Can anybody point me to a resource on the web or an example of a credit model where I can see how returns to a term loan are calculated? Can find plenty of LBO models online but nothing on credit models.
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? Its all the same cash flow model
Returns are calculated the same way, except the initial investment is the principal less OID, coupon payments are assumed yearly (can go quarterly for a TLB if you wan to be more exact but it's largely immaterial), and obviously the repayment incorporates the full principal. Just do XIRR on that in excel and you should be good.
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