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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.
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Advanced Negotiation & Structuring Issues in High Yield Bonds
Redcliffe Training Associates Ltd
London
Course Overview:
High Yield Notes (Bonds) have become an increasingly important financing tool for borrowers in Europe since 2007 as traditional bank lending continues to contract in the face of Regulatory & other challenges. Notes have proved a flexible funding solution appearing in both Sponsored (Priory, Securitas Direct) and Sponsor-less (e.g. Heidelberg, Virgin, T Cook) deals and appearing across the capital structure in Senior and Junior form often in conjunction with Loans.
These developments have provided fresh challenges for both buy and sell-side; the evolution of these bi-furcated Loan / Note structures have introduced an additional dimension of complexity for both Issuers and Investors, which is invariably amplified in distress. Additionally, Notes’ reliance on Incurrence covenants, rather than maintenance covenants (BAA & Anglian being obvious exceptions) have proved challenging for investors more familiar with the covenant protection provided by Loans.
This programme is aimed at those involved in providing a toolkit for both buy and sell side parties and their respective advisors. For the Issuers, the programme will inform their key concerns, namely; which Issuers can access the market, who are the typical investors & what motivates their investment criteria requirements and what are the key structuring/documentary issues which need to be negotiated between buyers and sellers which balance Issuer flexibility with Investor protection. For Investors, the programme provides a risk template to identify and mitigate the key risk areas of the deal; in particular which covenants matter most.
During the programme, key issues will be illustrated with reference to extracts from Offering Memoranda and selected data from DebtXplained (the key provider of information to the European high yield community) will provide guidance on what is, and is not, market standard.
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How to use blogging, Facebook, LinkedIn and Twitter in the legal sector - 7 CPD hrs
Smith & Smith PR
London
Level: Beginner - Intermediate
Whether you are a solicitor, marketer or in-house legal – this course has been developed specially for the legal sector and will provide you with the essentials to get started and get ahead.
This course will teach participants to:
- How to develop a social media strategy that works in the legal sector
- Killer techniques to increase fee earning
- A step by step guide on how to best use all the main social media platforms
- A detailed look at how the best businesses out there are using social media effectively
- Understand how using social media can go wrong and how to react to problems should they arise
- Demonstrate best practice around honesty, transparency and legislation relating to social media
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The Takeover Code Advanced - Current Strategies & Tactics
Redcliffe Training Associates Ltd
London
Course Overview:
This course covers key rules in the Takeover Code and the bid strategies and tactics that are used in the current marketplace.
The update to the Code in September 2011 has changed the tactical advantage that possible bidders have had in takeovers and the course considers the numerous effects this has had on bidder and target strategies.
Participants will learn how takeovers are conducted from the initial stages to the completion or lapsing of the bid and will gain an understanding of which strategies and tactics have and which have not worked, with examples from many recent deals.
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UK Listing, Disclosure and Transparency Rules Seminar
London Stock Exchange
London
A practical half day seminar focusing on the latest regulatory changes, trends, developments and best practice delivered by senior representatives from leading advisory and consultancy firms and primary listed companies.
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Structuring & Negotiating Mezzanine and Junior Debt
Redcliffe Training Associates Ltd
London
Course Overview:
The contraction of traditional lending bank’s balance sheets since the credit crisis has constrained leverage for all but the best credits and led to an absolute dearth of debt for the less fashionable (cyclical) credits. This has opened the way for a range of junior debt products to fill this vacuum and, with Second Lien market nascent in Europe (but on fire in the US), it seems that mezzanine and other junior lenders have a golden opportunity to fill the gap.
Despite this, the traditional players have found the going tougher than expected. New players have become increasingly aggressive in the European market (q.v. the Pharma deal clubbed by Babson, Crescent, NY Life and Partners) and the rise of competing forms of junior debt, typically (subordinated) High Yield Notes in larger deals and Unitranche in smaller deals, have conspired to limit the attractions of mezzanine.
Despite these challenges, the absence of senior debt means that junior debt is set fair for the foreseeable future whilst the flexibility offered by mezzanine will ensure that it continues to have a vital role to play in the funding structure.
These advantages need to be measured against the additional complexity inherent in these laminated structures. Additionally, the junior lenders have experienced varying rates of recovery (loss) in Europe over the past few years, much of driven by the relevant jurisdiction. These incidents have meant that junior lenders have become more aggressive in pushing for higher levels of protection than, hitherto, they had enjoyed.
This programme examines the range of junior debt loan products available in the market (Notes are considered only in terms of their pros and cons), the use an application of the various instruments, the typical terms and conditions and the likely pricing and returns. Structuring issues and debt capacity are also covered. European markets differ from US markets to the extent that restructurings in the former are typically out-of-court (as opposed to the statutory approach of Chapter 11 in the US). This coupled with the different approaches in the various European jurisdictions means that inter-creditor issues assume a critical aspect of structuring and the programme deals with the key issues plus the additional protection required for deals with a US dimension.
The course is highly practical and interactive and will include case studies to illustrate and reinforce the topics covered. A short pre-course presentation on basic accounting topics will be provided to ensure all attendees will derive maximum benefit.
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Buying a Company
Redcliffe Training Associates Ltd
London
Course Overview:
The destruction of shareholder value through ill-thought-out acquisitions is a well-known feature of the M&A market.
This course covers all aspects of an acquisition process from initial strategies for expansion through to planning, due diligence, negotiation, execution and the preparations for a successful integration.
The major risks and problems likely to be encountered by professional advisers, principals and entrepreneurs are highlighted with guidance for their avoidance or mitigation. Process and commercial failures are examined and the necessity for a sound acquisition plan is emphasised.
The following sets out the content of the course in the approximate order in which it will be discussed during the day.
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Mergers & Acquisitions
Redcliffe Training Associates Ltd
London
Course Overview:
This three day seminar covers all aspects of buying and selling private companies and management buy-outs.
On the first day all aspects of an acquisition process from initial strategies for expansion through to planning, due diligence, negotiation, execution and the preparations for a successful integration will be covered.
The major risks and problems likely to be encountered by professional advisers, principals and entrepreneurs are highlighted with guidance for their avoidance or mitigation. Process and commercial failures are examined and the necessity for a sound acquisition plan is emphasised.
The second day focuses on the seller’s objectives, namely to achieve the highest price subject to the least onerous terms and to walk away from a transaction with measurable and finite liabilities.
Participants will examine common errors and pitfalls in the disposal process and emphasises strategies for realising a maximum value for a seller whilst limiting the legal redress of a buyer.
Procedures for valuing a company and for the planning, negotiation and execution of its sale are described together with the meaning and effect of representations, warranties and indemnities. Participants will also review the principal points to be negotiated in the Sale & Purchase Agreement to limit a seller’s liability.
The third day covers management buy-outs and highlights the objectives of the various parties involved and the manner in which a successful transaction can be achieved. The financial instruments employed are examined in detail together with the valuation, pricing and structure of the deal.
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Personal Impact
National Theatre
London
NT Theatreworks Open Courses - a series of experiential, interactive workshops designed by the world’s leading theatre and training professionals to provide a secure, creative environment for participants to explore and rehearse communication styles, develop new skills and grow in confidence
Take part in workshops in Personal Impact and Influence and Rapport.
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Selling a Company
Redcliffe Training Associates Ltd
London
Course Overview:
The objective of a seller should be to achieve the highest price subject to the least onerous terms and to walk away from a transaction with measurable and finite liabilities.
This course examines common errors and pitfalls in the disposal process and emphasises strategies for realising a maximum value for a seller whilst limiting the legal redress of a buyer.
Methods for valuing a company are compared and the planning, negotiation and execution of its sale are described.
The course also highlights the principal points to be negotiated in a Sale & Purchase Agreement and explains the meaning and effect of representations, warranties and indemnities.
The following sets out the content of the course in the approximate order in which it will be discussed during the day.
