Series 79 case studies

Series 79 · Put your knowledge to work in context.

The Series 79 - the Investment Banking Representative Exam - is a FINRA qualification exam that assesses the competency of an entry-level registered representative to perform the job of an investment banking representative. It measures the knowledge needed to carry out the critical functions of the role, including advising on or facilitating debt or equity securities offerings through a private placement or a public offering, and mergers and acquisitions. The Series 79 case studies are 5 cases and about 3,315 words.

Building a Defensible Adjusted EBITDA for a Leveraged Financing

Meridian Industrial reports trailing-twelve-month EBITDA of 48.2 million. The figure includes a 6.5 million litigation settlement gain, 3.1 million of restructuring charges, and 4.0 million of stock-based compensation.

669 words, about 3 min 2

Covering the Syndicate Short After an IPO Breaks Issue

Westbrook Technologies prices a 12,000,000-share IPO at 18.00 per share. The underwriting agreement grants the syndicate a 1,800,000-share over-allotment option and a 7.0% gross spread; the bookrunner holds 50% of the economics and three co-managers split the rest.

586 words, about 3 min 3

Shelf Eligibility, PIPE Integration, and an Affiliate's Secondary Sale

Halcyon Therapeutics completed its IPO eight months ago. It has 80 million shares outstanding, a 1.4 billion market capitalization and a 900 million public float, and has filed all periodic reports on time.

674 words, about 3 min 4

Accretion/Dilution and Synergy Phasing in a 50/50 Cash-and-Stock Deal

trades at 64.00 with 100 million shares, 320 million of net income, and a 20x P/E. It has agreed to acquire Talbert Industries - 30 million shares, 45 million of net income, and 300 million of existing debt at 6.0% - for 48.00 per share, or 1.44 billion.

660 words, about 3 min 5

Exchange Offer, Exit Consents, and the Holdout Decision

Cascade Resources has 800 million of 8.5% senior unsecured notes due 2026 trading at 58, and a 200 million revolver that is fully drawn, secured by all assets, and costs 7%. Trailing EBITDA is 95 million against 82 million of annual cash interest.

726 words, about 4 min