Dados B3 › Covenants · Português
The clause that decides whether debt accelerates is almost always written in Net Debt/EBITDA. What nobody answers with a number is whether that EBITDA is the one in the financial statements. We counted, document by document, in the indentures the regulator itself publishes.
| Documents read | 1,517 | |
| Companies | 236 | |
| Mention EBITDA | 855 | |
| Define EBITDA in the contract | 820 | |
| — only objective terms (computable) | 367 | 45% |
| — with a discretionary adjustment | 453 | 55% |
| Adjustment | Definitions | Share |
|---|---|---|
| non-recurring or extraordinary expenses | 282 | 34% |
| non-operating expenses | 178 | 22% |
| pro forma adjustments | 105 | 13% |
| non-cash items | 85 | 10% |
| items at management's discretion | 17 | 2% |
| Adjustment | Definitions | Share |
|---|---|---|
| depreciation, amortisation or depletion | 805 | 98% |
| financial result or interest | 713 | 87% |
| taxes on profit | 431 | 53% |
| equity-method result | 137 | 17% |
| leases (IFRS 16) | 113 | 14% |
Depreciation and amortisation is the line we corrected in 232 EBITDAs by removing debt transaction costs wrongly filed there. quality page
We do not say whether any company complies with its covenant. When the definition adds back “non-recurring expenses”, the figure depends on a management judgement no outsider can reproduce — that is the case in 453 of the 820 definitions. We flag, we do not rewrite.
We read a Net Debt/EBITDA threshold in 471 documents. That is a floor, not a count: thresholds usually sit in a TABLE, and text extraction scrambles tables. In one indenture we checked by hand, carrying five thresholds in a table, automated reading found none.
923 of the documents are amendments, and 149 companies have an amendment later than the indenture — including a bondholders' meeting changing the very definition of “Net Debt” used in the ratio. Those rows are flagged. Publishing a superseded covenant would be a wrong figure wearing a right face.
Brazilian securities regulator, periodic-filings channel, category “Debenture indentures and amendments”. Public documents, with a direct link to the original on every row. We cover 236 of the 455 companies in our base — those that issued debentures since 2021. The regulator listed 0 documents and we could read 1,517: -1,517 failed to download or to yield text and became no row. The loss is stated because coverage that looks complete misleads.
Numbers on this page are live. Data version 2026-09-01-supressao-declarada · page generated 2026-09-08 10:36 UTC. If this does not match /saude, you are reading a cached copy.
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