Debt Capital Markets case studies, worked step by step

Cases
100
Traced to a firm
34
Topics
12
Hard
30
Topic
All topicsPrivate credit and direct lending8Debt capacity and loan structuring9Bond issuance and execution9Credit analysis and ratings12Asset-backed, project and real-asset lending8Structured finance and securitisation9Leveraged finance and LBO financing11Capital structure decisions6Rates and hedging8Liability management and refinancing8Indian debt market execution5Restructuring and recoveries7
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 11–20 of 30 · filtered from 100Clear filters
  1. 041Mervaka Retail, a footwear and apparel chain, reports EBITDA of Rs 500 crore and debt of Rs 600 crore, but pays Rs 200 crore a year of rent on long store leases. Which credit metrics would you look at, and what is leverage on a lease-adjusted basis?Credit analysis and ratingsHardTruist SecuritiesAtlanta · 2024
  2. 043A sponsor is buying Tarvik Education at 9x EBITDA of Rs 150 crore with 5x debt, and the cost of debt rises from 9% to 11% before signing. How does that move the sponsor's IRR, and how much less must it pay to keep a 20% IRR?Leveraged finance and LBO financingHardHoulihan LokeyLos Angeles · 2025
  3. 044A second lien holder in Vrishank Motors buys the whole senior loan at 70 to control the restructuring. Senior debt is Rs 500 crore, second lien Rs 300 crore, and it values the business at Rs 550 crore. Work out the loan-to-own economics.Restructuring and recoveriesHardRestructuringPrivate credit
  4. 049Taranjot Solar's cash flow available for debt service rises from Rs 80 crore to Rs 110 crore over 15 years. Compare the debt it can raise with a level annuity repayment against a repayment sculpted to a constant 1.3x cover, at 9%.Debt capacity and loan structuringHardCorporate bankingIndian debt capital markets
  5. 058A company has filed. Given the enterprise value and a list of claims, including a bank loan only partly covered by its collateral, what is the recovery on each claim?Restructuring and recoveriesHardHoulihan LokeyNew York · 2026
  6. 059A consumer company can target a AA rating with less debt or an A rating with more. Compute the WACC under each and decide which target to adopt, allowing for a downturn.Capital structure decisionsHardCorporate bankingRating agencies
  7. 063Rating case: a tower company plans a debt-funded acquisition that takes leverage past the agency's downgrade trigger. What rating action follows, and what could the company do to avoid it?Credit analysis and ratingsHardRating agenciesCredit research
  8. 070A hydro project suffers a 20% cost overrun and a one-year delay. Compute the extra interest during construction, the funding gap and who funds it, and the effect on debt service cover.Asset-backed, project and real-asset lendingHardCorporate bankingIndian debt capital markets
  9. 071A microfinance lender securitises a loan pool through pass-through certificates. Size the credit enhancement from expected loss, split it between cash collateral and over-collateral, and name the risks specific to this asset class.Structured finance and securitisationHardMoody'sNew York · 2024
  10. 072Overnight case study: an aviation services company offers a second lien loan behind a larger first lien. Build base and downside cases, compute value cover at 6x and 4x EBITDA, and give an invest or pass view.Private credit and direct lendingHardPrivate creditCredit research

Company names and figures are illustrative.