Liquidity is cash plus what you can actually draw — the borrowing base caps the revolver long before the commitment does.
The lenders’ advisor wants the liquidity page before tomorrow’s steering committee. Cash plus whatever is still available under the revolver is where the period opens; operating burn (the cash the business eats), asset sales and the restructuring fees walk it down to an ending number; the cushion against the minimum-liquidity covenant is the answer the room is waiting for. Availability is capped by the borrowing base — the collateral the lenders will actually lend against — not by the commitment, once the collateral shrinks. Build the page across Base, Downside and Severe, and flag every case that breaks the covenant.
Alt walks: tap Alt, release, then the letters in sequence — each key steps one ribbon menu. On a Mac, tap ⌥ and use the same letters (KeyTips, Excel 2024+).
Shift+→⇧→ on macExtend selection one cell
Nudge a selection one cell at a time when the block you need doesn’t end at a data edge.
Shift+↓⇧↓ on macExtend selection one cell
Ctrl+R⌘R on macFill right from the cell to the left
Same as fill down, but across — one quarter’s formula becomes the whole year in two keystrokes.
Ctrl+B⌘B on macBold
Bold marks structure: titles, total rows, anything the reviewer’s eye should land on first.
Alt h b p⌥ h b p on macTop border
Top border above a total row — the accounting ruling that says “this line sums the ones above.”
Alt h f c⌥ h f c on macFont color
Font color: blue inputs, black formulas — the oldest convention in banking models, still enforced.
functions you'll type: MIN() · SUM()
the par-setting sequence, straight through:
C8 → =MIN(C5,C6)-C7 · C9 → =C4+C8 · C13 → =C9+SUM(C10:C12) · ctrl+b + alt h b p · C14 → =C13-$C$17 · fill across · alt h f c red on the breach · ctrl+s