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Modelling for Mergers, Acquisitions and Buy-outs - A Practical 3-day Workshop
Redcliffe Training Associates Ltd
London
Course Overview
This course equips participants for analysing and modelling M&A transactions and leveraged acquisitions.
It improves participants’ understanding of the attractions and risks of mergers, acquisitions and levered structures, as used by corporates and private equity firms.
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
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 acquisition debt facilities can be structured
- Drivers on debt capacity and the interests of debt holders
- Risks and rewards to different parties
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
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Corporate Finance Modelling Masterclass
Redcliffe Training Associates Ltd
London
Course Overview:
On days one, two and three participants are equipped for analysing and modelling M&A transactions and leveraged acquisitions.
It improves participants’ understanding of the attractions and risks of mergers, acquisitions and levered structures, as used by corporates and private equity firms.
It 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 acquisition debt facilities can be structured
- Drivers on debt capacity and the interests of debt holders
- Risks and rewards to different parties
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
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Venture Capital – A Practical Overview
Redcliffe Training Associates Ltd
London
Course Overview:
The considerable volume of venture capital activity that takes place in the UK is often portrayed in either simplified summary terms (“Dragons’ Den”) or as a complex undertaking involving difficult negotiations and a labyrinth of financial and legal issues to be addressed.
Whilst true venture capital finance frequently involves a degree of risk and what some would see as burdensome legal complexity that places it in a specialist category, many of the issues involved are relatively straightforward and accessible.
This course gives a pragmatic overview of the major themes involved in procuring and structuring venture capital investment and is designed to be of interest to entrepreneurs, advisers, and investors.
Topics covered include the sources of finance, the valuation of companies, the structuring of the investment, and the realisation of value through exit.
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Advanced Private Equity & Leveraged Buy-Outs
Redcliffe Training Associates Ltd
London
Course Overview:
The debt markets fall into two broad categories; Investment grade or I-Grade (firms rated at least BBB) and High Yield (also referred to as Sub-investment grade or “Junk”). The High Yield segment includes two sub-categories, Corporates (listed or private e.g. Virgin Media) and those acquired by Private Equity firms (via LBOs or leveraged deals).
Whilst many of the financing tools and techniques used by Corporates and LBOs are the same with similar terms (senior debt, high yield) some instruments are peculiar to one segment only (e.g. mezzanine is rarely used in Sponsor-less deals).
Despite these similarities, Corporates and Private Equity firms approach matters in subtle but significantly different ways; for example, in the past, PE firms have preferred more expensive mezzanine finance to, much cheaper, high yield debt. In the current market high yield bonds have enjoyed a fantastic 18 months with record issuance around the globe being used to extensively to refinance bank debt and banks have sought to deleverage.
This course deals with a number of related issues. First, it provides participants a template for identifying the key risks and opportunities in a private acquisition (not P2P). Second, it will impart a thorough understanding of the mechanics of Private Equity (excluding venture capital), covering the key terms and structures used by PE Funds and how this affects their approach to the deal and the financing.
Third, it describes and explains, in detail, the various financing methods and techniques used by both PE firms & LBOs on the one hand and Corporates on the other, both in the current market and in the past (e.g. 2nd Lien, although that market is closed pre 2007 deals still include those instruments) and provides some background on how and why the markets developed so that participants will understand not only the current position but also how and why the markets may develop in the future (e.g. will PIK or 2nd Lien return).
The programme is highly intensive and will require participants to do some pre-course reading and familiarise themselves with the jargon used (a glossary will be provided in advance along with one case study).
Participants will also be sent an Excel model which will be used in various case studies during the programme to develop an appropriate capital structure. Reference will be made to topical issues and data during the course (e.g. European Directories) and topics will be reinforced with a number of caselets and case studies.
The programme will benefit those in Private Equity, Leveraged finance, Debt advisory and Restructuring.
The programme 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.
Participants will be required to bring a laptop to the course.
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Advanced Private Equity & Leveraged Buy-outs Masterclass
Redcliffe Training Associates Ltd
London
Course Overview:
The first two days of this course focus on the debt markets which fall into two broad categories; Investment grade or I-Grade (firms rated at least BBB) and High Yield (also referred to as Sub-investment grade or “Junk”). The High Yield segment includes two sub-categories, Corporates (listed or private e.g. Virgin Media) and those acquired by Private Equity firms (via LBOs or leveraged deals).
Whilst many of the financing tools and techniques used by Corporates and LBOs are the same with similar terms (senior debt, high yield) some instruments are peculiar to one segment only (e.g. mezzanine is rarely used in Sponsor-less deals).
Despite these similarities, Corporates and Private Equity firms approach matters in subtle but significantly different ways; for example, in the past, PE firms have preferred more expensive mezzanine finance to, much cheaper, high yield debt. In the current market high yield bonds have enjoyed a fantastic 18 months with record issuance around the globe being used to extensively to refinance bank debt and banks have sought to deleverage.
This course deals with a number of related issues. First, it provides participants a template for identifying the key risks and opportunities in a private acquisition (not P2P). Second, it will impart a thorough understanding of the mechanics of Private Equity (excluding venture capital), covering the key terms and structures used by PE Funds and how this affects their approach to the deal and the financing.
Third, it describes and explains, in detail, the various financing methods and techniques used by both PE firms & LBOs on the one hand and Corporates on the other, both in the current market and in the past (e.g. 2nd Lien, although that market is closed pre 2007 deals still include those instruments) and provides some background on how and why the markets developed so that participants will understand not only the current position but also how and why the markets may develop in the future (e.g. will PIK or 2nd Lien return).
Participants will also be sent an Excel model which will be used in various case studies during the programme to develop an appropriate capital structure. Reference will be made to topical issues and data during the course (e.g. European Directories) and topics will be reinforced with a number of caselets and case studies.
Case studies will be used during the first two days to reinforce and develop topics covered during the sessions.
The last two day 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.
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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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AFRICAN INTELLECTUAL PROPERTY FORUM
Management Forum
London
This forum will clarify many of the major issues involved in dealing with IP inAfrica, providing an
overview of current IP laws in force in Africa, substantive and procedural aspects of searching, filing and prosecution of IP rights (focused mainly on trademarks and patents) throughout the African continent, and enforcement rights.
WHO SHOULD ATTEND:
• Corporate patent counsel
• Intellectual property professionals
• Patent and trade mark attorneys from corporate and private practice
• Intellectual property consultants
• IP managers and engineers
• Company legal advisers
• Business managers
• Portfolio managers
• Licensing executives
• All those involved with Intellectual Property protection in Africa
