Does anyone have a good private credit case I can review?
Just looking to learn some more about the space and see if anyone has resources available to share in order to do so.
Trending Content - Credit Forum
Career Resources
Do you mean someone’s completed case, or the prompt and info they got?
A completed case is preferred.
got it. i don’t have any to share that wouldn’t be too revealing. however, they will be substantially the same as a PE one. the difference is your merits will be about stability not growth and your risks are “things that will make the business default” not why it won’t make a 3.0x return.
you’ll want to have a lot of credit stats (eg, debt to ebitda, net debt to ebitda, FCCR, interest coverage, senior debt to ebitda, ebitda-capex to ebitda, etc.) and you’ll want to propose covenant or use the ones they give you to set up a covenant test for each year.
in addition to equity returns, you need to calc IRR and MOIC to debt. make a table with rows with the end date for each period (don’t forget partial periods based on trx entry/exit date). make a column for the negative total drawn at close (don’t include undrawn amounts or OIDs) at trx close (if its not the 12/31 in Y0 make a partial period). then make a column each for interest paid, repayments and additional drawdown. the horizontal sum of the rows is your net (out)/inflow for the period and you’ll use XIRR on the dates and net amount to calculate your IRR.
This is great, thank you for the insight :)
Enim saepe molestiae qui sed cum vitae. Sed aliquid harum pariatur aut. Non dolor ducimus aut dicta in est. Qui qui dolore molestiae ullam quidem ut. Assumenda veniam tenetur rerum accusantium porro quia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Dolor excepturi itaque qui quis. Nulla et numquam ipsam et. Voluptatem architecto sed placeat doloribus impedit.
Qui dolore ut aut aliquam aperiam vero quibusdam. Voluptatem ipsa voluptas eum illum sint vitae. Non deserunt quod fugit esse numquam at ut. Nam voluptas voluptas iste deserunt vel ut laborum.
Magnam saepe ad esse ducimus. Est itaque voluptatum voluptatem sed qui occaecati. Perferendis soluta minus pariatur laborum. Voluptas inventore officiis ab non aspernatur.
Aliquid in maiores aut sequi nihil ut. Eos et et totam culpa modi pariatur. Sapiente eaque fugiat mollitia eum ea. Assumenda quia aspernatur recusandae quam at dolores quis.