"Discuss A Recent Deal" - Use example from company?

Discuss a general update of the market, including examples of key deals that further highlight those trends. Seperately, have prepared a list of CS left-lead deals (and right-lead deals wouldn't hurt either) - to mayeb give you the opportunity to ask the person you are speaking w/ who actually worked on the deal questions about it. You shouldn't be the one giving insights into the deal, the expert should! Market Update - Key Deals - any bank-led - you discuss CS Deals - you ask CS person - he/she gives insight, you both discuss

Here's a mini market update I wrote for a Jefferies superday in June 2019 (didn't get the job)

**Leveraged Loan Market Update – Jefferies Superday (June 2019) ** Loan market conditions are favorable with muted new issue volume, modest forward calendar, bifurcated investor demand, mixed technicals and a stable secondary market Moderate primary market activity driven by M&A and opportunistic refinancings and dividend recaps – $14.7 bn of institutional loans launched in June so far follows $29.6 bn issued in May with YTD2019 volume of $141.1 bn – 44% behind 2018 pace Average new issue pricing has tightened significantly from sharply elevated levels in December, with all-in spreads at L+308 bp and L+431 bp for BB and B rated issuers, respectively

BB/Ba2 – L+250-275 (Berry Global, Nexstar Broadcasting) o Vs. L+175 prior to October 2018 o Altho 1 A&E to L+175  Nexstar L+275 (step to L+250 @ 0.75x inside) o Issuance way down

B/B2 – L+400-425 o L+325-350 at peak o Flexed deals getting done @ L+500 (U.S. Renal Care)

Add-ons 1L TLB to repay 2L TLB getting done o Cypress Performance, Westinghouse Electric, Kindred at Home, ABC Financial, Barracuda Networks, UFC, VeriFone

Add-ons to pay Dividend o Margin boost 25-50 bps  Compuware – + 50 bps from L+350 to L+400, 10 bps amendment fee

Storied Credits / Tough deals L+600+ o Flex to covenant, tenor to 6yr, amort, even LIBOR floor 2% for o Spencer Spirit L+600, Smart & Final Grocery L+675 (90) 6yr o U.S. Renal L+500 98, w/ not as tight of doc changes (MFN 50 bps 30m, F&C 75% EBITDA)

Euro TLB market not as strong, flexing out ~+50 bps vs. USD o Multi-Color L+450 / E+500 (downsized $40)

Jefferies - TLB deals (left/right lead) - I "Comped" out We had a good conversation about a hung / significantly flexed deal,

NSO Group - Israeli Cybersecurity firm (Jefferies-left lead $500 Term Loan B) (LBO by Novalpina Capital)

Syndication outcome: Launched: L+600, 98.0 OID FLEXED: L+700, 94.0 OID / flexed 200 bps (thats bad) FLEXED AGAIN: L+700, 90.0 OID / flexed 300 bps total (rarely ever see)

basically he told me this transaction suffered from poor timing - this NY Times article kind of put the nail in the coffin **Israeli Software Helped Saudis Spy on Khashoggi, Lawsuit Says **(https://www.nytimes.com/2018/12/02/world/middleeast/saudi-khashoggi-spy…)

Jefferies deals - TLB comps - I comped out

@Gandhi10" - not necessarily.

I think what you speak to regarding a deal or how you prepare depends on the role. I am in leveraged finance / loan capital markets and syndicate space - so I would speak to how the deal was structured and priced at launch, and how it faired from launch to execution (flexed 50 bps / reverse-flexed 25 bps) - simple stuff, makes for an easy summary. Less so on topics you mentioned. See the JPM Lev Fin Cap Markets thread. I had 2 kids prep w/ market updates + given JPM lead deals listed. 2 out of 2 invited to Round 2. And im pretty sure 2 out of 2 will be invited to the super day.

you mentioned: 1) basics of a deal (vague - open to interpretation) 2) strategic raitonale (not every deal is that crazy, market moving. Could just be a market flooded with repricnigs. or little Add-on Term Loans for tuck-in M&A 3) "Impact on the broader industry as a whole" (not every deql moves mountains. I would caution going down that road, unless it's like AT&T/Time Warner, Broadcom (Qualcomm), literally the top 5 biggest deals of all time. What if it's a dividend / recap? Refi? Repricing? How would 1 deal affect the broader industry? -It wouldn't, necesary

No one is suggesting to come off as over smart. I am saying for a given role, here is how to PREPARE -so you better understand the role, and the conversations naturally become more dynamic vs. basic, 1-sided. That market update is a re-regurgitation of LCD / LevFin Insights. I did not speak to that in an interview, but I was definitely PREPARED TO.

And why a deal prices at L+175-200 vs. L+400 isn't that hard. You literally filter in LCD Excel file by date, industry, Use of Proceeds, and rating and maybe size - and in 5 min you have a pretty good idea of the pricing range

See below - June 2019 TLB, Computers and Electroncs,LBO, B/B2 to B-/B3 You tell me - is this gonna run you into trouble? besides 1 or 2 outliers, pricing is L+375-425 And excluding Ultimate software L+375 at 3-5x the size of the other deals, pricing is more so L+400-425 during that recent period. Was that hard?

LCD - All Loans Pipeline.xlsx (June 2019) TLB, Computers and Electroncs,LBO, B/B2 to B-/B3

Here's some deal summaries I created myself - pretty much to learn, and use creativity (old deals, tho). you could replicate w/ newer deals and speak to certain things that make sense given the role. I probably don't necessarily speak to much of this, but the visuals help u better understand the transaction IMO, as a starting point. And go from there

Bristol Myers Squibb (Celgene)

Broadcom (CA Technologies)

T-Mobile (Sprint) NOTE: Structure at the commitment letter stage. Changed post Amendment to CL, post-launch.

MIcroChip (Microsemi) -this structure gets a little complicated. A little over probably everyones head w/ the "Backstop" and the stuff in red

CVS (Aetna)