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Advanced Leveraged Buyouts

Private Equity Markets - Overview
History and development of the market
Statistics of activity in the market
Overview of the investment stages
Types of buy-outs (MBO, IBO, VIMBO)
Key ramifications for deal structure

The Parties - Tactics & Strategies
Advisers, financiers and private equity firms
Structures, returns and yield requirements

Evaluating a Buy-out
Initial assessment
Evaluating the business plan
Transaction issues

Exit Routes
Importance and significance
Methods and application:
Tactics and strategies for maximising value
Progressing and structuring the deal
Pricing the buy-out
Structural options in acquiring the target (assets vs shares)
Developing the optimum financial structure (debt vs equity)
Structuring the "equity" element
Typical buy-out structures (two and three tier structures)

Public to Private Deals
Recent developments
Rationale for 'take privates'
Regulatory considerations

Key Legal Issues and Documentation

Specific Funding Instruments
Senior debt including the stretched debt/alphabet notes
High yield bonds and high yield "bridges"
Mezzanine and "junior" mezzanine
PIK
Asset based lending
Vendor notes
The role and impact of securitisation
"Pure equity" and sub-debt
Measuring debt capacity

HOW YOU WILL BENEFIT

This is a highly practical course designed to provide participants with an in-depth view of private equity and venture capital. It aims to enable participants to develop a detailed understanding of how to assess, implement and structure all types of buy outs from both a legal and financial perspective. The course is highly intensive and is suitable for practitioners who have some experience and are involved in private equity, venture capital, corporate finance and advisory services, lenders of senior, junior and other forms of finance and entrepreneurs considering buy outs. Participants will be expected to perform additional reading of case studies and background materials before and during the course in order to make full use of the time available.

Contact Redcliffe Training Associates