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LeadAfrik
Intermediate · Self-paced2026 Edition

Corporate Financing

How companies raise capital. Capital structure theory, equity vs debt, IPOs and follow-ons, bank loans and bonds, mezzanine, convertibles, private equity, venture capital, project finance, trade finance, M&A financing including LBOs, sukuk and Islamic finance, African capital markets, and what happens when a capital structure breaks. The CFO's curriculum.

12

Modules

~10h 20m

Reading time

Intermediate

Level

Self-paced

Format

§

Syllabus

  1. 01

    The financing decision

    When to raise, how much, what mix. The single most consequential decision a CFO makes — and the framework for thinking about it.

    ~45 minModule 01
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  2. 02

    Capital structure — MM, tradeoff, pecking order

    Modigliani-Miller's irrelevance result; the tradeoff theory (tax shield vs distress cost); the pecking order. Why theory matters even when reality deviates.

    ~55 minModule 02
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  3. 03

    Cost of capital — WACC, CAPM, debt cost

    Cost of equity from CAPM. After-tax cost of debt. Weighted-average cost of capital. The discount rate every DCF uses.

    ~55 minModule 03
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  4. 04

    Equity financing — common, preferred, IPO, follow-on

    Common shares, preferred shares, IPO process, follow-on offerings, rights issues. The mechanics of selling pieces of the company.

    ~55 minModule 04
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  5. 05

    Debt financing — bank loans, bonds, convertibles, mezz

    Senior bank debt, public bonds, convertibles, mezzanine. Each instrument's seniority, cost, and trade-off.

    ~55 minModule 05
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  6. 06

    Private equity and venture capital

    Fund structure (GP/LP, carry, J-curve). VC's seed-Series A-B-C ladder. PE's buyout-and-improve playbook. The economics of the asset class.

    ~55 minModule 06
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  7. 07

    Project finance — non-recourse, SPVs, off-take

    How power plants, toll roads, and pipelines get financed. SPV structure, sponsor support, completion guarantees, off-take agreements.

    ~50 minModule 07
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  8. 08

    Trade finance — LCs, factoring, supply-chain finance

    Letters of credit, documentary collections, factoring, supply-chain finance. How cross-border trade actually gets financed.

    ~45 minModule 08
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  9. 09

    M&A financing including LBOs

    Cash deals, stock deals, mixed consideration. LBO mechanics: bridge financing, high-yield bonds, mezzanine, equity contribution.

    ~60 minModule 09
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  10. 10

    Sukuk and Islamic finance

    Shariah-compliant financing. Sukuk vs conventional bonds, mudaraba, murabaha, ijara, musharaka. A growing financing channel for African issuers.

    ~45 minModule 10
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  11. 11

    African capital markets — NSE, JSE, NGX, Eurobonds

    Where African corporates actually raise capital. Domestic exchanges, Eurobond markets, the role of AfDB and DFIs, the cross-listing question.

    ~50 minModule 11
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  12. 12

    Distress and capital-structure restructuring

    When a capital structure breaks. Debt-for-equity swaps, recapitalisations, rights issues at deep discounts, the workout playbook from the financing side.

    ~50 minModule 12
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How to use this course

Start with module 01 if the material is new; skip ahead if you have prior exposure. Each module is self-contained but the arc is sequential — the projects in the final module assume the toolkit from modules 1-11. Every module ends with key takeaways and a curated further-reading list with primary sources.