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Cash Flow & Debt Sweep
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Shouldn't we have set up line 19 of the MERGER Debt Sweep (from the Complex Merger modeling course) to only pre pay term loan after we have paid all our existing mandatory repayments PLUS our Revolver as well, in order to make sure that only if we have EXCESS cash left (after revolver!) then we will pay down the term loan and subsequent tranches through our "Discretionary Debt repayment" line.
Therefore, in cell I19 we would have: =IF(I12+I110>0,-MIN(I12+I110,SUM(I17,I18)),0)*$F19
With this formula, if we have excess cash built up after we paid ALL the mandatory tranches AND the revolver AS WELL, then we come back to the term loan and pay off as much as the term loan as we can and flow through to the subsequent tranches as well....
By the way, I couldn't understand why we didn't do this here since we have done that in the Complex LBO Modeling class, where Hamilton states fairly clear that we only come back to repay more debt after the revolver...
Cheers. Read More