Calculator
Which financing structure for a company
The selector calculates leverage after the transaction, places it against the thresholds of the European Central Bank and lists the financing structures to consider.
Leverage after the transaction
4.50x
Leverage exceeds 4x EBITDA. The ECB classifies this financing as a leveraged transaction.
Structures to consider
Market benchmarks
- 42% of the corporate private debt amounts invested in France in 2025 financed refinancings.
- 27% of corporate private debt transactions in France in 2025 closed without an equity investor.
This selector gives a first reading and does not bind any lender.
Method
The rules of the selector
The selector classifies leverage after the transaction against the two thresholds of the European Central Bank: 4x EBITDA for a leveraged transaction and 6x for the level to keep exceptional. Assets available as collateral add asset-based financing to the structures to consider.
Leverage
Leverage after the transaction = net debt after the transaction ÷ EBITDA
Up to 4x EBITDA
Syndicated loan or club deal, Euro PP, unitranche
Above 4x EBITDA
From 4x to 6x: unitranche, senior debt and mezzanine. Above 6x: mezzanine, PIK and equity
Example
Worked example
A company generates €20.0m of EBITDA and will carry €90.0m of net debt after a refinancing of €60.0m. Its leverage reaches 4.50x. It exceeds the 4x EBITDA threshold of a leveraged transaction. The selector retains two structures to consider: the unitranche, then senior debt topped up with mezzanine.
Benchmarks
Size and purpose of private debt transactions
| Debt type | Average amount |
|---|---|
| Unitranche | €78.9m |
| Senior debt | €27.1m |
| Mezzanine and subordinated debt | €19.7m |
| All transactions | €43.4m |
Calculated average: amounts invested divided by the number of transactions.
| Transaction type | Transactions 2025 | Amounts 2025 | Share of 2025 amounts | Amounts 2024 |
|---|---|---|---|---|
| Refinancing | 94 | €6,275m | 42% | €2,641m |
| Buyouts | 123 | €5,138m | 34% | €5,314m |
| External growth | 70 | €2,658m | 18% | €3,131m |
| Organic growth | 28 | €686m | 5% | €500m |
| Asset finance | 27 | €94m | 1% | €42m |
| Total | 342 | €14,849m | 100% | €11,628m |
Scope: corporate debt excluding infrastructure, activity in France of French and foreign funds.
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