I've been through most of the PF case studies and the debt structure was always very cookie cutter like with revolver almost never drawn. As such, the debt waterfall always followed a clear structure such as "cash available for revolver -> cash available for bank debt ... etc.".
I'm more interested to look at models where there is a more complex debt schedule with e.g., revolver drawn from the beginning, mandatory paydown, optional paydown and that all links together?
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Maybe misunderstanding your question...
Revolvers are never drawn from the beginning of an LBO. Revolvers are typically marketed as being used to fund working capital and capex/M&A (the latter being less favorable by underwriters). If you needed to draw a revolver at close that would be part of the working capital peg, or if you plan to do an M&A transaction as part of the overall deal, you'd raise more debt or a delayed draw.
I'm surprised to hear that you can't find LBO examples with optional paydown mechanics and/or mandatory paydown. Probably available on any of the $300 paid LBO courses.
Interesting. I had this on the WSP course where they funded the deal right from the beginning by drawing the revolver.
Sometimes people draw it to pay fees
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