Hi,
What is the best book / source to learn about debt, definition, lien, seniority, usual interest (LIBOR + X%), pros and cons for each type of debt, usual PE debt structure, debt swap to equity strategies, how do you treat PIK pre and post-transaction, etc...Any good website or useful information ?
Thanks
good question, i want to know also
I would say the following are a good couple of books:
I read the Pearl and Rosenbaum's "Investment Banking" chapters on LBO, I agree it is quite good for a start. Concerning Stephen Moyer's "Distressed Debt Analysis" I have only read good things about the book but I have not bought it following some concerns that all the ananlysis presented in the book was too focused on distressed situations, is that the case ?
Gives you a pretty good overview of debt covenants, seniority etc. So it's well worth a read even if you aren't interested in distress.
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moyer's book is the best
I've got an armada of books that cover all of those topics as well as websites... Unfortunately, I'm just not in a sharing mood today...
Any more suggestions?
Leveraged Financial Markets by Maxwell/Shenkman
I'd also read anything written by martin whitman. guy is a pioneer on the debt side of investing via graham/dodd approach
http://www.distressed-debt-investing.com/
Fabozzi's Fixed Income Guide is a good encyclopedia-style resource that covers all types of instruments
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