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Leveraged Finance Cheat Sheet

A concise, practitioner-led reference for understanding capital structures, debt capacity and the language used in leveraged transactions.

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What’s included

Senior, second-lien, unitranche, mezzanine and RCF roles
Gross and net leverage, interest cover and cash conversion
Debt capacity, covenant headroom and downside thinking
Amortisation, cash sweeps, call protection and margin ratchets
A consolidated glossary embedded within the cheat sheet

Illustrative reference

Net leverage = net debt ÷ EBITDA

Debt capacity ≠ maximum headline leverage

Cash conversion determines deleveraging

Documentation changes the economic outcome