A portable Debt is a Debt for which a change in control at the borrower does not trigger the early repayment of the Debt. Portable Debts appeared in Europe in 2013 for high Yield Bond issues by companies under LBO. This technique makes it easier for a company under LBO to undergo a change in control, since the buyer may, as a result of this technique, not have to structure any new financing by using Debt, and subsequently refinance this Debt. The portability of Debts, which is a good thing for lenders but less of a good thing for Investors, has emerged as a result of a massive number of Investors seeking returns in a context of falling Interest rates.

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