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Get instant access to video lessons taught by experienced investment bankers. 3. I do this to stick to the classic “don’t repeat yourself” paradigm of modeling. Finally, the revolver comes with an unused commitment fee, which is 0.25% in this scenario. Since it was stated in terms of basis points, we divide 400 by 10,000 to get .04, or 4%. Therefore, the interest rate pricing on the Revolver and TLB will be LIBOR + 4%. The business will be delivered to the buyer on a "cash-free, debt-free basis", which means the seller is responsible for extinguishing the debt and keeps all the excess cash. Available Revolver Capacity = Total Revolver Capacity – Beginning Balance, Revolver Drawdown / (Paydown): "=MIN (Available Revolver Capacity, –MIN (Beginning Revolver Balance, Free Cash Flow Pre-Revolver)", Revolver Interest Rate: "= MAX (LIBOR, Floor) + Spread", Revolver Interest Expense: "IF (Circularity Toggle = 1, AVERAGE (Beginning, Ending Revolver Balance), Ending Revolver Balance) × Revolver Interest Rate, Revolver Unused Commitment Fee: "IF (Circularity Toggle = 1, AVERAGE (Beginning, Ending Available Revolver Capacity), Ending Available Revolver Capacity) × Unused Commitment Fee %, Term Loan B Mandatory Amortization = TLB Raised × TLB Mandatory Amortization %, Term Loan B Interest Rate: "= MAX (LIBOR, Floor) + Spread", Term Loan B Interest Expense: "IF (Circularity Toggle = 1, AVERAGE (Beginning, Ending TLB Balance), Ending TLB Balance) × TLB Interest Rate, Senior Notes Interest Expense = "IF (Circularity Toggle = 1, AVERAGE (Beginning, Ending Senior Notes), Ending Senior Notes Balance) × Senior Notes Interest Rate, Interest = Revolver Interest Expense + Revolver Unused Commitment Fee + TLB Interest Expense + Senior Notes Interest Expense. The ending balance of the revolver has increased to $5mm. This Excel file includes a tab for each step of the tutorial. As a result, the "Cash to B/S" in effect will increase the total funding required – hence, it will be on the "Uses" side of the table. It’s easiest to answer this question by pointing out that it’s possible to do the same thing for companies. This prevents the principal amount paid down from exceeding the balance remaining. Further, membership grants access to hours upon hours of exclusive video walkthroughs. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B. It is recommended to start on the "Uses" side and then complete the "Sources" side afterward since you need to figure out how much something costs before thinking about how you will come up with the funds to pay for it. For each year, this will be calculated as the total amount raised (i.e. Packaged alongside the TLB is a $50mm revolving credit facility (“revolver”) priced at LIBOR + 400 with an unused commitment fee of 0.25%. We are not going to dive into that level of granularity for this one hour, To calculate interest, index-match the LIBOR forecast for each month. So you can also fill in the Depreciation figure on the Income Statement. Total Uses = Purchase Enterprise Value + Cash to B/S + Transaction Fees + Financing Fees, Revenue = Prior Revenue × (1 + Revenue Growth %), Free Cash Flow (Pre-Revolver) = Net Income + Depreciation & Amortization + Amortization of, Financing Fees – Capex – Change in Net Working Capital – Mandatory Amortization, Amortization of Financing Fees = Financing Fees Amount ÷ Financing Fees Amortization Period, EBT (aka Pre-Tax Income) = EBIT – Interest – Amortization of Financing Fees, Δ in NWC = (Δ in NWC % of Revenue) × Revenue, Free Cash Flow (Pre-Revolver) = Net Income + D&A + Amortization of Financing Fees – Capex – Δ in NWC –  Mandatory Debt Amortization. Upon purchase, you will gain immediate access to the most comprehensive course on LBO Modeling available. To perform this in Excel, use the "SUM" function to add up all the inflows received during the holding period (shown in green font), and then divide by the initial cash outflow in Year 0 (shown in red font) with a negative sign in front. Keep in mind these numbers will be entirely meaningless until we have finished our levered cash flow projections and price the asset to an 11.0% levered return, Now, we need to build our levered cash flow projections. Now, let’s build our unlevered cash flow items. For the last debt instrument used, the PE firm raised 2.0x in Senior Notes that carries a seven-year maturity and an 8.5% coupon rate. First, the interest expense line item will be calculated as the sum of all of the interest payments from each debt tranche, as well as the unused commitment fee on the revolver. Senior Notes are junior to secured bank debt (e.g. On that note, below are some real estate private equity interview questions to test your understanding. If there is a shortage of cash, the revolver balance will rise – this balance will be paid down once there is a surplus of cash. Relative to equity and other riskier notes/bonds that the PE firm could have potentially used as funding sources, Senior Notes are higher up in the capital structure and considered to be a “safe” investment from the perspective of most lenders. Next, create a new line item for "Exit EBITDA" which simply links to the EBITDA of the given year. In the final column, we can calculate the financing fees based on the amount of debt raised. To learn more about. the $600mm raised in debt) and then deduct it from the $1,027mm in “Total Uses”, we see $427mm was the initial equity contribution by the sponsor. $400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x. Do so in a new GAV build-up section. The long-form LBO model presented here is derived from the actual LBO models used by four bulge bracket investment banks and a model created by John Burns widely available on the web. Assume for each year that JoeCo’s depreciation & amortization expense ("D&A") will be 2% of revenue, capital expenditures ("Capex") requirement will be 2% of revenue, the change in net working capital ("NWC") will be 1% of revenue, and the tax rate will be 35%. Leveraged Buyouts and LBO Model Tutorials, Simple LBO Model - Case Study and Tutorial (13:24), Case Study – “Paper LBO” / Quick LBO Modeling Test - Outline (PDF), Case Study – “Paper LBO” / Quick LBO Modeling Test (Excel). “Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet.”. Therefore, we need to work our way down from EBITDA to net income ("the bottom line"), meaning the subsequent step is to subtract D&A from EBITDA to calculate EBIT. This solution teaches you how to build a typical real estate private equity model used in one-hour on-site case studies. Create a new section in your control panel that links to your returns metrics. Remember to include your cap rate inflation and to cap NTM NOI, Sum all of these items together to calculate your unlevered free cash flow, Let’s take this unlevered free cash flow and calculate our unlevered IRR and unlevered multiple on cash.

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