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Deeper command of mezzanine capital structuring frameworks

$199.00
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A tailored course, built for your situation

Deeper command of mezzanine capital structuring frameworks

Master the underlying architecture of complex capital deals to lead higher-stakes transactions

$199 one-time
24-hour access provisioning 30-day money-back guarantee Hand-built implementation playbook
12 modules. 12 chapters per module. 144 chapters total.
12 modules, each with 12 chapters (144 chapters total), text-based, plus downloadable templates and a hand-built implementation playbook delivered alongside course access.

The situation this course is for

Who this is for

Senior capital markets practitioner leading structuring decisions in private debt and mezzanine investments

Who this is not for

Analysts still learning term sheet basics or professionals outside mid-market financing

What you walk away with

  • Map any mezzanine structure to its core economic drivers and risk buffers
  • Anticipate investor behavior under multiple exit and stress scenarios
  • Design covenants that scale with portfolio complexity, not just compliance
  • Justify warrant strikes using dynamic valuation models, not benchmarks
  • Own framework-level decisions without escalation

The 12 modules (with all 144 chapters)

Module 1. Core anatomy of mezzanine instruments
Break down the fundamental components of mezzanine debt: paid-in-kind interest, equity kickers, and subordination mechanics. Understand how each layer contributes to risk and return.
12 chapters in this module
  1. Defining mezzanine vs. senior and equity
  2. Structuring PIK toggle provisions
  3. Interest accrual mechanics
  4. Warrant issuance triggers
  5. Equity kicker dilution paths
  6. Subordination waterfalls
  7. Default thresholds by tranche
  8. Call protection design
  9. Amortization profiles
  10. Refinancing rights
  11. Investor exit rights
  12. Transfer restrictions
Module 2. Risk layering in capital stacks
Analyze how risk is distributed across tranches. Learn to balance lender protection with operational flexibility in mid-market deals.
12 chapters in this module
  1. First-loss positioning
  2. Collateral sharing ratios
  3. Cross-default linkages
  4. Blocker provisions
  5. Change-of-control triggers
  6. Dividend stoppage clauses
  7. Covenant-lite thresholds
  8. Reporting frequency bands
  9. Financial maintenance metrics
  10. Event-driven resets
  11. Haircut assumptions
  12. Recovery ladders
Module 3. Covenant design for complex portfolios
Move beyond boilerplate. Build covenants that adapt to changing business conditions while preserving capital integrity.
12 chapters in this module
  1. Leverage ratio bands
  2. Interest coverage floors
  3. Capex tolerance windows
  4. Restricted payments logic
  5. Asset sale reinvestment rules
  6. Change-of-business limits
  7. Minimum liquidity tests
  8. Debt incurrence baskets
  9. Equity cure mechanics
  10. Reporting escalation paths
  11. Third-party verification
  12. Covenant waiver protocols
Module 4. Warrant structuring and valuation
Model equity kickers across exit timelines. Understand how strike prices, vesting, and dilution affect investor returns.
12 chapters in this module
  1. Dollar-for-dollar dilution
  2. Full-ratchet vs. weighted average
  3. Anti-dilution clauses
  4. Strike price resets
  5. Exit multiple assumptions
  6. Hold period sensitivity
  7. IRR impact by tranche
  8. Waterfall participation
  9. Liquidity preference tiers
  10. Redemption rights
  11. Forced conversion
  12. Warrant transferability
Module 5. Investor alignment frameworks
Design terms that balance sponsor incentives with capital preservation. Align long-term outcomes across parties.
12 chapters in this module
  1. Sponsor skin-in-the-game
  2. Management rollover equity
  3. Preferred return waterfalls
  4. Catch-up provisions
  5. Carried interest triggers
  6. Co-investment rights
  7. Drag-along protections
  8. Tag-along rights
  9. Board nomination terms
  10. Information rights depth
  11. Audit access clauses
  12. Dispute resolution paths
Module 6. Stress testing capital structures
Simulate performance under downturn, slow growth, and rapid expansion. Predict failure points and design resilience.
12 chapters in this module
  1. Revenue decline scenarios
  2. EBITDA margin compression
  3. Refinancing risk windows
  4. Default probability modeling
  5. Recovery value assumptions
  6. Liquidity crunch responses
  7. Covenant breach cascades
  8. Equity value wipeout points
  9. Debt service coverage drops
  10. Extension option use cases
  11. Amend-and-extend pathways
  12. Restructuring prep triggers
Module 7. Exit path engineering
Model transaction outcomes across sale, recap, IPO, and default. Design for multiple endpoints.
12 chapters in this module
  1. Sale multiple sensitivities
  2. Recapitalization timing
  3. Dividend return paths
  4. IPO readiness indicators
  5. Strategic buyer interest
  6. Financial sponsor demand
  7. Warrant monetization
  8. Pro-rata participation
  9. Exit timing levers
  10. Harbor master clauses
  11. Drag rights execution
  12. Stalking horse advantages
Module 8. Cross-jurisdiction financing norms
Compare US, European, and Asian mezzanine practices. Adapt frameworks to local legal and tax environments.
12 chapters in this module
  1. Withholding tax implications
  2. Local law security interests
  3. Enforcement timelines
  4. Guarantee enforceability
  5. Currency swap risks
  6. Tax-efficient structuring
  7. Subordination recognition
  8. Intercreditor priorities
  9. Local reporting mandates
  10. GAAP vs. IFRS impacts
  11. Transfer pricing rules
  12. Country-specific covenants
Module 9. Documentation hierarchy and clarity
Ensure deal terms are unambiguous and enforceable. Build clean, logical documentation trees.
12 chapters in this module
  1. Intercreditor agreement logic
  2. Priority of claims
  3. Amendment procedures
  4. Voting thresholds
  5. Information rights
  6. Notice requirements
  7. Governing law selection
  8. Jurisdiction clauses
  9. Enforcement remedies
  10. Waiver protocols
  11. Counsel coordination
  12. Execution sequencing
Module 10. Negotiation fluency in term sheets
Anticipate counterparty positions. Navigate trade-offs between speed, certainty, and economics.
12 chapters in this module
  1. Term sheet redlines
  2. Exclusivity duration
  3. Break fees
  4. Due diligence access
  5. Financing conditions
  6. Representations depth
  7. Covenant carve-outs
  8. Negative pledge scope
  9. Guarantor breadth
  10. Indemnity provisions
  11. Closing conditions
  12. Post-closing adjustments
Module 11. Portfolio-level capital management
Scale framework mastery across holdings. Optimize capital allocation and monitoring intensity.
12 chapters in this module
  1. Monitoring threshold design
  2. Exception escalation paths
  3. Refi prep timelines
  4. Covenant testing frequency
  5. Capital call readiness
  6. Investor reporting depth
  7. Internal rating models
  8. Reserve funding triggers
  9. Debt service tracking
  10. Amendment tracking
  11. Risk rating updates
  12. Performance benchmarking
Module 12. Framework ownership and evolution
Lead framework updates based on market shifts and performance data. Own the intellectual core of mezzanine practice.
12 chapters in this module
  1. Market comp analysis
  2. Performance review cycles
  3. Framework update triggers
  4. Peer benchmarking
  5. Investor feedback loops
  6. Risk appetite alignment
  7. Regulatory change response
  8. Internal training design
  9. Deal playbook updates
  10. Term evolution tracking
  11. Innovation adoption
  12. Practice leadership

How this maps to your situation

  • When structuring first-time fund deals
  • During negotiation with sponsors demanding flexibility
  • Before investor reporting cycles
  • When updating internal capital policies

Before vs. after

Before
Relying on precedent deals and standard templates for mezzanine structuring
After
Designing capital frameworks from first principles, with full command of economic and legal dynamics

What's included with your purchase

  • 12 modules with 12 chapters each (144 chapters)
  • Downloadable templates and worked examples for every module
  • Hand-built implementation playbook delivered alongside course access
  • 30-day money-back guarantee

Delivery and format

  • Course and learning environment access provisioned within 24 hours of purchase
  • Hand-built implementation playbook delivered alongside course access

Format: Text-based modules and chapters in the Art of Service learning environment, plus downloadable templates and worked examples for every chapter, plus the hand-built implementation playbook delivered alongside course access.

Time investment: 45, 60 minutes per module, designed to be applied immediately to active deals

How this compares to the alternatives

Unlike generic finance courses, this program focuses exclusively on mezzanine capital frameworks with deal-specific applications, not theory. No other course delivers this depth of structural fluency tailored to senior practitioners.

Frequently asked

Who is this course for?
Managing Directors and senior practitioners structuring mezzanine deals in private debt or direct lending funds.
How is the course structured?
12 modules, each containing 12 chapters (144 chapters total).
Will this help with investor negotiations?
Yes, each module includes concrete language and positioning strategies used in high-stakes fund deals.
$199 one-time. 45, 60 minutes per module, designed to be applied immediately to active deals.

Within 24 hours your account in the learning environment is provisioned and the tailored implementation playbook is delivered alongside it.

30-day money-back guarantee· 144 chapters· Hand-built playbook included· Account access within 24 hours
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