Module 5
Debt & Credit Markets
The debt instruments that fuel PE deals, from senior secured loans to mezzanine and private credit.
Lessons
Lesson 1
Senior Secured Debt
Revolvers, term loans, syndication, and the mechanics of first-lien lending
~20 min
Lesson 2
Subordinated & Mezzanine Debt
Junior capital layers, PIK interest, equity kickers, and the risk-return spectrum
~20 min
Lesson 3
Unitranche & Direct Lending
How private credit reshaped LBO financing with speed, certainty, and simplified structures
~15 min
Lesson 4
Covenants
Maintenance vs. incurrence covenants, covenant-lite trends, and lender protections
~15 min
Lesson 5
Leverage Ratios & Credit Statistics
Net debt to EBITDA, interest coverage, fixed charge coverage, and credit analysis frameworks
~15 min
Lesson 6
Modern Structures
NAV lending, subscription lines, CLOs, and the evolving leveraged finance landscape
~15 min