The Private Equity Deal Maker
From understanding the key funding instruments to advanced LBO modeling, this course will teach you everything you need to succeed at PE dealmaking. Plus, our updated certification now includes 3 new modules at no additional cost.
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3000+ students enrolled
18
Hours to Complete
11
Topics
90
Practical exercises
The Private Equity Deal Maker includes
- Types of debt: senior debt – revolving credit facility, term loan A-C / subordinated debt – 2nd lien term loan, HY bond, mezzanine
- Preferred stocks and equity injection
- Management rachet
- Debt providers / holders: banks, insurance corps, CLOs, hedge fund, pension fund
- Covenants
- Collateral: 1st vs 2nd, all assets or bifucated
- Financing fees: upfront fee, commitment fee, interest rate, PIK, OID, etc.
- Key considerations: interest rate (PIK, OID), typical term (1 year, 5 years, 7 years), repayment (bullet, amortization)
- Typical contracts:
- Credit agreement
- Indenture
- Regulatory Documents
- Collateral contracts
- Typical clauses:
- Cashsweep clauses
- Cross default clauses: Trigger event
- Pari-passu
- Repayment / redemption
- Financing consideration: process overview
- Addressing existing debt
- Evaluating debt capacity
- Analyzing collateral base
- Considering minimum equity contribution
- Simulating expected ratings outcome
- Analyzing financial ratios
- What is credit committee
- Composition of credit committee materials
- Transaction background / deal summary
- Company overview
- Sponsor company overview
- Financial analysis
- Risk analysis and mitigants
- LBO – definition
- Internal Rate of Return (IRR) and value analysis
- LBO analysis models
- LBO analysis model map
- Assumptions
- Sources and uses of funds
- Sources of funds
- Operating forecasts and cash sweeps
- Model outputs
- Levered valuation
- Multiple based debt capacity analysis
- Dangers of using multiples
- Cash flow based debt capacity analysis
- Calculating free cash flows
- Debt tranching
- Seniority and subordination
- Sources and uses of funds
- Original issue discount
- Fees (arrangement and commitment)
- Creating the opening balance sheet
- Stub period three statement model
- Deal adjustment including amortization of debt issuance fees
- Pro-forma balance sheet
- Cash flows available for debt service
- Minimum cash balance
- Term loans and revolving credit facilities, including cash sweep
- Mezzanine financing and PIK interest
- Returns to mezzanine holders
- Returns to common equity holders
- Completion accounts introduction
- Completion accounts calculations
- Issues with the completion accounts mechanism
- Locked box mechanism introduction
- Locked box mechanism calculations
- Completion accounts and locked box mechanisms
- Sources and uses of funds
- Original issuer discount
- Fees (arrangement and commitment)
- Pro-forma balance sheet
- Term loans and revolving credit facilities
- Bond issues (senior and junior)
- Mezzanine financing and PIK interest and more
- Returns to mezzanine holders
- Leveraging the equity via preference shares
- Returns to common equity holders
- Contingent consideration – structures
- Accounting for deferred consideration
- Examples of earnouts
- Overview of the “2 and 20%” concept for fund managers
- Management fees
- Return of capital (US/EU style waterfalls)
- Preferred returns (pari-passu/true preferred)
- Carried interest
- Catch-up provisions and more
- Promotes for real estate transaction
- Annual distributions in real estate (hurdles and overall returns)
The Private Equity Deal Maker
| skills-certificate
The Private Equity Deal Maker
18
Hours
90
Practical exercises
1
Exam
This skills certificate has been designed by five industry experts who share 14 years of experience in private equity and leveraged finance.
Debt Products - Financing Instruments
13 video minutes
Video minutes 13
Excel Exercises 0
Debt Products - Documentation
10 video minutes
Video minutes 10
Excel Exercises 0
Debt Products - Financing Consideration Process
11 video minutes
Video minutes 11
Excel Exercises 0
Debt Products - Credit Committee in Banking
10 video minutes
Video minutes 10
Excel Exercises 0
Private Equity Acquisition Analysis
67 video minutes
18 excel exercises
Video minutes 67
Excel Exercises 18
Acquisition Finance and Debt Capacity
30 video minutes
5 excel exercises
Video minutes 30
Excel Exercises 5
Advanced LBO Modeling
120 video minutes
26 excel exercises
Video minutes 120
Excel Exercises 26
Completion Mechanisms
49 video minutes
8 excel exercises
Video minutes 49
Excel Exercises 8
New - LBO Modeling Complexities
147 video minutes
26 excel exercises
Video minutes 147
Excel Exercises 26
New - Earnouts
15 video minutes
1 excel exercises
Video minutes 15
Excel Exercises 1
New - Carried Interest and Promotion Modeling
75 video minutes
6 excel exercises
Video minutes 75
Excel Exercises 6
Learn from our expert instructors
Learn more about our full faculty
Wall Street Recognized Certification
Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.
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| Single Course | Boost Plan | Pro Plan | |
|---|---|---|---|
| Completion certificates | 42 | 42 | |
| Skills certificates | 1 | 59 | 59 |
| Micro-degrees | 12 | 12 | |
| Lifetime access to course | |||
| Expert instructor support | |||
| Practical exercises to work alongside videos and quick quizzes to test your understanding | |||
| Searchable library of 480+ playlists, 4000+ videos and Q&As | |||
| 12 role-based learning pathways, including Investment Banking, Equity Research, Sales and Trading and more | |||
| Weekly live webinars | |||
| Streamlined company data (WACC. & EV bridge calculator, custom comparables) | |||
| Current and historic filings for over 7000 firms globally | |||
| Current and historic filings for over 4000 US firms | |||
| Link to, label and share data points in filings (limited to 10 for Free and Boost users, unlimited for Pro) | |||
| Regional and industry data sets | |||
| Ready-to-use sector and transaction models | |||
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