Advanced Capital Structure Modeling
Learn to build multiple pieces of complex debt into a financial model
This full-day advanced capital structure modeling seminar is a challenging session geared towards experienced investment banking analysts and associates. The goal of the session is to ensure that bankers are completely comfortable building complex debt concepts into a financial model. Assignments, handouts and examples will be used throughout the day.
Key Debt Concepts
- Discuss some key features and design considerations for complex pieces of debt
- Learn to model a convertible bond
- Incorporate Mezzanine debt with non-cash PIK interest that toggles based on the company’s leverage
- Create a bridge loan in the model to be used in an M&A situation
- Build in a flexible revolving credit facility with a cash sweep
- Learn to incorporate a minimum cash balance so that the cash account never drops to zero
- Model various tranches of Senior Notes and Term Loans with various repayment mechanisms
- Properly incorporate all the capital structure elements into the financial statements and balance the balance sheet
- Review circularity within financial models and learn to create a “circuit breaker” to fix a crashed model
- Learn why models are often circular, and which pieces of debt contribute to the model’s circularity
- Use the circular reference toolbar to identify inappropriate circular references within a model
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