Art of M&A: Financing and Refinancing (Hardcover)

by Alexandra Reed-Lajoux (Author), J. Fred Weston (Author) "The worlds of mergers and money intersect in the topics of M&A financing and refinancing..." (more)
Key Phrases: pushdown accounting, bridge lender, junior lender, United States, New York, Federal Reserve (more...)

Editorial Reviews

Product Description
"M&A financing and refinancing can be a path to progressNstarting today, as you read the ideas in this book and dream up your own." --Alex Sheshunoff, From the Foreword. The expansion of a business through merger or acquisition involves experience. Wisdom. The ability to envision how two or more combined companies can equal far more than the sum of their parts. It also involves, more often than not, the use of "other people's money." THE ART OF M&A FINANCING AND REFINANCING tells you how to obtain and repay that money, taking the complex, technical aspects of M&A finance and making them clear, understandable, and applicable to your situation. This comprehensive reference handbook points you to all the facts, figures, names, and places you need to finance your next deal. Unique in that it concentrates solely on the most fundamental component of the M&A transactionNmoneyN THE ART OF M&A FINANCING AND REFINANCING provides clear-headed advice and guidance on: The key financial sources and instruments you can useNfor any kind of deal; How to select the most appropriate type of financingNdebt, equity, or a combination of the two; Financing via debtNloans, bonds, and leasesNand the virtually infinite ways to borrow or lend; Tactics to consider in contracts, including contingent payments, earn-outs, and equity kickers; How to determine when refinancing is necessaryNand plan for it as a probability; How volatile global events affect economic systemsNand the impact this has on M&A financing and refinancing; Debt/equity hybrids and the vehicles through which they travelNincluding mezzanine financing and seller takeback financing. The ability of one company to acquire another has helped companies throughout history grow stronger, more vibrant, and more competitive. Just as your business must establish satisfying relationships with external vendors and suppliers for its component parts and services, it must also become accustomed to using external financing for growth. Let THE ART OF M&A FINANCING AND REFINANCING show you how to combine the "Main Street" of commercial banking with the "Wall Street" of investment banking, and help you stay on the profitable side of the M&A success ledger.

From the Back Cover
State-of-The-Art strategies to obtain--and repay--the financing you need to grow your business. Ideas may be the brain and personnel the muscle, but money is the lifeblood that allows a company to flourish in today's crowded global marketplace. In The Art of M&A Financing and Refinancing, today's preeminent M&A authorities--Alexandra Reed Lajoux and J. Fred Weston--take you straight to the sources of that money, drawing on their considerable combined expertise to clarify every aspect of the use of outside financing to expand a company. In the clear, concise Q&A format that has become a hallmark of McGraw-Hill's Art of M&A series, Lajoux and Weston explain how to develop a strategic vision for M&A financing--and how to use the correct tools to turn that vision into a reality. They detail key topics such as: how to chosse and locate the most appropriate type of financing--debt, equity, or hybrid; the roles of the intermediaries--backers, lenders, or underwriters--who play such a vital role in M&A financing; legal, tax, and accounting questions commonly encountered while financing a merger. The financing of mergers and acquisitions, whether local mom-and-pop collaborations or multibillion dollar global megadeals, is indispensable to survival and growth for many companies in today's highly competitive economic climate. The Art of M&A Financing and Refinancing covers the entire spectrum--from basic definitions of financing to taxation of international deals--and makes understandable the complex, technical aspects of M&A financing and refinancing.

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Product Details

• Hardcover: 457 pages
• Publisher: McGraw-Hill; 1 edition (June 14, 1999)
• Language: English
• ISBN-10: 0070383030
• ISBN-13: 978-0070383036
• Product Dimensions: 9.1 x 6.3 x 1.5 inches
• Shipping Weight: 1.8 pounds
• Average Customer Review: 4.3 out of 5 stars See all reviews (3 customer reviews)
• Amazon.com Sales Rank: #947,092 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

3.0 out of 5 stars Poor format hides content., January 13, 2000

By A Customer

The entire book is a set of questions and answers, so while it may be useful for certain specific reference areas, it lacks in executive detail and depth- and is not readable cover to cover. As a third text on the topic, it is useful. Not to be too negative, there is a lot of good information tucked away in here.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Expert guide, makes a complex subject understandable, August 1, 1999

By	James Mcritchie "Publisher of CorpGov.Net" (Elk Grove, CA USA) - See all my reviews (REAL NAME)

Almost a third of companies with sales between $75 and $500 million expect to be involved in a merger or acquisition in the near future. Defaults in the junk-bond market are expected to top 4.5% of outstanding issues in 1999, compared with 3.4% in 1998. Surging defaults in a strong economy point to the need for a comprehensive book on how to use "other people's money," while making something for ourselves in the process.

The Art of M&A Financing and Refinancing uses a reader friendly question and answer format to easily explain lofty global concepts such as currency exchange rates and fluctuations that can affect your M&A financing, as well as the gritty details of how to calculate the cost of your proposed debt. Want to know where to obtain financing online or the tax consequences of postacquisition debt? What are the going percentages on various types of collateral? What covenants do junk bonds normally contain? What are the advantages of a private equity placement? Here you will find the answers from two well known experts in the field. While only half of all corporate mergers live up to their promise, your chances of success will greatly improve by utilizing the information contained in this comprehensive handbook.

Highly recommended by the editor of CorpGov.Net

5.0 out of 5 stars M & A Classic, November 4, 2005

By	Vance D. Dunn "Zen and Business" (North Carolina) - See all my reviews (REAL NAME)

As a handbook, this reference serves a very comprehensive purpose. In the author's words, any book on M&A financing and refinancing is "about both mergers and money;" but, in these pages they have focused on the vital intersection of these two economic phenomena. In it's easy to use question and answer format, you will find it very user friendly and extremely informative. Must a company use it's own money or find some form of financing? What form of financing? From basic definitions and assessment to debt-based, equity-based financing to refinancing strategies and typical regulatory, tax and accounting issues, this book is an invaluable resource for any business. For further reference (and enjoyment), see the sections on the macro- and microeconomic aspects of global M&A financing. This book should be on the shelf of every business person.