February 2018
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The Leverage Academy Advisory team provides capital raising and consulting services to middle market businesses & non-profit organizations. In addition to assisting in the business planning phase, the team provides access to experienced entrepreneurs and financiers at all stages of a project's life cycle. The team also specializes in Valuations, Fairness opinions, and Capital raising for transactions with enterprise values between $5 and $100 million.

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Investing Banking & Principal Investments

Global commerce cannot exist without the flow of capital. Businesses are financed with a mix of equity and debt, where each tranche or security has a different risk and return profile.

Leverage Academy’s Banking & Principal Investments Curriculum is the only comprehensive 8-week program that prepares students for careers in banking, private equity, and distressed debt investing. The program includes reference books and guides, models, presentations, instructional videos, and recruiting services. The firm also offers 2 & 3 modeling intensive boot camps where students can choose which models they wish to learn and review. The Banking & Principal Investments Curriculum teaches skills for:
  • Investment Banking
  • Private Equity
  • Leveraged Finance
  • Mezzanine Finance
  • Structured Finance
  • Venture Debt
  • Distressed Credit

Course Options

Class Material

At a high level, this course explains the differences between the “buy side” and the “sell side,” between private equity, hedge funds, mutual funds, pension funds - & - investment banks, brokerages, and equity research firms. The class also explains the importance of lenders and leverage, focusing on different classes on leverage such as revolvers, senior bank debt (1st & 2nd lien), leveraged loans, investment grade bonds, high yield bonds, mezzanine financing, convertibles, and securitizations. Students will thus have the opportunity to delve into the capital structure of a company in depth and understand how management decisions vary under different levels of financial stress. The course also will go over prominent modeling techniques used at banks and buy side funds today.

This course identifies and explains major valuation methods used on Wall Street, including Dividend Discount, AVP Analysis, Accretion Dilution, DCF, market comparables, precedent transactions, and LBO. The LBO model specifically is taught in extensive detail using examples of actual Fortune 1000 companies that are good candidates for leveraged buyouts. Each type of analysis is explained thoroughly and template models are provided for practice and application.

The course includes a conceptual exam after each module (65%) and a modeling exam (35%) to be turned in at the end of the eight (8) weeks that incorporates a strategy learned in class with relevant risk measures and asset weighting. A Certificate will be issued to those students scoring above 75% in the course.

Career Topics Covered:

  • What is investment banking?
  • What is private equity?
  • What is venture capital? What are hedge funds?
  • What is compensation in the finance industry?
  • What is expected of the analyst?
  • What is expected of the associate?
  • How can one get into a prestigious business school after being a financial analyst?

Capital Structure Topics Covered:

  • Mezzanine Finance
  • High Yield Finance
  • Leveraged Loans
  • Debtor Side Bankruptcy Restructuring
  • Analytical Cash Flow Statement
  • Debt Maturity Schedules
  • Waterfall Analysis
  • Levering Up in Private Equity Environment

Valuation Topics:

  • Discounted Cash Flow Analysis
  • Understanding Free Cash Flows
  • Analytical Cash Flow Statement
  • Modeling Free Cash Flows
  • Weighted Average Cost of Capital
  • Estimating All Equity Discount Rates
  • Mid-Period Modeling
  • Discounting to Specific Date
  • Equity Investments
  • Synergy Analysis
  • Merger Consequences Analysis
  • Advanced M&A
  • Deal Protection Techniques (Poison Pill)
  • Leveraged Loan Comparables
  • Tax Issues
  • Leveraged Buyout Analysis
  • Core LBO Statements
  • Modeling an LBO
  • Leveraged “Recap” Accounting
  • Relative Valuation
  • Market Comparables
  • EBITDA Multiples
  • Earnings Multiples
  • Book Value Multiples
  • Revenue Multiples
  • Sector Specific Multiples
  • Precedent Transactions
  • AVP Analysis
  • High Yield Comparable

Excel Modeling Topics Covered:

  • Analyzing Financial Statements (10-K, 10-Q, 20-F)
  • Core Financial Statement Forecasting
  • Normalizing Earnings & Cash Flows
  • Working Capital Schedule
  • Depreciation Schedule
  • Amortization Schedule
  • Shareholders' Equity Schedule
  • Debt and Interest Schedule
  • Balancing the Balance Sheet
  • Circular References
  • Sensitivity Analysis
  • Scenario Analysis
  • Formatting
  • Excel Shortcuts
    • Editing
    • Mobility
    • Modeling Shortcuts


  • Creditor vs. Debtor Side Restructuring
  • Prepackaged Bankruptcy
  • In-Court Restructurings
  • Out-of-Court Restructurings
  • Debt Maturity Profiles
  • Settlements
  • Case Studies

Transaction Structures & Closing Deals:

  • Deal Structure
  • Stock vs. Asset
  • Forward & Reverse Subsidiary Mergers
  • Auction Process
  • Representations & Warranties
  • Offering Memorandum
  • Covenants
  • Indemnification
  • Due Diligence
  • Letter of Intent
  • Acquisition Agreement
  • Purchase & Sale Agreement
  • Management Compensation
  • Employment Agreement
  • Stock Options
  • Stockholder’s Agreement

Recruiting Process & Negotiation:

  • Separating People from the Problem
  • Understanding Best Alternatives
  • Maximizing Mutual Gain
  • Developing Long-Term Relationships
  • Networking
  • Humility
  • Case Studies

Industry Topics Covered (Energy):

  • Upstream Energy Exploration & Development
  • Reserve Liquidation Value Model
  • Oil Wells: Vertical, Directional, Horizontal
  • Oilfield Services Development Cycle
  • Diversifieds, Offshore, and Land Drillers
  • Midstream Oil Storage & Piping Valuation
  • Marine Construction, Offshore Transportation
  • Natural Gas Gathering / Fractionation
  • Natural Gas Processing Contracts
  • Crude Oil Pipelines
  • Crude Oil Terminals / Storage
  • Crude Oil Gathering / Marketing
  • Refined Product Pipelines
  • Refined Product Terminals
  • Refining & Marketing
  • Legal Structure of Master Limited Partnerships