for top RX groups, how long should it take to get very technically strong. at a target w/ a good profile and beginning to hit prep and the books rn. Curious how long it took previous prospective SAs to get comfortable with topics/technicals.
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A few months. U need conceptual understanding for this because all the technical hardos are drawn to Rx
A few months. U need conceptual understanding for this because all the technical hardos are drawn to Rx
should be fine starting now?
I will be working in rx at an EB next summer and started prepping late December and processes starting kicking off in mid to late January but I already had a pretty strong foundation in the normal techs by then.
Just use the restructuringinterviews website and if you understand their guide you’ll be good.
Another thing is an rx deal is super important know inside out and to talk about. I would say about half the time in my rx technical interviews it was talking about the certain deal I was following what should xyz company do to recover or stuff along those lines.
I would say the regular Rx technicals like debt waterfalls and basic concepts take only a month, but for getting the job it might take like 5~6 months because the range of questions asked just seems to expand every single year. Unlike regular banking where it's kind of limited to stuff on the M&I 400, there's a lot of stuff they can ask for Rx because the industry just evolves so quickly.
This year, some candidates (including me) were notably asked about debt increase limits based on certain convenants like basket sizes and lien restrictions. People were also asked details regarding liability management exercises (LME). If you chose LME transactions for tell me about a deal, you had to know what it is and mechanically how it would work (e.g. what's the difference between a pari plus vs a double dip, how would you execute a traditional double dip, how is X transaction's structure different from a traditional double dip, what are the things you need in order to execute this transaction etc.). Getting all technicals right are table stakes for the next round for EB Rxs, especially for places like Evercore.
With that being said, Credit Investors Handbook, Moyer, restructuringinterviews (website, best $29 in my life), HL study are the basic suggested resources. On top of that, follow Rx news for a good period of time. Also know a couple of Ch11 cases, their first day motions, RSA details, etc.
i dont think i understood a single thing you said in the second paragraph lmao. This is prolly why I gave up on RX after a week
It’s just simple credit docs using fancy language and still getting finessed by debtors. For LMEs payments to subsidiaries are needed. But you’re bound by a certain basket amount. Basically exception to restriction usually based on cash flow.
So to be able to make these payments (restricted payments for serta iirc) to subsidiaries possible you gotta have that basket capacity in the first place. And then this thing called your restricted payment capacity is a amalgamation of different baskets (build-up basket based on % net income and permitted payments). You add those and then you know exactly how many assets you can move around.
Or smthn like that shit. Anyway got me the offer so whatever
do the resources you have listed have info on all the topics you wrote in the second paragraph?
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