How do you treat Schuldscheindarlehen (SSD) as a net debt item in DACH acquisitions?

Schuldscheindarlehen are debt instruments and should generally be included in gross debt / net debt. Review maturity, fixed versus floating rates, covenants, change-of-control clauses, repayment penalties, and whether they need refinancing at closing. In valuation, treat them like other financial debt unless deal terms create a specific adjustment.