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Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to: euromoney@vatit.com  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

RECLAIMING YOUR VAT WITH VAT IT

Course details

  • 1 alternative dates available
  • Date
    02-03 Aug 2018
  • Duration
    2 days
  • Price
    £2795 +VAT
Download course brochure

Loan Structuring, LBOs & Acquisition Finance

Analyse credit risks & ensure you can forsee downside risks
  • This course is module 2 of Corporate Credit Analysis School


    This course comprises three days of training in the fundamentals of corporate credit analysis, followed by the two days of training in debt structuring, acquisition finance and LBOs. You can attend either or both modules.

    After completing this course, you are invited to attend the 4-day Advanced Credit Analysis Course to take your knowledge even further.

    Through every business cycle, banks and other financial institutions lose billions of dollars as a result of their failure to analyse credit risk correctly and foresee downside risks. Even if these institutions do not suffer direct financial losses due to default / market movements, they may be receiving an inadequate return for the risks involved.

    Given the increasing use of leverage by both the private and public equity markets, combined with heightened sovereign and geo-political risks, in-depth credit analysis is essential to avoiding credit and currency losses.

    Led by a former Lehman Brothers & Credit Suisse First Boston Credit Analyst & Company Valuation Specialist with over 17 years’ experience, this course will show you how to analyse corporate credit risk and how to assess an appropriate return. It does not extend to the analysis of banks, insurance companies or structured vehicles.

    How will this course assist you?

    The course will help you create a framework for credit analysis that can be applied to a wide range of corporate credit situations. Through case study analysis you will learn to analyse thoroughly different types of corporates to allow you to make sound business decisions.

    During the first 3-day module, you will:

    • Review the main types of lending facilities, including loans, bonds and specialist credit products
    • Undertake detailed quantitative risk analysis including key credit ratios
    • Undertake financial modelling and forecasting in Excel
    • Practice how to apply sensitivity analysis
    • Analyse qualitative risk: sovereign, industry and company specific
    • Analyse the impact of corporate finance activity on credit quality
    • Analyse leverage in detail, including the determinants of leverage and the benefits to shareholders
    • Review credit ratings and the rating agencies’ approaches
    • Analyse the factors that determine credit pricing and assess whether credit investors earn sufficient reward for their risk over the credit cycle

    During the second 2-day module, you will:

    • Review structural factors such as ownership, double leverage, structural subordination and contractual subordination
    • Examine how to structure a firm’s debt funding
    • Review the markets and products for acquisition finance
    • Review the main considerations for structuring acquisition finance
    • Analyse and model leveraged buyouts
    • Review documentation, with a particular focus on covenants


    Who Should Attend?

    • Bank credit officers
    • Investment bankers
    • Management consultants
    • Bond credit analysts
    • Fixed income/credit traders
    • Fixed income/credit sales people
    • Fund managers
    • Treasurers
    • Compliance officers
    • Financial decision makers in corporations
  • Debt structuring, acquisition finance and LBOs

    • Structural factors
    • Shareholder structure
    • Ownership and support
    • Structural and contractual subordination
    • Double leverage
    • Risks from related parties and from lending to a group structure
    • Impact of structural issues on ratings


    Debt structuring - techniques and principles


    Reviewing the cashflow forecasts

    • Matching debt to cashflows and the asset base
    • Cashflow based lending versus asset based lending
    • Structuring the debt to include flexibility for different cashflow outcomes
    • Debt repayment and roll-over strategy
    • Debt maturity profile


    What type of debt?

    • Review of the advantages and drawbacks of bonds, term loans, RCFs, working capital funding, private placements, commodity linked debt, convertible debt, equity linked debt etc
    • Secured versus unsecured; recourse versus non-recourse; bullet versus amortising; fixed versus floating; currency factors
    • Diversifying sources of funding
    • Certain debt features - accordians; variable pricing; cashflow based covenants
    • Recourse versus non-recourse


    The capital structure

    • What is an acceptable or optimal capital structure?
    • WACC considerations
    • Shareholder and ROE considerations


    Day 2 - Acquisition Finance


    The market for acquisition finance

    • The main participants
    • Market size and developments


    What type of acquisition?

    • Full control, partial control, minority stake
    • Asset purchase versus company purchase


    Types of finance

    • Bridge facilities
    • Acquisition finance for sub investment grade deals
    • Acquisition finance for investment grade deals
    • Loans and investment grade bonds - main features
    • Leveraged loans, mezzanine, junior debt and HY bonds – main features
    • Recent transaction examples


    Procedures

    • Vehicles for acquisition finance
    • Regulated and listed entities
    • Structures and documentation
    • Security


    Leveraged buyouts

    • Rationale to LBOs
    • Structuring an LBO
    • Reviewing a comprehensive LBO model and applying scenario analysis
    • Quick method of modelling and analysing an LBO
    • Assessing returns to equity and subordinated lenders


    Documentation and covenants

    • What is the purpose of the loan and is it related to the repayment sources?
    • What is the structure of debt facilities?
    • Reps and warranties, conditions precedent, negative pledge
    • MAC clauses, events of default, cross default, equity cures etc
    • Covenant definitions (financial), including off-balance sheet liabilities
    • Covenant definitions (nonfinancial)
    • The nine key covenants for event and recapitalisation risks

  • Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course.

    Our Tailored Learning Offering

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Sarah Martin

    Banks and other financial institutions can lose billions of dollars annually due to their failure to analyse and anticipate credit risks correctly. That's where my training course comes in.

    Biography

    Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.