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Chapter 11 Sources of Long-Term Finance: Debt Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 11–1 Prepared by Dr Buly Cardak Learning Objectives • Explain the general characteristics of long-term debt. • Identify and explain the features of the main types of long-term loans. • Identify and explain the features of the main types of marketable long-term debt securities. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 11–2 Prepared by Dr Buly Cardak Learning Objectives (cont.) • Identify and explain the main features of project finance. • Understand the role of interest rate swaps in managing debt. • Identify and explain the features of securities that have the characteristics of both debt and equity. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 11–3 Prepared by Dr Buly Cardak Introduction • ‘Long-term debt’ is debt with a term to maturity greater than 12 months. • Long-term debt typically comprises more than half of the total debt of listed Australian companies. • Two broad types of long-term debt: – Loans from banks and other financial intermediaries. – Funds raised by issuing marketable debt securities such as corporate bonds. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 11–4 Prepared by Dr Buly Cardak General Characteristics of Long-Term Debt • Debt — contract where borrower promises to pay future cash flows to lender. • Debt contract specifies the size and timing of interest payments and how they are calculated. • May specify if there are assets pledged as security, if debt is transferable, any other restrictions on and rights of the parties. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 11–5 Prepared by Dr Buly Cardak ... - tailieumienphi.vn
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