The executive summary should be a two pages, summarizing the issue, the analytical approach used, findings, recommendations and justification. It should answer the following questions:
1. Is Equate an attractive investment opportunity for the sponsors? What are the expected internal rates of return for equity investors? For subordinated debtholders?
2. Are the returns commensurate with the risks? What are the major operating and financial risks? What is the minimum debt service coverage ratio (DSCR) for the term loans only (for total debt including the subordinated debt)? When does it occur and why? What is the average DSCR and what does it tell you?
a. DSCR= Cash available for Debt Service (CADS) / (Principal + Interest)
b. Average DSCR = ΣDSCRi / #years, where #years is the number of years with debt outstanding.
3. Should the sponsors use a tranche of Islamic finance? If so, how big should it be and what form should it take (istisna�, murabaha, or ijara)?
4. How would the inclusion of an Islamic tranche affect the deal? How would you address these complications?
5. How much of the Islamic tranche should TII underwrite?
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