The last thing we need to do on the debt page is to bring all those mandatory repayments that were in the first lien and the second lien and the unitranche back into the cash flow available for debt calculations. So remember, we had to calculate them in the various tranches to make sure that we wouldn't overpay based on any accelerated payment but those mandatory repayments actually come out of the cash flow that is available to accelerate. So it sounds a bit circular, but it actually, it actually works quite well in this model. So all we need to do here is link the first lien mandatory repayment to the mandatory repayment line in J35, the second lien to the second lien in J44, and the unitranche to the unitranche mandated in J53.

So what I'll do is I'm just gonna go back to the beginning and select the first capital structure choice which is the standard structure. And what that'll enable me to do is just take a look at what's happening on this page. If I were to say have a 25% first lien repayment, what we see here is that the, first, I'll go down to the first lien. I see the mandatory repayment coming out of the first lien and that's reflected here in my cash flow calculation. So I've got cash flow available for debt repayment at 118, and then I go ahead and take out the mandated contractual repayment of 100 and that leaves me only 18.3 left for the revolver. I have none in the revolver. So it takes the 18.3 and then it applies, let's not forget our cash sweep governor of 75% which comes from our assumption here in J10. So we're taking 75% of the cash available and then applying that into the forecast, and that's gonna go into the accelerated repayment of the first lien. So that basically tidies up the remainder of the model. Now we could go through and, you know just see what happens if, you know, we had more mandated repayments which doesn't really happen in an LBO because it's a cash-constrained business model. So the last thing they're gonna do is, you know, wire in a bunch of mandated repayments. So in this case, what we're seeing here is that the company had 118.3 available for debt. But because I'm forcing the issue with these mandated repayments, what's gotta happen here to actually cover the 227 of mandated repayments, we actually need to borrow from the revolver to do that. And this is exactly why you don't see this in an LBO. In fact, you see less and less amortization of any kind of debt in LBOs because of this. So this model seems to be working so far. We will test everything again at the end and check all of our formulas before we copy, make sure we're all anchored in some of the cells. And the next thing to do would be to simply total up our total interest, total up our cash interest, and total up our debt formulas down the bottom so we can move on from the debt page. So the first thing we're gonna do is we're gonna total up our interest expense. And there are a few ways you can do this formulaically to just sort of make the clicking of sales go a lot faster. I just want to, for the purposes of demonstration, show you that what we're doing in each cell. So I'm gonna do it kind of the more manual, methodical way but there certainly are other ways of doing it. So for the total interest, and I'm gonna start from the top just so that I can kind of keep track of where we are with the debt. I'm gonna take the interest expense from the first lien.

I'm gonna take the interest expense from the second lien, the unitranche interest, the bridge loan interest. Now I've gotta be careful with the lease liability interest and the mezzanine interest because if you recall, they were actually both formatted to be positive. So I've actually gotta go ahead and be careful to flip just the interest now for the lease liability. We don't want the payment. The payment is a different calculation, right? We just want the interest here because that's what's gonna actually be tax deductible. And the reason why we're calculating our total interest here, again, total interest, both cash and non-cash is because of the tax deductibility of the interest. We want the interest for the lease liability and then we also want the opposite of the mezzanine. Now in many jurisdictions, not all of the interest is actually going to be tax deductible because of limits on tax deductibility of interest. That's just kind of a way to sort of keep this leverage situation from getting completely out of control. But in this case, we're not considering that in this model. I am just gonna put my formula out to the side here so we can track what we have here in our model. Now I'm gonna just do a quick scroll to the top and see if I have the interest. And what I seem to be missing at this point is actually the interest on the revolver. So I want to go in here and I want to add J29 to my revolver. And this is why it's important to have these kind of checks when you're going through a model to make sure that you've got everything you want. So I've got J29, 38, 47, 56, 62, and then the opposite of 67 and 70. The cash interest is going to be a little bit different. The cash interest is just going to be the sum of, starting with the very top this time, the revolver interest, the first lien interest, the second lien interest, the unitranche interest. There is some pick nowadays in unitranche, so we've gotta be careful of that and a more complicated model. But for this model, our unitranche is a cash interest paying financing and the bridge loan, as well as the lease liability, which again we have to flip to the negative as we discussed previously with the total interest expense. So that that is showing as a negative. Again, we're leaving out the mezzanine here because it is a non-cash interest expense. The next thing we need to do is complete our credit ratios. The credit ratios are gonna be very important to the analysis of the deal. So I'm going to start with EBITDA. I can get that from the cash flow statement pretty easily. I can also get my capex to EBITDA which is gonna be my EBITDA, less the capex which is a negative on the cash flow statement, so I will add that. And my total debt, the easiest place for me to get this would be on the balance sheet 'cause I've got all the debt lined up here. Right now, I don't have this wired in yet. That's a next step for us. So I don't really wanna link to this 'cause it's not something I can check right now. I could just wait a step, but we're here, we're gonna finish this. So what I'm gonna do is I'm just going to sum the various components and I'm not a big fan of, again, having to sum all of these individual rows. So we have to, you know, do it very carefully and make sure that we pick up all of the various tranches of debt. We've got the ending balance of the revolver, the ending balance of the first lien. We've got the ending balance of the second lien, the ending balance of the unitranche, the ending balance of the bridge loan, of the lease liability, and then finally, the mezzanine. We are not going to include the ending balance for the preference shares because they're technically an equity-like product. So now the ratio has become very easy with those metrics already calculated. We've got total debt over EBITDA, we've got total debt over EBITDA minus capex, we've got EBITDA over our cash interest. And we really should flip this to be a positive metric because it just doesn't work as a negative metric, doesn't make sense. It's misleading. And we'll do the same thing. We'll do the EBITDA minus capex over the cash interest as well. And then the percentage of total debt repaid, what this is, is a measurement of how much debt was repaid in a given year over where we started from in that at the beginning of that year. So the best way to do this is actually to take the total debt and copy that formula over to the previous year where we're picking up the balances that we carried into 2016 from the deal date. And then we'll just simply measure the change in those two and that amounts to 4.4%.

So again, that's just one minus the current year's balance over the previous year's balance. And that tells us that we paid down 4% of the debt outstanding at the beginning of the period in this period.