Example: acquirer buys target for 15,000. Sources: 8,000 new equity, 5,000 new debt, rest cash. Refinance target debt 2,465. What does S&U look like?

Uses are purchase price 15,000 plus target debt refinancing 2,465, so total uses are 17,465 before fees. Sources are new equity 8,000, new debt 5,000, and cash as the plug. Cash required is 17,465 - 8,000 - 5,000 = 4,465. If fees are added, they increase uses and therefore increase the cash plug unless funded with more debt or equity.