LevFin Academy introduced a restricted-payments builder basket as a path-dependent call on cumulative net income, featuring four drafting postures, a CNI path for flexing, and a zero floor that changes the payoff.

Build the model. Read the covenants. Defend the financing case. LevFin Academy is live, practitioner-led training in corporate financial modelling, covenant analysis and leveraged finance. Work through one company across four connected sessions—not four disconnected lectures. WHAT YOU WILL WORK ON • Corporate modelling: connect operating drivers, the three statements and cash flow. • Covenant engineering: analyse debt permissions, restricted payments, security and control rights. • The leveraged finance model: test how business performance and financing terms affect debt and equity. • Origination: turn analysis into an evidence-backed financing case. HOW YOU LEARN Four live, three-hour online sessions. Working Excel models. Group Q&A with the instructor. Lifetime access to recordings, including future cohorts. Led by Federico Etchelecu, drawing on 20 years in leveraged finance across European sponsor and corporate transactions. LevFin Academy is an independent educational initiative. WHO IT IS FOR Analysts, associates and practitioners in private credit, leveraged and acquisition finance, and investment banking. Confident Excel and corporate-modelling skills are expected. TRY THE APPROACH FIRST Explore our free operating-scenario and covenant labs: change the assumptions and trace the consequences. These are educational illustrations—not legal advice or calibrated market prices. Our corporate-finance and option-pricing research framework is in development. READY TO WORK THROUGH IT LIVE? Explore the curriculum, compare the available cohorts and reserve your seat at https://levfinacademy.com/. Follow this page for practical modelling questions, covenant mechanics and programme updates.