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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
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