If acquiring an already-operating infrastructure asset, when calculating CFADS what is the equity and the debt amount?
Assuming I acquire an infrastructure asset for 10x LTM EBITDA with 60% debt and 40% equity. Obviously in cash terms, the cash would go to vendors so what do I include in debt/equity in CFADS formula?
Then when thinking about IRRs, what is the financing (debt/equity) assumptions that would go into the levered IRR?
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