A few quick questions about lbo modeling with PE recruiting upon us.
1. For calculating PIK interest, do you use the beginning balance, or the average of the beginning and ending balance (including the PIK for the period)
2. In sources and uses, does it matter whether you put minimum cash balance in uses vs just net it out of existing cash? (Say you have a min cash balance of $10, in one scenario total sources/uses would be $10 higher) the sponsors equity wouldn't be any different, so is there any material difference between either of these?
Thanks in advance
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