Advanced Corporate Credit Analysis, Debt Structuring & Capital Solutions

DAY 1:  CORPORATE CREDIT ANALYSIS FRAMEWORK

Featured Integrated Case Study – Sponsor-backed Acquisition Financing

Module 1: Corporate Credit Risk Framework

• Role of the credit analyst
• The Corporate Credit Analysis Framework
• Purpose: Why is the company borrowing?
• Repayment: How will the borrower repay the loan?
• Risks: Risk of default/early repayment?
• Transaction Structure: How should the financing be structured to protect the lender?
• Analyse repayment sources (operating cash flow, sale of assets, recovery)
• Credit approval process
• Business risk versus financial risk
• Credit lifecycle

Module 2: Business & Industry Risk Assessment

• Macroeconomic analysis
• Country and sovereign considerations
• Industry structure and competitive dynamics
• Porter's forces
• Business model assessment
• Competitive positioning
• Market share and diversification
• Management quality and strategy
• Corporate governance
• Ownership structure
• Related-party exposure
• ESG considerations
• Review the case study and discuss: Acquisition rationale, Sponsor backing, Industry risks, Governance considerations

Module 3: Financial Statement Analysis for Credit

• Income statement analysis
• Balance sheet analysis
• Cash flow statement analysis
• Quality of earnings
• EBIT, EBITDA and operating cash flow
• Working capital analysis
• Capex and free cash flow
• Liquidity assessment

Module 4: Credit Ratio Analysis

• Liquidity ratios
• Leverage ratios
• Profitability ratios
• Interest coverage ratios
• Cash flow coverage
• DSCR
• Debt service capacity
• Peer benchmarking
• Review the case study and discuss the debt ratios and covenants

DAY 2 – FORECASTING, DEBT CAPACITY & CAPITAL STRUCTURE

Module 5: Forecasting & Debt Capacity

• Forecasting methodology
• Revenue drivers
• Cost drivers
• Working capital forecasting
• Capex planning
• Scenario analysis
• Sensitivity analysis
• Stress testing
• Debt capacity
• Borrowing capacity

Module 6: Capital Structure & Funding Strategy

• Financial objectives
• Optimal capital structure
• WACC
• Enterprise value
• Debt versus equity
• Financial flexibility
• Acquisition financing
• Refinancing strategy
• Funding hierarchy
• Review the case study and discuss: Why Term Loan? Why ABL? Why not bonds? Sponsor equity contribution, financial flexibility

Module 7: Debt Products & Structured Financing

• Working capital facilities
• RCFs
• Term loans
• Syndicated loans
• Bridge finance
• Project finance overview
• Bonds
• Commercial paper
• Mezzanine debt
• Preference shares
• Convertible bonds
• Mandatory convertibles
• Hybrid capital
• Sukuk
• PIK Notes and PIK Toggle
• Shareholder loans
• Review the case study and discuss the debt products

DAY 3 – CREDIT MONITORING, LENDER PROTECTION & CREDIT DECISION

Module 8: Corporate Credit Monitoring & Early Warning Signals

• Business warning signals
• Industry deterioration
• Management turnover
• Governance weaknesses
• Revenue and margin decline
• Cash flow deterioration
• Liquidity pressure
• Rising leverage
• Weakening DSCR
• Increasing refinancing risk
• Aggressive EBITDA adjustments
• Working capital deterioration
• Related-party transactions
• Off-balance-sheet obligations
• Covenant pressure
• Credit rating downgrades
• Bond spread widening
• Delayed reporting
• Audit qualifications
• Review the case study and discuss the warning signals and covenants

Module 9: Covenants, Security & Lender Protection

• Security packages
• Ranking and subordination
• Guarantees
• Maintenance covenants
• Incurrence covenants
• Negative pledge
• Cross default
• Events of default
• Pricing and risk-adjusted return
• Review the case study and discuss affirmative covenants, negative covenants, guarantees and events of defaults

Module 10: Distressed Credits & Restructuring

• Liquidity vs solvency
• Restructuring options
• Debt rescheduling
• Debt-for-equity swaps
• PIK restructuring
• Workout strategies
• Recovery considerations
• Review the case study and discuss areas of PIK loans and terms

The course trainer is a specialist in Corporate Credit Analysis, Debt Structuring, Financial Modelling, Project Finance, Banking, and Leveraged Buyouts (LBOs), with over 20 years of experience in corporate finance, investments, acquisition financing, and cross-border transactions. He is currently serving as Managing Director & Head of Investments at a US-based private equity fund, leading acquisition financing, debt raising, and capital structure decisions.

He hasp previously served as Head of Agri-Tech Investments at SALIC (PIF) and as Vice President at Khazanah Nasional, where responsibilities included evaluating financing structures, credit risks, and investment opportunities across a diverse portfolio.

Earlier career experience includes investment banking roles at Rabobank, PwC, and KPMG, advising clients on cross-border mergers and acquisitions, leveraged buyouts, acquisition financing, and debt-funded transactions.

He has executed more than 20 transactions, including four leveraged buyouts, corporate acquisitions, debt financings, private equity investments, and joint ventures, working closely with commercial banks, investment banks, and other lending institutions.

He also holds an Engineering degree, an MBA from IIT Kharagpur, and is a CFA Charterholder, combining strong technical expertise with extensive practical experience in corporate finance and investment decision-making.

• Perform end-to-end corporate credit analysis
• Evaluate repayment capacity and debt sustainability
• Recommend appropriate funding structures
• Monitor borrowers using early warning indicators
• Present and defend lending recommendations

• Credit Analysts and Credit Managers
• Corporate Banking and Relationship Managers
• Credit Risk and Structured Finance professionals
• Corporate Finance, M&A (LBO), Treasury and Investment professionals
• Credit approval teams

In today's evolving credit environment, corporate lenders must assess far more than historical financial performance. This intensive three-day programme equips participants with a practical, end-to-end framework for analysing, structuring, monitoring and managing credit risk for large corporate borrowers.

Delegates will learn how to evaluate business and industry risks, interpret financial statements from a lender's perspective, assess cash flow generation and debt repayment capacity, and determine sustainable debt structures. The programme also examines capital structure optimisation, debt products, hybrid instruments, Sukuk and Payment-in-Kind (PIK) features, together with covenant structuring and lender protections. A dedicated module on Corporate Credit Monitoring and Early Warning Signals enables participants to identify deteriorating credit profiles before they become distressed situations.

Throughout the programme, delegates will work through practical case studies, including a real sponsor-backed acquisition financing, culminating in an integrated Credit Committee simulation where they analyse, structure and present a lending recommendation.

The course combines international best practices with real-world banking applications, enabling participants to make more informed and commercially sound credit decisions.