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The art of M & A financing and refinancing : a guide to sources and instruments for external growth

Author: Alexandra Reed Lajoux; J Fred Weston
Publisher: New York : McGraw-Hill, 1999.
Edition/Format:   Print book : EnglishView all editions and formats
Publisher Fact Sheet

Authoritative analysis from 50 M & A experts.


"M & A financing and refinancing can be a path to progressNstarting today, as you read the ideas in this book and dream up your own."--Alex Sheshunoff, From the Foreword. The expansion of a business through merger or acquisition involves experience. Wisdom. The ability to envision how two or more combined companies can equal far more than the sum of their parts. It also involves, more often than not, the use of "other people's money." THE ART OF M & A FINANCING AND REFINANCING tells you how to obtain and repay that money, taking the complex, technical aspects of M & A finance and making them clear, understandable, and applicable to your situation. This comprehensive reference handbook points you to all the facts, figures, names, and places you need to finance your next deal. Unique in that it concentrates solely on the most fundamental component of the M & A transactionNmoneyN THE ART OF M & A FINANCING AND REFINANCING provides clear-headed advice and guidance on: The key financial sources and instruments you can useNfor any kind of deal; How to select the most appropriate type of financingNdebt, equity, or a combination of the two; Financing via debtNloans, bonds, and leasesNand the virtually infinite ways to borrow or lend; Tactics to consider in contracts, including contingent payments, earn-outs, and equity kickers; How to determine when refinancing is necessaryNand plan for it as a probability; How volatile global events affect economic systemsNand the impact this.

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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Alexandra Reed Lajoux; J Fred Weston
ISBN: 0070383030 9780070383036
OCLC Number: 40681629
Description: xxi, 457 pages ; 24 cm
Contents: Foreword: On the Power of Financial Ideas / Alex Sheshunoff xi --
Part 1 Prerequisites 1 --
Chapter 1 Basic Definitions and Data 3 --
Definitions of Key Terms --
Basic Data --
Key Instruments --
Key Sources --
Chapter 2 Assessing Financing Needs 17 --
Basic Principles --
Danger Zones --
Targeting the Amount of Financing Needed --
Estimating the Amount of Financing Possible --
Selecting the Most Appropriate Type of Financing (Debt versus Equity) --
Appendix 2-A Tools --
Chapter 3 Regulatory, Tax, and Accounting Issues in Structuring Deal Financing 47 --
General Regulatory and Tax Considerations --
Choice of Entity --
Distinguishing between Debt and Equity --
Tax Considerations in Structuring Debt --
Capital Gains versus Ordinary Income --
Structuring an Installment Sale --
Cost Basis versus Carryover Basis --
Accounting Considerations --
Part 2 A Closer Look at Instruments 91 --
Chapter 4 Dynamics of Debt-Based Financing 93 --
Debt Fundamentals --
Types of Debt --
Using Notes and Bonds to Pay for Acquisitions --
Using Multiple Layers of Debt --
Sale/Leasebacks --
Tax-Exempt Bonds --
Junk Bond Basics --
Chapter 5 Dynamics of Equity-Based Financing 125 --
Equity Fundamentals --
Private Equity Offerings --
Public Equity Offerings --
Using Stock to Pay for a Transaction --
Beyond IPOs --
Equity-Based Fund-Raising Strategies --
Chapter 6 Dynamics of "Hybrid" Financing 147 --
The Hybrids --
Mezzanine Financing --
Registration Rights --
Seller Takeback Financing --
Part 3 A Closer Look at Sources 167 --
Chapter 7 Working with Debt Sources 169 --
Overview of Lenders --
Commercial Banks --
Bank Lending --
Approaching a Source of Debt Financing: The Bank Book and Commitment Letter --
Insurance Company Financing --
Special Considerations in Junk Bond Lending --
Chapter 8 Working with Equity Sources 215 --
The Equity Financing Spectrum: From Venture Capital to Private and Public Offerings --
The Role of Underwriters --
Investment Banks --
M & A Activities Among Financial Institutions --
Chapter 9 Working with "Backers" 235 --
Backers and Private Equity Financing --
Exit Strategies --
Beyond Private Equity Financing: Other Types of Backing --
Angels --
Suppliers as Backers --
Appendix 9-A Sample Announcement of a Start-Up Private Equity Fund --
Appendix 9-B Profiles of Backers --
Part 4 Strategies for Financing and Refinancing 267 --
Chapter 10 Managing Multiple Instruments --
Planning Points 269 --
Postmerger Impact of Financing Instruments --
Dilution Concerns in Transactions Including Stock --
Using Multiple Instruments in Financing the Management Buyout --
Appendix 10-A Calculating The Cost Of Capital in a Transaction Involving Debt, Preferred Stock, and/or Common Stock --
Chapter 11 Managing Multiple Sources 295 --
Multiple Sources versus One-Stop Shopping --
Dealing with Multiple Lenders --
Resolving Intercreditor Conflicts --
Drafting Intercreditor Agreements --
Chapter 12 Refinancing Strategies 317 --
Refinancing Overview --
Debt Refinancing: Working Capital, Loans, Bonds, and Notes --
Equity Refinancing --
Refinancing via Hybrid Instruments: Bridge Loans --
Fraudulent Conveyance and Other Litigation Concerns --
Appendix 12-A Sample Description (for 10-K Filing) of a Complex Financial Restructuring --
Part 5 Global Issues: Macro/Micro/Tax 349 --
Chapter 13 Macroeconomic Aspects of Global M & A Financing 351 --
World Financial Systems: The Big Picture --
Currency Exchange --
Foreign Exchange Control Laws --
Chapter 14 Microeconomic Aspects of Global M & A Financing 367 --
Global Financing: Legal Basics --
Availability of Global M & A Financing --
Instruments in Global M & A Financing --
Security Interests in Foreign Assets --
International LBOs --
Chapter 15 International Financing: Tax Fine Points 389 --
Fundamentals of Entity Classification in the Global Deal --
Tax Considerations in Inbound Acquisitions --
Tax Considerations in Outbound Acquisitions --
Conclusion: M & A Financing and Refinancing: Instruments for Successful Growth 415 --
Back to the Basics --
A Final Word --
Typical Subordination Provisions of Publicly Issued Notes 421 --
Typical Subordination Provisions of Privately Placed Institutional Notes 424 --
Typical Subordination Provisions of Seller Notes 429.
Other Titles: Art of M and A financing and refinancing
Responsibility: Alexandra Reed Lajoux, J. Fred Weston.
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Divides the issues surrounding financing and refinancing into four sections that provide the background to have an understanding of this process. This book is presented in a 'Q&A' format, and will  Read more...


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