Bain Capital Credit SA First Round

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Anyone have ideas of what this will look like and how best to prepare? I understand it would be pretty similar to a typical case. Any good particulars to know going in?

 

Comments (16)

 
  • Intern in IB - Ind
Sep 16, 2020 - 11:35am

Are you baiting or you got a first round?

Array
 
  • Intern in RE - Res
Sep 16, 2020 - 6:27pm

Bump, any insights?

Array
 
Sep 16, 2020 - 7:09pm

Did first round last year so I can give some insight assuming process is still the same.

It was a 30-45 minute call where we first began with the typical behavioral questions (Why Bain Capital, What are your interests, tell me about yourself, etc.). Then I was given a market sizing question, which led to determining if a company would be a good acquisition or not. It was based on a real Bain Capital acquisition (if I remember correctly, Chuck E. Cheese).

I first had to determine the market value for Chuck E. Cheese, and then determine if Chuck E. Cheese has a profitable business model or not, and if Bain capital should invest in them.

I’ll be happy to answer any follow up questions you may have. I can also speak on the super day process as well. Good luck!

 
Sep 16, 2020 - 9:20pm

This is awesome! Will definitely rep the market sizing stuff, seems that that is key. Anything good to focus on what makes the business profitable or tips with the sizing?

 

I will be sure to followup in the case of a super day, really appreciate it!

Array
 
Sep 16, 2020 - 9:28pm

I believe it started out as something like “forecast the amount of revenue Chuck E. Cheese makes annually.” (The market sizing part)

From there I was asked something along the lines of “if I wanted to acquire Chuck E. Cheese, what factors would I consider?” And then I was given some data, and we walked through the case in that sense. I was given things such as annual growth rate, operating costs, revenues, etc.

There’s nothing in particular that you would need to know beforehand besides knowing how to go through cases. Similarly to any MBB case, if you are able to tackle consulting cases and know basic financial terminology, you’ll do fine. Good luck!

 
Sep 20, 2020 - 2:07am

Bain Capital Credit Interview Prep

1) Read loan market updates (weekly/Q) - LCDcomps.com / LevFin Insights (LFI)

2) Loan products (RC/TLA/1L TLB/2L TL/Unitranche) - get comfortable distinguishing btw lender/investor, general characteristics

  • -Revolver/Term Loan A (banks, less leverage, covenants, 5yr tenor, pricing is lower, amort on TLA)
  • -Term Loan B: 1st Lien TLB / 2nd lien TLB / Unitranche (institutional investors, more lev, possibly cov-lite, higher pricing, 1% amort - 1L/2L - no amort, etc.)

3) Direct Lending vs. Broadly Syndicated - Execution Strategy - know the diff considerations from borrower perspective

  • certainty of funds, speed of execution, albeit at a higher price/fees most likely, deal w/ 1 lender vs. a group of lenders, etc.) - read Direct Lending primer

4) Underwriting Fees & Flex - LBO: RC / 1L TLB / 2L TL. Typical fees and flex, normal market:

  • RC/1L 2.25% (125 bps flex)
  • 2L 2.75% (150 bps flex)
  • Privately placed 2L 0.25% to 0.50% UW Fee (priv placed much more common today)

Bain Credit - also acts as Underwriter in say an M&A/LBO deal say that Bain is also the Sponsor to- gets underwriting fees (why not?). So it may not hurt to know that. look thru my comments thread I detailed fees and flex somewhere. It might be in 1 of these 2 links actually:

https://www.wallstreetoasis.com/forums/tla-vs-tlb-maturity-and-leverage#comment-2071053

https://www.wallstreetoasis.com/forums/oid-in-leveraged-loans

Hit me up if you want me to send you anything to prep. Good opportunity - make it count.

 
Sep 20, 2020 - 5:01am

Great material shared by Loanboy043 above. Forgot to mention that it will be very beneficial to understand the ins and outs of credit/debt, as well as doing research on the type of debt structuring Bain Capital is known for. Definitely try to exhibit this knowledge during the case interviews

 
Sep 20, 2020 - 5:13am
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