Putting interest into the income statements can just start with amortization of OID. So it's not actually interest, our first one. Let's go find that. It's on our debt schedule. It's a long way down. It's all the way down in row 174. There it is, nort 0.3. Now that does not create a circular, therefore we can just put it in there without a switch. I need to do something similar for mezzanine that's also not going to create a circular. So let's go do that. And I've got that in row 153. Great, those two are in. The remaining items all create a circular. So I'm going to use that if switch. So if the switch equals a one, give me interest. If it doesn't equal a one, just give me a hard-coded zero. So I'm doing this for the revolving credit facility. I'm in column I of the deal date tab. I want to go to column I of the debt schedule. All of the interest items are handily grouped together up near the top. And in row 36 we can find interest on the revolving credit facility of nort 0.4. So if the switch is on, give me that. Otherwise, give me a hard-coded zero, and I can copy that all the way down to high yield, and I can copy that formula down into interest income. At the moment, it's linking to row 43. I want to link it to row 44. So I'll just go double check. Row 44 is correct and there it is, interest income. So the three-month period to December '18 is now done in the income statements. There's just one correction we need to make down in the cash flow statement. So on the deal date tab, scroll all the way down and it's the mezzanine. At the moment, it says we've got an issuance or repayment of mezzanine of 2.5, and in this case it's an issuance. If we go to the debt schedule and we scroll down and find the mezzanine, I can find that my opening balance was 100, the ending was 102.5, which initially looks like an issuance, but actually it was just the accrued interest. So there has not been an issuance or repayment of debt here. That means on the deal date tab, I need to correct this slightly. At the moment, it's linking up the difference between I83 and H83. That's looking at the differences between the two debt balances. What I want to do, is I want to just strip out the effect of that interest. So I'm going to add that negative interest. So that will cancel out what looks like an increase in debt.

Give me an issuance repayment of mezzanine of zero. Great, deal date is done. We move on to the deal model. I'm now in column J, so I now do the year to December '19, and then I can copy everything to the right. And I pretty much need to do the same thing again. Amortization of OID, I go to the debt schedule. I'm linking down to row 174. Be careful, I want to go for column J, so that is the 1.3. I'm going to do the mezzanine as well, while I'm here. Mezzanine, the interest there was 10.3.

So if switch equals a one, give me interest, otherwise give me a zero. So this is for the revolving credit facility. At the top of the debt schedule in row 36 we've got the revolving credit facility and it's the 1.5 I want there, otherwise zero. Don't be worried by all those hash values that I've got on the screen there. That's because I'm revealing my formulas to you and it's just causing that hash value. Great, I can then copy that down to high yield. Then I can copy that also and paste into interest income, but change the 43 to a 44. I'm just going to double check our cash flow statements. Okay, if I look at the mezzanine, I can see that in column J, so J116 here, I've got the difference between the two balance sheet items, but I then add back that interest item. So the cash flow statement here is now okay.

It's time to turn interest on. So I'm going to go back up to the top of the deal model tab. Now I'm looking at the right place on the deal model tab. Let's turn the switch on on the info tab. There's our circular switch. I'm gonna change that from a zero to a one. You might get that error. That's because we haven't allowed iterative calculations. So I'll press alt+FT. That brings up my Excel options. I go to formulas and I enable iterative calculations. That is now allowing the circular to run. So if I go back to the deal model tab, I'm gonna copy all of these figures to the right, and we've now got our finished figures. All of these figures from column I, they're coming from the deal date tab. All of these figures from column J onwards, from the debt schedule. A good way to check your figures is to check that your net income is correct. You should have 4.6 in your deal model income statement for column I and 43.1 in column J.