LevFin Academy™
Public condensed teaching edition

The LevFin Book

Modeling and Mapping Optionality in Leveraged Credit
Federico Etchelecu

The LevFin Book is a practitioner's guide to the European leveraged finance market — written for the person who has to read the credit, model the deal, and negotiate the document, not merely describe them. It moves from first principles to the frontier: what leverage is and who supplies it, the instruments that carry it, the covenants that govern it, and what happens when a structure is amended, restructured, or breaks.

Its signature is Part VII, Contingent Rights and Teaching Sensitivities. Selected provisions are mapped to their holder, legal states, exercise conditions, blockers, interactions and contingent-payoff structures. The worked example is a teaching estimate under stated teaching assumptions; it is not a calibrated risk-neutral price, a market conclusion or legal advice.

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The package includes the exact themed PDF, licence, README, checksums and distribution manifest. This is the condensed public edition; the restored long-form draft and companion workbook are separately governed and are not public downloads.

9Parts
45Chapters
366A4 pages
Contents

Nine parts, forty-five chapters

Part I
Foundations
What leverage is, who supplies it and why, and how the economics, the sponsor's lens, and the term sheet fit together.
01What Is Leveraged Finance
02The Leveraged Finance Ecosystem
03The Economics of Leverage
04The Private Equity Perspective
05The Art of the Term Sheet
Part II
The Instruments
Loans and bonds, the capital-structure stack, high yield, direct lending, and the CLO bid that funds the market.
06Anatomy of a Leveraged Finance Transaction
07Loans vs. Bonds
08Capital Structure — The Architecture of Leverage
09High-Yield Bonds
10Direct Lending and Private Credit
11CLO Mechanics and Impact on Leveraged Finance
Part III
Covenants
Reading a credit agreement, US versus European documentation, and the covenant and EBITDA definitions that govern everything.
12Reading a Credit Agreement
13European and U.S. Documentation — A Bounded Comparison
14Covenant Fundamentals
15Financial Covenants — The Quantitative Guardrails
16EBITDA — The Number That Rules Everything
Part IV
Covenant Deep Dives
Restricted payments, debt and liens, asset sales and change of control, events of default, and the incremental accordion.
17The Restricted Payments Covenant
18Debt and Liens Covenants
19The Asset Sale Covenant and Change of Control
20Events of Default
21The Accordion and Incremental Facility
Part V
Amendment Mechanics and Restructuring
Liability management, amend-and-extend, guarantee and collateral architecture, UK restructuring tools, and distressed situations.
22Liability Management Exercises
23Amend and Extend Transactions
24Guarantee and Collateral Architecture
25UK Restructuring Tools
26Distressed Debt and Special Situations
Part VI
Analytical Tools
Credit analysis, working capital, rating agencies, corporate and LBO modeling, and landmark transaction case studies.
27Credit Analysis Framework
28Working Capital and Cash Management in LBO Structures
29Rating Agencies in Leveraged Finance
30Corporate Financial Modeling
31LBO Modelling — A Complete, Self-Contained Build
32Synthetic Credit Case — Asteron Mission-Critical Components
33Landmark Transactions — What the Public Record Shows
Part VII
Contingent Rights and Teaching Sensitivities
Selected provisions are mapped into legal states and contingent-payoff structures, then explored as teaching estimates under stated assumptions. Any residual is an illustrative diagnostic, not a market-price or trading conclusion.
34From a Quoted Spread to a Teaching Reconciliation
35A Guarded Taxonomy of Contingent Rights
36Building and Validating Teaching Sensitivities
37Designing a Fictional Teaching Estimate
Part VIII
Market and Regulatory Context
Secondary trading and loan operations, the European regulatory framework, tax, and ESG.
38Secondary Market Trading and Loan Operations
39The Regulatory Framework for European Leveraged Finance
40Interest-Limitation Rules in Leveraged Finance
41ESG in Leveraged Finance
Part IX
The Profession
What experience teaches, stakeholder communication, candid career advice, and building a personal brand.
42What Experience Teaches
43Communication and Stakeholder Management
44Career Advice — What Nobody Tells You
45Building Your Personal Brand in Leveraged Finance
Publication package
Read the condensed edition. Receive the long-form draft with a cohort seat.

The restored full Book remains a private working draft. Participants who reserve a seat in either cohort receive the then-current draft as part of the cohort materials. It may change and is not approved for public redistribution.