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A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt

by Robert S. Kricheff

February 2012

Intermediate to advanced

288 pages

5h 25m

English

Pearson

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General TermsYield and Spread DefinitionsQuestions
The IssuersThe Sell SideThe Buy SidePrivate Equity

The ComponentsA Pragmatic Point on the Various Aspects of Analysis
Questions
The BasicsA Few Points on YieldsA Few Points on SpreadsBank Loan CouponsDurationTotal ReturnsDeferred Payment Bonds: Prices and YieldsA Pragmatic Point on TerminologyQuestions
EBITDACapital ExpendituresInterest ExpensesTaxesChanges in Working CapitalFree Cash FlowThe Balance SheetA Pragmatic Point on Financial StatementsQuestions
EBITDA/Interest RatioDebt/EBITDAA Pragmatic Point on the Leverage RatioA Pragmatic Point on ValuationsFree Cash Flow RatiosChanges in Working CapitalA Pragmatic Point on Free Cash FlowQuestions
Business TrendsMargins and ExpensesCapital ExpendituresQuestions
Sales and RevenueA Full ModelScenariosA Pragmatic Point on Bank Maintenance Covenants and ExpectationsQuestions
Loan CouponsBond CouponsHow the Coupon Is DeterminedModeling Changes in CouponsQuestions
MaturitiesCallsA Pragmatic Point on Early Refinancing of DebtQuestions
RankingStructural SubordinationSubsidiary GuaranteesQuestions
Debt IncurrenceDefined Terms and Carve-outsRestricted PaymentsChange of ControlAsset SaleReporting RequirementsOther CovenantsAffirmative/Maintenance CovenantsRestricted and Unrestricted GroupsQuestions
Questions
Scenario: An Issuer Makes an AcquisitionScenario: The Issuer Gets BoughtScenario: An Issuer Announces an IPOScenario: An Issuer Is Facing a MaturityA Pragmatic Point on the Blended Price to Retire DebtQuestions
ValuationMonitoring EquitiesQuestions
Questions
ClaimsClasses of ClaimsSubordinationClaims Arising from BankruptcyValuing the EnterpriseSale or RestructuringRestructuring Without BankruptcyA Few Pragmatic Points on Bankruptcy ReorganizationsQuestions
A Sample Investment ProcessSome Investment Traps
Chapter 2Chapter 7Chapter 8Chapter 9Chapter 10Chapter 11Chapter 12Chapter 13Chapter 14Chapter 15Chapter 16Chapter 17Chapter 18Chapter 20Chapter 21Chapter 23

Content preview from A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for Bonds and Bank Debt

Acknowledgments

For their help and advice in preparing this project, I would like to thank John Lutz of McDermott Will & Emery LLP and Andrew N. Rosenberg of Paul, Weiss, Rifkind, Wharton & Garrison LLP. Both are great attorneys and entertaining, to say the least. And thanks to John Kolmer, a great person and boss, whom I still tell stories about.

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Publisher Resources

ISBN: 9780132855266Purchase book