a company can create value with debt, survive a setback and repay. The answer changes from venture debt to later-stage growth credit.
6 min read26 Aug 2026