Mezzanine debt is so called because it has both debt characteristics and equity characteristics. Towards the end of this model, the equity characteristic will show itself. We'll be given some equity to the mezzanine debt holders, and that will improve their overall return. But here in the debt schedule, we're just going to see the debt characteristics at play. So we start in column H, this is my closing balance from the previous period. And for this, I'm going to have to go to the input tab to see how much mezzanine debt we borrowed at the beginning. It's in our sources of funds, and it was 100. That becomes our opening balance. Now, something particular here is that we've got non-cash accrued interest being the next line item. This is because this mezzanine won't pay cash interest. Instead, the interest, which is still an expense, it gets accrued, i.e., it gets added onto the beginning debt. Interest is calculated towards the end of an LBO model. So we're going to skip straight over that and onto the repayment. There's no accelerated repayment available here. So, we're just going to take the opening balance plus any accrued interest. And we're going to multiply that by our assumption right up at the very top. So, in this column, we can see that the repayment will be 0% of what we just calculated. And I just need to make sure that I put an equal sign at the beginning.

So my closing balance is the sum of the items above. Now, that non-cash accrued interest, that will be calculated underneath here. But again, that happens towards the end of the model. So we move on to the capex facility. The capex facility starts with last period's closing balance. Again, we get that from the input tab.

And we had zero drawn down. However, we did have an undrawn portion, i.e., the whole facility. Again, we can go find that on the input tab. Our capex facility was 200. Now, I'm going to lock onto that because our undrawn portion is going to be impacted by the amount that we've actually drawn down. And that'll be totaled up in our closing balance, giving us 200. My opening balance next period is the zero, but then I need to ask how much I'm going to drawdown. Well, I'm going to take the undrawn portion. I'm going to lock onto that. And then I'm going to multiply that by the assumption right up near the top. Capex facility drawdown in this period is going to be 25%. Now, our repayment, I'm going to start off by taking the minus minimum because it might be the minimum of two things. The first one is going to be linked to our assumption. Now, our assumption is going to be up in row 17, Capex facility mandatory repayment. I want to decide what am I going to multiply that by. Well, that mandatory repayment assumes that we've drawn down the full facility. So I want to multiply that by the facility amount. I could go to the input tab, but alternatively, I've got that full facility there in that very first cell. Now, I want to make sure I lock onto that because it is 25% of the facility rather than the undrawn portion. So that's one of our figures. However, it may be the case that I don't actually owe that amount. So I want to add in together my opening balance plus any drawdown. And I want the minimum of that or the assumption. Fantastic. At the moment, we're paying off nothing. So our closing balance is the three cells above added together, the opening balance, plus the drawdown, minus the repayments. And our undrawn portion, I can copy that from the left-hand side to the right. We've got 50 drawn down. And we've still got 150 undrawn.