Capital Structuring: Corporate Finance by Brian Coyle

By Brian Coyle

· labored examples illustrating key points
· clarification of complicated or imprecise terms
· complete thesaurus of terms

The titles during this sequence, all formerly released via BPP education, are actually on hand in fullyyt up to date and reformatted variations. every one bargains a global standpoint on a specific point of possibility management.

Topics integrated during this name within the company Finance sequence contain Quantifying the necessity for money from open air the enterprise; an summary of a few of the investment ideas to be had to managers; fairness and debt investment; Hybrid monetary tools; types at the optimum capital constitution; Debt profile administration; and Refinancing. specifically meant for possibility managers, monetary officials, fund managers, funding advisers, accountants, and scholars of commercial and finance.

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Extra resources for Capital Structuring: Corporate Finance

Example text

The risk to lenders is that a company with large debts might be unable to meet its repayment obligations in full and on schedule. Capital Structuring 30 ● The risk to stockholders is greater volatility in profits, and a greater possibility of fluctuating dividends. Example A company valued at $300 million suffers a 20% fall in profits before interest and tax from $40 million to $32 million. The company is highly leveraged, with debt capital of $200 million and equity of $100 million. The average cost of its debt capital is 10%.

This is a common method of stock issue. An offer for sale can involve both the sale of existing stocks, so that existing holders are simply selling their stocks on the market. This is a common method of achieving an exit for venture capital investors, where the rationale for the IPO is achieving a market for the investors’ stocks rather than raising new capital, and the offer of new stocks to the market, so that the company is raising new equity finance. g. institutional investors. Example 1 In July 1998 Coca-Cola Amatil of Australia spun off its central and eastern European businesses and merged them with the Coca-Cola bottling operations in Italy.

It is a method of issuing stocks that protects the legal pre-emption rights of existing stockholders. These rights give existing stockholders the first refusal on new stocks issued by the company. A company with 100 million stocks in issue, for example, wishing to issue 20 million new stocks, must offer the new stocks to existing stockholders in a one for five (20 for 100) rights issue. Each stockholder would be entitled to subscribe for one new stock for every five stocks already held. A rights issue is usually underwritten, so that underwriters will purchase new stocks not taken up by existing stockholders at the offer price.

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