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 1–10 of 34 · filtered from 100Clear filters
  1. 002Live case: Ashvel Paper needs Rs 900 crore for a mill expansion. EBITDA is Rs 260 crore today and should reach Rs 400 crore in year 3. Propose the tranches, moratorium, repayment profile and covenants, with debt service cover of at least 1.3x in every year.Debt capacity and loan structuringHardScotiabankNew York · 2026
  2. 005Brahvi Airports handles 12 million passengers, earning Rs 400 each in regulated charges and Rs 250 each from shops and parking, at a 45% EBITDA margin. It needs Rs 3,000 crore of capex. How much debt can it carry at 1.4x cover over 15 years at 9%, and what does a tariff reset do?Asset-backed, project and real-asset lendingCoreBain CapitalBoston · 2023
  3. 007You are given Pellora Pharma's financials: EBITDA Rs 420 crore, debt Rs 700 crore, receivable days up from 95 to 130. Find the business drivers and credit issues, write your management meeting questions, and work out how much more debt it can take at a 3.0x leverage ceiling.Credit analysis and ratingsHardMoody'sHong Kong · 2018
  4. 008Soralya Cosmetics wants a Rs 200 crore term loan. EBITDA is Rs 90 crore, 30% of it from one product line, 45% of sales come in the festive season, and online sales carry high returns. What should a lender think about on revenue, and how much would you lend?Debt capacity and loan structuringCoreBain CapitalBoston · 2023
  5. 009Karvanya Auto Loans securitises a Rs 1,000 crore pool into senior (85%), mezzanine (10%) and equity (5%) tranches, with excess spread of 2% a year. Cumulative losses reach 7%. Which tranches lose, how does excess spread change the answer, and what credit risks would you evaluate?Structured finance and securitisationCoreMoody'sNew York · 2024
  6. 010A Rs 2,000 crore term loan B for Pravinta Cables launches at benchmark plus 400 at 99.5. Commitments reach Rs 1,700 crore, and another Rs 900 crore appears at plus 425 at 99.0. The flex allows 50 basis points. Do you flex, and what is left on the bank's books either way?Leveraged finance and LBO financingHardScotiabankNew York · 2026
  7. 015Sahajik Finance's loan tape has 2,000 borrowers in four internal grades with a year of default counts. Compute the default rate by grade and the expected loss at 55% loss given default, check whether the grades rank risk correctly, and suggest pricing by grade.Private credit and direct lendingHardJane StreetLondon · 2025
  8. 018Kiravan Healthcare needs Rs 1,200 crore. A syndicated loan prices at 350 basis points with a 1% discount, up to 50 basis points of flex and six weeks to close; a private credit unitranche prices at 575 with a 2% fee and certain terms. What is the cost gap, and what is the certainty worth?Leveraged finance and LBO financingCoreMizuhoNew York · 2026
  9. 021Nirmitra Roads wants to issue Rs 1,500 crore of five-year bonds. The central bank meets in 8 days, markets price a 60% chance of a 25 basis point cut, and a results blackout starts in 12 days. Go now or wait?Bond issuance and executionHardTD SecuritiesToronto · 2026
  10. 027What leverage would you offer Nirvaka Diagnostics, a lab chain with EBITDA of Rs 240 crore, 90% cash conversion, low capex and 15% growth?Debt capacity and loan structuringCoreGolub CapitalChicago · 2015

Company names and figures are illustrative.