Hi,
I know this question has been answered before but it's still not clear for me.
I read that existing debt of a target doesn't matter in a lbo, but why that ?
I mean: if the target has $500m of existing debt that needs to be refinanced, then I need to raise $500m more fund (either debt or equity), no ? If I can't raise it by debt only, then, it will affect my return ? So existing debt would matter ?
Thanks
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