Mezzanine Finance
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Summary
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Mezzanine Finance
The importance and use of mezzanine finance has increased significantly in recent years and this seminar covers all of the major applications of mezzanine debt in buy-outs.
Particular emphasis is given to the structural aspects associated with the deployment of mezzanine finance, including the potential use of warrants as equity kickers.
Mezzanine is also compared and contrasted with the different alternatives.
Participants will be required to bring a calculator to the course.
Course Content
Introduction to Buy-outs
- Use and application of mezzanine finance
- The fundamental principles and drivers of LBOs
- Rationale and attractions of mezzanine finance
- Structure of the mezzanine market
- Structuring issues – the key issues in structuring LBOs
- Structuring parameters - creating an appropriate financial structure
The Mezzanine Spectrum: Key Terms, Conditions and Trends
- Spectrum of financing instruments in LBOs
- Spectrum of mezzanine instruments
- General terms applicable to mezzanine debt generally
- Mezzanine – analysis of returns
Traditional (warranted) mezzanine
- Typical terms
- Warrants defined
- Critical issues to consider in relation to warrants (anti-dilution)
- “Shareholder” issues
Warrantless mezzanine
- Evolution of and rationale for warrantless mezzanine
- Attractions of warrantless vs warranted mezzanine
- Hybrid mezzanine products
- Techniques for structuring the warrantless aspect of the deal
Pricing aspects and trends
- Aspects that impact the pricing of mezzanine
- Issues for the various players in the mezzanine market (Funds vs Captives)
- Trends in pricing, structure of mezzanine
The mezzanine lender’s perspective
- The role of the loan documentation
- Debt capacity
- Key covenants in loan documentation
- Key financial covenants – use and application
Intercreditor issues
- Priority vs junior lenders/equity
- Priority vs senior lenders
- Issues relating to adequate information
Outcome / Qualification etc.
Solicitors Regulation Authority (SRA) CPD Hours: 6
Expenses
Discounts available for multiple participants:
3-4 participants: 15% discount per participant
5-6 participants: 20% discount per participant
7-8 participants: 25% discount per participant
9 or more participants: 30% discount per participant
Redcliffe Training Associates Ltd
Specialist Training Courses for Banking and Corporate Finance
Redcliffe Training is a banking and corporate finance training company which specialises in the delivery of bespoke courses to the financial community. The company is run by the trainers themselves, all of whom have many years of practical experience at senior levels.
Financial training in the heart of London
Our programmes are delivered both on an open / scheduled-date basis in the City of London and also on an in-house basis. Typically delegates that attend our specialist training programmes are investment banks, stockbrokers, corporate financial advisers, accountants, lawyers, and corporates.
Redcliffe's trainers are all former practitioners who have held senior positions in banking and corporate finance, venture capital or industry. They include former directors and assistant directors of corporate finance departments in investment banks and stockbrokers.
The courses and delivery of training
The topics that we cover include all areas of:
- corporate finance (including mergers and acquisitions, buy-outs, debt finance, restructuring, valuation, modelling and regulation)
- banking (including treasury products, risk management and trade finance)
- project finance (including PPP / PFI)
- accounts topics
- tax and property (including REITS and sale and leaseback)
Most of the 130 courses which Redcliffe can present are presented on a public basis and all of them may be presented in-house to the client's specification. The style of teaching is interactive and participation-oriented and does not simply comprise a series of lectures. Where relevant, role-playing techniques are deployed. Training courses are accompanied by detailed notes (50 to 100 pages per training day) as well as exercises, case studies, videos and public corporate documents where relevant. Participants are also supplied with hard copies of the PowerPoint presentation displayed during the course.
Redcliffe has a very prestigious client base and during the past two years it has delivered in-house seminars to many leading financial institutions and professional advisers. Between 2007 and 2009 almost 5,000 executives attended Redcliffe's open courses.
Contact Redcliffe Training to find out more about their courses and how their trainers can help your organisation here.
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Phone no: +44 (0)20 7387 4484 
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