What types of analysis can you do to judge whether a high-yield debt of a company will be successfully refinanced?

Jason-Li12's picture
Rank: Chimp | 3

This company is highly levered with one senior credit facility and one senior secured debt ahead of the HY bond. There is a "springing maturity" clause attached to the company's credit facility, thus if the HY bond is not refinance 91 days before its maturity date, the credit facility matures immediately and will cause the company to default. I want to get a sense of the probability of a successful refinance. What are some of the standard analysis that HY research analysts do answer this question?