Search Results

Your search found 175 results.
Displaying 1 - 10 matches.

  • Corporate Finance Deals 2016 Conference

    Redcliffe Training Associates Ltd

    London

    This Corporate Finance Deals 2016 Conference will take place in London in February / March 2016. A diverse range of technical topics will be presented by invited industry experts (Corporate Finance, legal, investment banks, advisory).

    Redcliffe has sponsorship opportunities available for this conference. If your company is interested or if you would like more information, please email us on: enquiries@redcliffetraining.co.uk

    View event details

  • 29 January 2015

    Asset Based Lending

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    The asset based lending (“ABL”) market has experienced record issuance in Europe over the last 12 months. The private equity market has been the prime mover as sponsors have discovered the multiple benefits ABL including, inter alia that is approximately half the cost of comparable revolving facilities; that it provides built-in growth to fund expansion; that it releases cash for the business and finally, that it has wide range of applications and is especially suited to restructuring scenarios where a business has experienced a collapse in profits but has hard assets which can accommodate higher leverage than would be comfortable with cash-flow based lending.

    ABL has been a well-established part of the financing environment in the U.S. for many years and saw volumes of $83 billion in 2013.  Despite this, until now ABL has struggled to gain the same level of acceptance in Europe for three reasons; first, a lack of familiarity, if not confusion, with the product; second, borrower’s reluctance to abandon their traditional bank-led facilities and last, the dated perception of the product, especially by SME and mid-cap corporate borrowers who tend to review their funding options less frequently than PE firms who manage large portfolios of businesses, are geared to M&A and are thus more active in the debt markets.

    The lack of understanding about ABL flows from two factors; first, the credit decision is based on the value of the assets (and the ability to retain value in distress) rather than on the future cash flows; second, ABL is often confused with other asset-related financing techniques especially asset-backed lending and asset finance. In contrast, ABL is form of secured lending where loans are advanced against specific assets. The main focus is on working capital (accounts receivable and inventory) although ABL also extends to other assets such as plant, machinery and equipment, real estate and, more rarely, intangibles whilst cash flow loans may be available to “top-up” the facilities.

    In the U.S. market ABL is frequently used along-side other forms of financing (term loans, high yield bonds, unitranche and asset-backed lending) and this is partly true of Europe, however, thus far inter-creditor have inhibited these structures from evolving in Europe to the same extent. The low cost of ABL compared to other comparable forms of secured lending coupled with the increased regulatory pressures on bank lenders to increase the cost and decrease the tenor of RCFs has intensified borrowers desire to use ABL and we consider the merits and practical issues this creates during the programme.

    This asset based lending course provides practitioners with a practical toolkit to understanding ABL from the perspective of borrow, advisor, supporting professional and lender.  It covers the key assets to which ABL is applied and the typical terms and conditions applied to each class. It also identifies the pros and cons in each asset class such; for example retention of title in the case of inventory and ineligible items in the case of accounts receivable. 

    The programme will include a number of hands-on cases illustrating ABL in practice which will provide a practical angle to the topic and reinforce the learning experience.

    View event details

  • 30 January 2015

    Advanced Negotiation Issues in Financial Covenants

    Redcliffe Training Associates Ltd

    London

    Financial Covenants Course Overview:

    This programme covers financial covenants in Loan Agreements and includes specific reference and analysis of the terms and definitions as used in the LMA Senior Facilities Agreement for Leveraged transactions and covenants which appear in the LMA Real Estate precedents  but consideration will also be given to current developments in the market particularly the larger syndicated (TLB-style) deals which no often include Springing Leverage covenants.

    The loan market in Europe is bifurcating into two groups; smaller club and bilateral deals which tend to follow the lender friendly LMA approach and larger syndicated TLB-style deals which, increasingly, are being influenced by the high yield bond market and adopt a Cov-loose or Cov-lite approach where some deals now have  no financial covenants (e.g. Ceva Sante Animale).

    Financial covenants are arguably one of the most heavily negotiated aspects of the Loan Agreement. Too often some parties fail to understand the key issues that really matter, for example, they view the financial covenants in isolation rather than appreciating they must be seen in the context of each particular capital structure. A second pitfall is to spend too much time on which covenants apply rather than focusing on the key constituents of the key terms in the financial covenant.

    This course provides a detailed look at commercial aspects of financial covenants and looks under the bonnet at the critical issues that arise in practice. This course provides an in-depth look at the covenants as set out in the Loan Market Association precedent together with other covenants that might be used in practice. Reference is made to the Debtxplained loan Database which tracks key terms in the larger syndicated deals.

    Participants will gain an in-depth view of which covenants should be used and why together with a detailed analysis of the constituents of the covenants and the sponsor friendly add-backs and other sponsor friendly techniques used by borrowers to manipulate the covenants.

    The programme is aimed primarily professionals involved in Leveraged deals, such as Lawyers, Private Equity professionals, Bankers in Lending (all departments), Corporate financiers, M&A advisors, Debt advisory and Restructuring. Accounting professionals looking to expand their knowledge of this topic will also benefit as many of the issues embrace legal /documentary considerations. The programme adopts a pan-European approach to the topic but the presenter is able to discuss issues relevant in the USA in view of his exposure to those markets.

    To derive full benefit from the programme, it is essential that attendees have a basic understanding of the main / headline elements of a Profit and Loss account (Sales, EBITDA, EBIT etc) and a basic understanding of the differences between P&L /Accrual Accounting on the one hand and Cash accounting on the other.

    For those attending, a short module will be provided in advance of the course which forms part of the pre-course reading.  It is to be emphasised that participants DO NOT require an understanding of IFRS or GAAP as the programme is designed to enable attendees to have enough basic knowledge to identify the key commercial issues.

    Case Study:

    Participants will be required to:- (a) calculate how to derive the key elements of the various covenants (b) identify some of the more problematic components in the covenants (c) calculate the various covenants and (d) explain the pros and cons of each of the covenants and why they may be appropriate for one deal but not another. The calculations are relatively simple and are designed to explain the basic principles and reinforce learning. Accounting knowledge is not required but would be helpful. Participants with little or no accounting background should familiarise themselves with the pre-course materials on “Cash v Accrual accounting”

    View event details

  • 2 February 2015 - 4 February 2015

    Advanced Private Equity & Leveraged Buy-outs

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This program is designed to provide participants with a comprehensive view of private equity from the perspective of all the main participants. These include the providers of loan and bond finance, the private equity firms, the various professional advisers and the management team. The focus is largely on development capital (i.e. for firms with debt capacity) but also touches on matters relevant to venture capital.

    The course covers the three key stages of the deal transaction from entry to exit. It provides an insight into the main value drivers in the process and the main areas of risk, the major structural issues that need to be considered and the structure and parameters used to gauge the optimum amount of debt/equity in the capital structure.

    Participants will acquire a thorough understanding of the various types of debt that are available, including both senior and junior loans and the various types of bonds which are being used increasingly by private equity firms and corporates, as well as the key issues for the providers of both loans and bonds.

    The programme covers critical issues from the perspective of the PE firm and an understanding of how their funds are structured as this means they approach transactions from a different perspective to corporates. Finally, the varied roles of management, key issues that arise for them and their interaction with the PE investors are also covered as these aspects are vital to ensure management remain properly incentivised to create value.

    The programme will benefit those involved in private equity whether directly (e.g. investor, manager or lender) or indirectly, typically as a professional advisor. It adopts a pan-European approach to the topic but the presenter is able to discuss issues relevant in the USA and Asia in view of his exposure to those markets if participants require. Reference will be made to current trends and data in the markets across Europe.

    Participants will be provided with numerous case studies to reinforce the various aspects and will also be provided with an LBO model which will be used to structure a transaction.

    View event details

  • 2 February 2015 - 4 February 2015

    Modelling for Mergers & Acquisitions

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This course covers the key elements of an acquisition or merger, from the initial stand-alone valuation of the target to the more complex accounting and modelling issues to be considered and finally analysing and assessing the value created by synergy benefits and leverage.

    This course is run in an interactive, participative format, where participants learn by doing. The key concepts covered in the main teaching sessions are punctuated and illustrated by detailed case and modelling work.

    The approach has been designed to equip participants to put key concepts into practical use immediately.

    Participants will be led through a comprehensive review of analysis practices, from initial principles through to more advanced techniques that are used in transaction analysis.

    As part of their work on this course participants model transactions based on real-life companies and scenarios.

    Participants should bring a laptop to the course.

    By the end of this course participants will understand:

    • Drivers on M&A
    • How to model integrated financial statements
    • How to use financial statements to value a business
    • How to model the balance sheet impact of transactions
    • How to incorporate synergies into modelling work
    • How to differentiate between financing and operating synergies
    • How acquisitions can be structured

    Much of the course work involves Excel modelling and analysis, equipping participants with the tools to analyse leveraged acquisitions:

    • Building up from partially-complete models
    • Working with integrated financial statements
    • Developing the acquisition structure and modelling instruments
    • Running scenarios, iterating and optimising

    Each participant should bring a lap top with USB port to the course to facilitate modelling work

    View event details

  • 2 February 2015 - 6 February 2015

    Advanced Private Equity & Leveraged Buy-outs Masterclass

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This program is designed to provide participants with a comprehensive view of private equity from the perspective of all the main participants. These include the providers of loan and bond finance, the private equity firms, the various professional advisers and the management team. The focus is largely on development capital (i.e. for firms with debt capacity) but also touches on matters relevant to venture capital.

    The first, second and third day of the course covers the three key stages of the deal transaction from entry to exit. It provides an insight into the main value drivers in the process and the main areas of risk, the major structural issues that need to be considered and the structure and parameters used to gauge the optimum amount of debt/equity in the capital structure.

    Participants will acquire a thorough understanding of the various types of debt that are available, including both senior and junior loans and the various types of bonds which are being used increasingly by private equity firms and corporates, as well as the key issues for the providers of both loans and bonds.

    The programme covers critical issues from the perspective of the PE firm and an understanding of how their funds are structured as this means they approach transactions from a different perspective to corporates. Finally, the varied roles of management, key issues that arise for them and their interaction with the PE investors are also covered as these aspects are vital to ensure management remain properly incentivised to create value.

    The programme will benefit those involved in private equity whether directly (e.g. investor, manager or lender) or indirectly, typically as a professional advisor. It adopts a pan-European approach to the topic but the presenter is able to discuss issues relevant in the USA and Asia in view of his exposure to those markets if participants require. Reference will be made to current trends and data in the markets across Europe.

    Participants will be provided with numerous case studies to reinforce the various aspects and will also be provided with an LBO model which will be used to structure a transaction.

    The fourth and fifth day of the course will cover the key elements of modelling in an LBO analysis. Participants will value the target business using historic data and available equity research. The valuation process will incorporate absolute and relative valuation techniques. Once the target business has been valued, participants will be introduced to LBO analysis and construct an LBO model.

    The LBO modelling analysis will be developed by assessing the debt capacity of the business to determine the range of capital structures available for the transaction and how credit analysis is used in the LBO modelling process.

    The participants will then cover more complex LBO instruments such as warrants and PIKs and how to calculate returns to each of the equity and debt providers.

    Participants will model a more complex capital structure and calculate exit values and the IRRs generated by each investor. Using the integrated model participants will then analyse various scenarios (management case, base case, payout case) to derive the optimum financing structure taking into account the financial constraints of each investor.

    The participants will undertake an adjusted present value (“APV”) analysis to determine where value has been created in the LBO transaction, using an APV model and finally look at recovery analysis for a failed LBO transaction.

    Case Study: The participants will use a variety of case studies and exercises during the two days, based on publicly quoted and generic businesses.

    Participants will be required to bring a laptop and a calculator to the course

    View event details

  • 2 February 2015 - 6 February 2015

    Corporate Finance Modelling Masterclass

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    On days one, two and three the course covers the key elements of an acquisition or merger, from the initial stand-alone valuation of the target to the more complex accounting and modelling issues to be considered and finally analysing and assessing the value created by synergy benefits and leverage

    This course is run in an interactive, participative format, where participants learn by doing. The key concepts covered in the main teaching sessions are punctuated and illustrated by detailed case and modelling work.

    The approach has been designed to equip participants to put key concepts into practical use immediately.

    Participants will be led through a comprehensive review of analysis practices, from initial principles through to more advanced techniques that are used in transaction analysis.

    As part of their work on this course participants model transactions based on real-life companies and scenarios.

    On the last two days participants will cover the key elements of modelling in an LBO analysis. Participants will value the target business using historic data and available equity research. The valuation process will incorporate absolute and relative valuation techniques. Once the target business has been valued, participants will be introduced to LBO analysis and construct an LBO model.

    The LBO modelling analysis will be developed by assessing the debt capacity of the business to determine the range of capital structures available for the transaction and how credit analysis is used in the LBO modelling process.

    The participants will then cover more complex LBO instruments such as warrants and PIKs and how to calculate returns to each of the equity and debt providers.

    Participants will model a more complex capital structure and calculate exit values and the IRRs generated by each investor. Using the integrated model participants will then analyse various scenarios (management case, base case, payout case) to derive the optimum financing structure taking into account the financial constraints of each investor.

    The participants will undertake an adjusted present value (“APV”) analysis to determine where value has been created in the LBO transaction, using an APV model and finally look at recovery analysis for a failed LBO transaction.

    Case Study: The participants will use a variety of case studies and exercises during the last two days, based on publicly quoted and generic businesses.

    Participants will be required to bring a laptop and a calculator to the course.

    By the end of days 1, 2 and 3 participants will understand:

    • Drivers on M&A
    • How to model integrated financial statements
    • How to use financial statements to value a business
    • How to model the balance sheet impact of transactions
    • How to incorporate synergies into modelling work
    • How to differentiate between financing and operating synergies
    • How acquisitions can be structured

    Much of the course work involves Excel modelling and analysis, equipping participants with the tools to analyse leveraged acquisitions:

    • Building up from partially-complete models
    • Working with integrated financial statements
    • Developing the acquisition structure and modelling instruments
    • Running scenarios, iterating and optimising

    Each participant should bring a lap top with USB port to the course to facilitate modelling work

    View event details

  • 3 February 2015

    An Introduction to Equity Markets

    London Stock Exchange

    London

    An Introduction to Equity Markets is a one day course delivered by experts from within the London Stock Exchange.  Designed to provide an overview of how mature equity markets function, it will put a company's role within these markets in context.

    View event details

  • 5 February 2015 - 6 February 2015

    Advanced LBO Modelling - A Practical Workshop

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This course covers the key elements of modelling in an LBO analysis. Participants will value the target business using historic data and available equity research. The valuation process will incorporate absolute and relative valuation techniques. Once the target business has been valued, participants will be introduced to LBO analysis and construct an LBO model.

    The LBO modelling analysis will be developed by assessing the debt capacity of the business to determine the range of capital structures available for the transaction and how credit analysis is used in the LBO modelling process.

    The participants will then cover more complex LBO instruments such as warrants and PIKs and how to calculate returns to each of the equity and debt providers.

    Participants will model a more complex capital structure and calculate exit values and the IRRs generated by each investor. Using the integrated model participants will then analyse various scenarios (management case, base case, payout case) to derive the optimum financing structure taking into account the financial constraints of each investor.

    The participants will undertake an adjusted present value (“APV”) analysis to determine where value has been created in the LBO transaction, using an APV model and finally look at recovery analysis for a failed LBO transaction.

    Case Study: The participants will use a variety of case studies and exercises during the two days, based on publicly quoted and generic businesses.

    Participants will be required to bring a laptop and a calculator to the course.

    View event details

  • 9 February 2015

    Acquisition Finance - A Comprehensive Guide for Corporate Lawyers

    MBL Seminars Limited

    Leeds

    Course Level: Intermediate Introduction This full day seminar is a comprehensive guide to both finance and the acquisition process itself which will be explored through a combination of training, hands-on workshops and specif...

    View event details

View results 10 per page | 25 per page | 50 per page

New Search

date picker
date picker