The building blocks of a debt instrument—from how it's priced to how it's repaid. Understand the structural decisions that define every credit facility.
Every debt instrument is a set of negotiated decisions: how the lender gets paid, what protects them if things go wrong, what constraints the borrower operates under, and how the principal comes back. These four lessons break down each of those structural components.
By the end of this module, you'll understand the mechanics behind term sheets and credit agreements—not just what the terms are, but why they exist and how they interact with each other.
How debt is priced from initial syndication through secondary trading. Cover spread components, reference rates, OID, pricing grids, and the market dynamics that determine what a borrower pays for leverage.
View LessonUnderstand what backs a loan and why it matters. Explore lien structures, collateral packages, guarantor frameworks, and the legal mechanics that give secured lenders priority in a downside scenario.
View LessonDive into the financial guardrails embedded in credit agreements. Learn how maintenance and incurrence covenants work, how leverage and coverage tests are structured, and how covenant packages have evolved across market cycles.
View LessonFollow the cash from borrower to lender. Cover amortization schedules, mandatory and optional prepayment provisions, call protection, payment waterfalls, and the mechanics that govern how and when debt gets repaid.
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