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?
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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