Understanding Complex Debt Instruments: Convertibles, Mezzanine, and Structured Debt

An India-focused, advanced course on the financing instruments that sit between plain vanilla debt and common equity, built for CFOs, finance controllers, corporate development teams and late-stage founders. Map where hybrids sit in the capital stack and learn the Indian toolkit: NCDs, CCDs, OCDs, CCPS, FCCBs and warrants. Take a convertible apart into conversion price, ratio, premium and parity, value it as a bond plus a call option, and see how Ind AS 32 split accounting and diluted EPS change the reported numbers. Study the FCCB boom and bust through the Suzlon experience, and how CCDs and CCPS are used in pre-IPO and strategic deals. Price mezzanine finance through cash coupons, PIK interest and equity kickers, understand promoter and holdco funding from Indian AIFs and NBFCs, and see what subordination and intercreditor terms mean for recovery under the IBC. Work through securitisation with PTCs and direct assignment, market-linked debentures after the 2023 tax change, covenants, escrows and cash waterfalls, and SO and CE rated obligations. Finish with a framework for matching the instrument to the situation, the term sheet clauses that quietly move value, and two case studies: an illustrative comparison of three ways to fund a ₹500 crore acquisition, and the role of convertibles in Tata Steel's acquisition of Corus.