Session 1:

Types of financing

• Equity. Common stock, Preference Shares;

• Analysing the makeup of the share register

• Long Term Debt;

• Bank finance.

• Available tenors

• Appetite of existing/new lenders;

• Capital Markets

• 144A & private placements

• High Yield Debt

• Hybrids

• Short Term Debt;

• Funding through the Net Trade Cycle

• Working Capital Finance & Seasonality

• Bridge Finance

• Special Situation Finance;

• Acquisition Finance

• Project Finance

• Buyout/Leveraged Buyout Finance

• Senior, Second Lien, Mezzanine debt;

• Leasing

• Debtor Finance

• Securitisation

• Government Finance/Grants

• An introduction to priority ranking of debt

• FX, Interest rate hedging and derivatives

• Capital structure and credit rating

Session 2:

Optimal capital structure - A banker’s view

• Understanding the source of repayment;

• Analysing the cash flow to assess serviceability

• Alternative repayment source

• Ratio Analysis;

• Leverage & Gearing ratios

• Net Debt/EBITDA

• Fixed Charges Ratio

• Capitalisation of Lease obligations

• Debt/Tangible Net Worth

• Liquidity – Quick & Current ratios

• Security & Covenants

Session 3:

Optimal capital structure - An investor’s view

• Capital valuations

• Dividend policy

• Introduction to Capital Asset Pricing Model

• The Beta (β) coefficient

• Modigliani-Miller (M&M) theory and Hamada’s equation

• Introduction to WACC

Course Close