Can anyone shed light on the Moelis 2019 SA recruiting process? Would really appreciate any insight into the interviews/types of questions and general structure of the process.
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My first round consisted of TMAY, then a bunch of follow up questions related to my experience creating an equity research report for a company I followed in one of my classes. My first technical was: Say I have 1,000 shares of common stock outstanding, and $100 of convertible PIK debt that has an interest rate of 15% and matures in 5 years. Exercise price is $1. How much of the company would I own after five years with my PIK convertible? Answer: 15% return in 5 years is doubling your money, so your PIK convertible is now worth $200. With the exercise price of $1 that means that you will now issue 200 additional shares. so you would own 200/1200 = 16.72% of the company's equity.
Payment-in-kind. Essentially it is a sort of high-yield debt instrument, with some equity characteristics as well. Each year, instead of interest being paid to the creditor, it's added to the debt in kind. At maturity, its either convertible to equity, or the entire sum is due in cash.