1 - Introduction What will you learn about LBOs in this course (176.26 MB)
2 - How to make money with LBOs A Cautionary Tale (365.73 MB)
3 - What is a Leveraged Buyout LBO (126.66 MB)
4 - The Importance of Glossaries in this Course (91.41 MB)
5 - LBO Course Roadmap A SectionbySection Exploration (273.59 MB)
101 - Equity in LBO Capital Structures (108.8 MB)
103 - The TwoLevel Holding Company Structure in LBOs (107.67 MB)
104 - Case Study KKRs Evolution in Deal Financing in the 1980s (132.18 MB)
105 - Case Study Nabisco vs Toys R Us (241.82 MB)
95 - LBO Financing Structures Section Introduction (98.41 MB)
96 - Understanding Classic Capital Structure Theory (196.22 MB)
97 - Illustrative LBO Financial Structure (127.65 MB)
98 - Debt in LBO Capital Structures (176.99 MB)
99 - Understanding PaymentsinKind PIK Toggle (88.21 MB)
108 - Esoteric Debt Structures in LBOs Section Introduction (91.98 MB)
109 - Club Transactions in LBOs (102.45 MB)
110 - Stub Equity in LBO Transactions (103.01 MB)
111 - What does the term Hybrid Financing mean in LBO Transactions (123.01 MB)
112 - What is a Leveraged Recapitalisation (107.3 MB)
113 - Restructuring Pathways in LBO Transactions (131.98 MB)
114 - The Role of Securitisation in LBO Financing (48.42 MB)
116 - LBO Frameworks and Optimising Capital Structure Section Introduction (115.43 MB)
117 - LBO Debt Understanding Security (106.54 MB)
118 - LBO Debt Understanding Seniority (121.84 MB)
119 - Legal Entity in the Context of LBO Debt (61.94 MB)
120 - Maturity in the Context of LBO Debt (75.69 MB)
121 - The Importance of Staggered Maturities in LBOs (109.53 MB)
123 - Convertibility in LBO Debt Instruments (110.49 MB)
124 - Coupon in the Context of LBO Debt (102.33 MB)
125 - Call Protection and NonCallable LBO Debt (116.98 MB)
130 - The Crucial Role of Covenants in LBOs Section Introduction (61.85 MB)
131 - What are Covenants (123 MB)
132 - Senior Secured Debt Covenants (121.3 MB)
133 - High Yield Debt Covenants (127.5 MB)
134 - Covenant Lite Loans in the Context of LBO Financing (38.26 MB)
136 - Mastering Financial Metrics in Leveraged Buyouts Section Introduction (74.7 MB)
137 - What do we mean by Debt Capacity (100.35 MB)
138 - Debt Capacity Interview Question (176.02 MB)
139 - Case Study Calculating Debt Capacity for TechGen Corp (102.15 MB)
140 - Leverage Limits in the Context of LBO Debt (98.88 MB)
141 - Determining Cash Flow Available for Debt Service KKR Case Study (123.88 MB)
142 - What are Debt Service Coverage Ratios (115.36 MB)
143 - Ability to Pay Analysis (85.6 MB)
144 - Ability to Pay Case Study (164.02 MB)
145 - Six Key Credit Ratios in an LBO (239.74 MB)
146 - What do we mean by Targeted Returns (105.64 MB)
147 - What is the Internal Rate of Return (224.07 MB)
148 - What do we mean by Money Multiples (102.44 MB)
149 - What is the role of Key Performance Indicators (142.15 MB)
152 - The Private Equity Deal Process in Leveraged Buyouts Section Introduction (148.75 MB)
153 - The Private Equity Deal Process Step by Step (172.86 MB)
154 - Deal Sourcing in Leveraged Buyout Transactions (128.04 MB)
157 - The Importance of Deal Screening (89.82 MB)
158 - Understanding NonDisclosure Agreements (134.04 MB)
160 - The Due Diligence Phase (152.06 MB)
163 - What do we mean by an Indication of Interest IOI (149.27 MB)
165 - Letter of Intent LOI Its Purpose and Importance (99.37 MB)
168 - Leveraged Buyout Negotiation Process (216.01 MB)
169 - Finalising the Acquisition (189.96 MB)
175 - Role of the Private Equity Firm Investment Committee Section Introduction (70.45 MB)
176 - The Purpose of the Investment Committee (152.45 MB)
177 - Investment Committees Influence and Importance in a Private Equity Firm (98.39 MB)
178 - The Membership of the Investment Committee (119.26 MB)
179 - The Decision Making Powers of the Investment Committee (113.84 MB)
180 - Committee Responsibilities in an LBO Transaction (130.58 MB)
182 - What is an LBO Model (78.16 MB)
183 - What Makes a Good LBO Model (66.27 MB)
184 - What is the Difference between a QD and Fully Integrated LBO Model (95.63 MB)
185 - Outline Structure of an LBO Model (101.21 MB)
186 - What is Stress Testing (123.5 MB)
189 - Introduction to LBO Modelling (87.75 MB)
190 - Navigation Overview of an LBO Model (56.49 MB)
191 - Inputs Document Sources (95.67 MB)
192 - Inputs LBO Model Global Assumptions (29.37 MB)
193 - Inputs LBO Model Key Assumptions (68.2 MB)
194 - Inputs LBO Model Operational Assumptions (67.14 MB)
195 - Inputs The Sources and Uses of Funds (85.71 MB)
196 - Financial Statements LBO Model Financial Projections (68.37 MB)
197 - Financial Statements Linkages and Balance Sheet Adjustments (70.72 MB)
198 - Financial Statements Circularity in LBO Models (75.73 MB)
199 - Schedules Working Capital Schedule (50.6 MB)
200 - Schedules Revolver and Cash Sweep (51.23 MB)
201 - Schedules Goodwill in LBOs (39.47 MB)
202 - Schedules Tax Schedules (66.7 MB)
203 - Schedules Depreciation and Amortisation Schedules (67.89 MB)
204 - Schedules Debt Schedule (61.16 MB)
205 - Schedules Debt Ratio Calculations (44.92 MB)
206 - Schedules Distribution Waterfall (47.23 MB)
207 - Outputs Valuation WACC and DCF (148.44 MB)
208 - Outputs Returns and Leverage (75.83 MB)
209 - Outputs LBO Model Returns to Private Equity (56.26 MB)
211 - Reports General Report (60.55 MB)
212 - Reports Financial Report (60.64 MB)
213 - Reports Ability to Pay (79.94 MB)
214 - Reports LBO Value Creation Analysis (95.75 MB)
215 - Reports LBO Deal Presentation (152.34 MB)
216 - LBO Transaction Analysis Step by Step Section Introduction (112.4 MB)
217 - Step 1 How to arrive at an LBO Valuation (295.63 MB)
218 - Step 2 Is this a Good Debt Story (124.67 MB)
219 - Step 3 How defensible is the Business Model (230.61 MB)
222 - Step 6 Challenging the EBITDA (178.78 MB)
223 - Step 7 Construct Sources and Uses of Funds (286.12 MB)
224 - Step 8 Calculate your Transaction IRRs (179.18 MB)
225 - Step 9 Additional Returns Analysis MoM Ability to Pay Multiple Expansion (218.47 MB)
226 - Step 10 Does the LBO Work (140.55 MB)
10 - Private Equity As An Alternative Model Of Corporate Governance (125.24 MB)
6 - Section Introduction Overview of Private Equity (39.59 MB)
7 - Overview of Private Equity (64.56 MB)
8 - Structure of a Private Equity Fund (82.77 MB)
9 - Types of Private Equity Transactions (133.7 MB)
230 - Management and Employee Equity Incentives in LBOs Section Introduction (34.26 MB)
231 - Introduction to Management Equity Incentives (113.91 MB)
232 - Understanding the Mechanics of Ratchets (124.86 MB)
233 - The Mechanics of Sweet Equity and the Envy Ratio (102.88 MB)
234 - Share Options in Equity Incentive Programs (152.98 MB)
236 - Key Transaction Documentation in Leverage Buyouts Section Introduction (132.24 MB)
237 - Acquisition Documentation (148.78 MB)
238 - Complex Negotiation Areas in LBO Acquisition Documentation (259.3 MB)
239 - The Equity Documentation (143.61 MB)
240 - Investment Disclosure Letter (89.32 MB)
241 - The Articles of Association (46.51 MB)
242 - The Debt Documentation (131.52 MB)
243 - Loan Note Instruments (86.01 MB)
244 - The Senior Facilities Agreement (95.66 MB)
245 - The Mezzanine Facility Agreement (102.39 MB)
246 - High Yield Bond Documentation (135.68 MB)
247 - The Intercreditor Agreement (88.68 MB)
248 - Security Requirements of Funders (90.46 MB)
251 - Transaction Management Section Introduction (156 MB)
252 - Monitoring LBO Investments (116.39 MB)
253 - Five Steps to Managing an LBO Investment (151.36 MB)
254 - Understanding Value Creation Levers (124.01 MB)
257 - What if Further Funding is required (102.88 MB)
258 - Under Performance and Financial Restructuring (95.84 MB)
259 - Debt Capitalisation and Restructuring (100.35 MB)
260 - Equity Cures and Debt Buybacks (91.02 MB)
262 - Directors Duties in Private Equity Deals (111.79 MB)
263 - Implications of Management Changes (103.86 MB)
265 - Introduction to Exit Planning (114.55 MB)
266 - Preparation Investment Stage Exit Planning (154.01 MB)
267 - Preparation Post Investment Exit Planning (154.97 MB)
269 - The IPO Process (334.63 MB)
270 - Advantages of an IPO Exit (98.19 MB)
271 - Disadvantages of an IPO Exit (137.83 MB)
272 - Impact of the JOBS Act (100.8 MB)
274 - Share Sale after the IPO Rule 144 (84.38 MB)
275 - Share Sale after the IPO Secondary Registered Offerings (99.73 MB)
276 - Sale to a Third Party (53.18 MB)
277 - Process of a Trade Sale (114.39 MB)
278 - Advantages of a Trade Sale Process (76.51 MB)
279 - Disadvantages of a Trade Sale Process (101.82 MB)
280 - What is a Secondary Buyout (95.71 MB)
281 - Secondary Buyout Process (80.25 MB)
282 - Implications of Secondary Buyouts (100.53 MB)
283 - Management Buyouts MBOs (162.29 MB)
284 - Partial Exits Recapitalisation (126.78 MB)
285 - Partial Exits Dividend Recapitalisations (95.05 MB)
286 - Partial Exits Redemption Rights (71.94 MB)
287 - Partial Exits Tag Along Rights (102.99 MB)
15 - Section Introduction Introduction to Leveraged Buyouts (66.21 MB)
16 - History of LBO Transactions (116.79 MB)
17 - Different Types of LBOs (169.4 MB)
18 - The Characteristics of an LBO Transaction (101.92 MB)
19 - Standard LBO Playbook (105.48 MB)
20 - The Theory behind Leveraged Buyouts (94.02 MB)
21 - Why are LBOs Important in Corporate Finance (113.17 MB)
288 - LBO Liquidations (106.79 MB)
289 - Ethical Implications of LBOs (102.89 MB)
290 - LBOs Ethical Challenges for Directors (120.41 MB)
291 - Ethical Issues From an Employee Perspective (116.63 MB)
292 - Summary and Wrap Up (110.59 MB)
25 - LBO Characteristics Introduction (39.83 MB)
26 - Inside an LBO Transaction with KKR (223.45 MB)
27 - The Role of the Buyout Board (96.8 MB)
28 - The Importance of Management Incentives (163.11 MB)
29 - KKR LBO Case Study Duracell (186.15 MB)
30 - The Tension between Buyer and Seller (105.37 MB)
31 - Transactional Risks in LBOs (158.31 MB)
32 - Purchase and Sale Price Determination in LBOs (301.55 MB)
37 - RJR Nabisco LBO 1988 Introduction (70.07 MB)
38 - Why was RJR Nabisco an attractive target (200.41 MB)
39 - The Bidding Groups in the RJR Nabisco LBO (82.83 MB)
40 - The Role of Personalities in the RJR Nabisco LBO (263.91 MB)
42 - The Financial and Economic Foundations of LBOs Section Introduction (60.53 MB)
43 - Risk and Return Dynamics of Leveraged Buyouts (184.99 MB)
44 - Impact of Economic Cycles on LBOs (125.25 MB)
45 - Regulatory and Policy Frameworks influencing LBOs (111.76 MB)
46 - Stakeholder Perspectives in LBOs (112.41 MB)
47 - Global Trends and the future of LBOs (200.46 MB)
48 - Impact of Artificial Intelligence on LBOs (112.93 MB)
51 - Key Participants in an LBO Transaction Section Introduction (40.01 MB)
52 - The Private Equity Investor (71.03 MB)
53 - The Seller (64.9 MB)
54 - The Target Company (108.54 MB)
55 - The Pivotal Role of Management in Leveraged Buyouts (130.11 MB)
56 - The Treasury Function in an LBO Company (110.3 MB)
57 - The Integral Role of the Senior Debt Lender (178.63 MB)
58 - Who are Second Lien Lenders (110.66 MB)
59 - Mezzanine Lenders in LBO Financing (40.54 MB)
60 - High Yield Bond Holders in LBO Financing (49.29 MB)
61 - The Role of Investment Banks in LBOs (51.36 MB)
62 - The Role of Law Firms in LBOs (92.25 MB)
63 - The Roles of Accountancy Firms in LBO Transactions (33.02 MB)
64 - Specialist Due Diligence Advisers in LBO Transactions (79 MB)
65 - The Role of Strategy Consultants in Leveraged Buyouts (68.99 MB)
66 - What are Placement Agents (36.84 MB)
67 - Role of Recruitment Consultants in LBOs (77.86 MB)
68 - The Role of Public Relations Agents in LBOs (42.59 MB)
71 - Introduction to the LBO Financial Toolkit (109.84 MB)
72 - The Role of Senior Secured Debt in LBOs (52.98 MB)
73 - Working Capital Facilities Role in LBO Financial Structures (79.77 MB)
74 - Unsecured Senior Debt in the Context of Leveraged Buyouts (66.61 MB)
75 - Mezzanine and Subordinated Debt in Leveraged Buyouts (47.45 MB)
76 - High Yield Bonds and Structured Debt in Leveraged Buyouts (42.79 MB)
77 - Equity Instruments in Leveraged Buyouts (37.21 MB)
78 - Hybrid and Convertible Instruments in Leveraged Buyouts (64.83 MB)
79 - More Detail on Convertible Debt Securities (62.43 MB)
80 - Derivative and Contingent Instruments in Leveraged Buyouts (85.98 MB)
81 - Vendor Financing in Leveraged Buyouts (52.96 MB)
82 - Bridge Financing in Leveraged Buyouts (76.03 MB)
83 - Capex Line of Credit (87 MB)
84 - EarnOuts in Leveraged Buyouts (59.81 MB)
87 - The Relative Ranking of LBO Financing Instruments Introduction (92.77 MB)
88 - Financial Instrument Rankings Short Term to Long Term (178.22 MB)
89 - Financial Instrument Rankings Low Cost to High Cost (213.23 MB)
90 - Financial Instrument Rankings Low Risk to High Risk (54.23 MB)
91 - Financial Instrument Rankings High Security to Low Security (193.95 MB)
92 - Financial Instrument Rankings Low Return to High Return (178.55 MB)
93 - Case Study KKR RJR Nabisco Deal Cost Risk Security and Returns (357.16 MB)