Debt & Debt-Like vs. WC Peg Treatment

在谈判水疗中心时,会计师有时会出现相当动画的辩论,即是否应将某些特定类型的物品视为债务 /债务般的物品或WC PEG,但两者兼而有之。在交易中,我从来没有真正理解这一点。

Can someone provide an example and ELI5 on the concept? What is an example of something that can be an adjustment to a WC peg OR a debt-like item? Is there typically a preference (from a buyer perspective) on which to put it in? Why is there emphasis on not including both as a DDL and a WC peg adjustment (assume it's double-counting - but would love to actually understand the mechanism)

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2021年11月16日 - 2:18 pm

有兴趣听到其他人的想法,但是在与供应商的谈判方面,以下优先级对所需的平等数量具有最大的影响:

a)任何向下调整EBITDA,因为业务估值通常是可持续收入的多重元素。因此,以10倍倍数为10倍的500万美元收入调整价值5000万美元。如果估值是固定的,则将无效。

b)债务和债务类似物品,因为扣除了全部债务和债务类似物品的数量equity value. On a $500mevtransaction, if $100m of debt and debt like items are identified then equity value is $400m

c) working capital peg as only a改变to the peg is what is counted for or against you as a buyer. If the NWC peg is $100m and reduces to $90m, then the buyer receives $10m as part of the completion accounts process

If you look at a资产负债表或者a recent FDD report you'll see that line item are classified as debt or NWC to avoid double counting.

Nov 17, 2021 - 11:43am

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