To calculate interest, we need to get a few pieces of information from the input tab. We'll need a base rate, a floor, and then a margin. So to calculate the interest rate, we'll take that margin, but it'll then be over the maximum of either the floor or the base rate. Let's go to the input tab then. So our base rate, if we go all the way down, is going to be LIBOR. I'm going to lock that by pressing F4. Our floor. Again on the input tab, it's over on the right-hand side. Is our revolving credit facility, and the floor, it's a zero. You might notice the margin is in the cell next door to it in J5. So I'm just going to copy that down and I'll change the K to a J. Now, our interest rate is then going to be that margin plus the maximum of either the floor or the base rate. In this case, being the base rate and getting us to an interest rate of 4.25%. To calculate the interest expense, we're going to take that interest rate and multiply it by the average of our revolver closing balances, 20 and zero. Getting us to a figure of north 0.4. However, those interest rates are annual figures. In this first period of the 31st December 18, we only have three months. So I need to multiply it by 3/12. And we can get that by multiplying by the post-deal percent. Next up, the commitment fee. The commitment fee is also on the input tab. So if we go to the input tab. And we can find it all the way down near the LIBOR.

RCF commitment fee of 1.5%. And again, I've locked that. So I take that figure. I'm going to multiply that by the average of the undrawn amounts. Because a revolver, if you don't use it, you still need to pay a commitment fee to have that facility available to you. So, that gets a figure of 1.4. Both of those interest figures, I want them to be negatives. Because they're going to flow up into the model elsewhere. And I'm now going to add those two together.

Don't forget that commitment fee also needs to be multiplied by the post-deal percent. This column is done. But when I copy to the right, I need to be a little bit careful. Those post-deal percents, I need to get rid of them. So I've still got the post-deal percent in my formula there, but I'm now looking at a full year's worth of interest. So I need to get rid of that.

Fantastic. So that's our revolver interest done. The three-month period in 18, slightly different to the annual period in 19. We now need to repeat that kind of thing in the next two items down. Firstly, the refinancing facility. My base rate, I need to do the same thing as I did in the previous one, but we're going to do the MAX formula here. I'll take the maximum of LIBOR. And, up in case 6, we have a floor of north 0.25%. Going to lock that by pressing F4.

That gets me a max of north 0.5. I then want to add that margin on top of that. Margin of 7.5%, lock that again. The interest rate is the sum of those two. And the interest expense, the negative interest rates times by the average of my two closing balances regarding the refinance facility. Again, we need to be a little bit careful in the period to December 18. We need to multiply that by the post-deal percent. But then when I copy it to the right, I need to make sure that I get rid of that post-deal percent multiplication.

Let's go down to the term loan B. We need to do exactly the same thing there as well. My base rate, I want the maximum of two figures on the input tab. So go down. Input. C21 again, that's our LIBOR. And the floor that we've got for term loan B in K8.

Gets me to a base rate of north 0.5%. Margin also comes from the input tab.

I find that in J8, 4.25% Add the two figures above together. And then take that and multiply by the average of my two closing balances. Remember, I do need to multiply that by the post-deal percent.

Getting me to 9.5. Remember, I do want to have that as a negative.

And when I copy that to the right, I want to make sure that I get rid of that post-deal percent.