Investment and International Banking
The program develops a framework to assist investment and international bankers in analyzing the opportunities for acquisition financing in general, and leveraged buyouts in particular, by covering:
- Acquisition Financing Framework: A review of the engineering methodology by which both public and private companies are bought and sold
- Review of Buyer and Seller Motivations: The drivers and priorities of both buyers and sellers in acquisition financing
- Analysis of Strategic vs. Financial Buyers: A comparison of both the short and long term operating and financial return objectives of both groups of buyers and the impact of such objectives on the acquisition purchase price
- Leveraged Buyouts (LBOs) Framework: A step by step approach of the financial engineering required to take a public company private
- LBOs: The players, the role of the financial sponsor, the role of subordinated or mezzanine debt
- Acquisition Financing: The role of bank debt with an emphasis on the application of debt capacity techniques to determine the appropriate levels of senior debt in the pro forma structure
- Capital Structure: Developing an appropriate capital structure enabling investors to achieve acceptable returns within the bank’s risk appetite as lender
Using practical examples taken from the public markets, participants will combine the use of corporate valuation, cash flow analysis, debt capacity, and transaction structuring techniques to help design and engineer acquisition financing opportunities seen through the eyes of a CEO and CFO.
The program will deconstruct each transaction starting with deal motivation and work through the various building blocks used by experienced acquisition financiers in arriving at holistic acquisition financing solutions which meet the corporate finance objectives of the client while conforming to the highest underwriting standards of the bank.