Private Credit / Direct Lending - Resources

All - have a few opportunities in the pipeline for potential associate/analyst positions at large private credit firms (Golub, Antares, etc.) within direct lending groups. Would anyone be able to point to any particular resources that they've found invaluable to prep for such interviews on the technical side. I have a solid foundation in building cash-flow-based LBO models but would like to understand investing from a lender's point-of-view and how that may differ from an equity perspective. For example (topics below are not all-inclusive):

I) How do lenders look at value creation and associated risks, especially if investing in hairier situations. 

II) How to think about structuring transactions including amount of leverage, downside protection through covenants, terms, etc. 

III) Pricing (how to drive alpha versus public markets)  

IV) Developing downside-case projections 

V) Ins and Outs of credit agreements (and differences between major terms across tranches) 

VI) Levers that credit investors pull to drive returns (OID, Floors, etc.) 

At the moment, have access to BIWS courses which have been helpful but don't include a deep dive into the topics above. Ideally, a thorough overview of the topics above would be condensed into a single guide / book / primer, etc., but that maybe too much to ask so any and all recommendations are appreciated! 

Thank you!

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Comments (6)

Apr 28, 2021 - 2:35am

PM me if you're still looking for info. I work at a private credit shop and I specifically do direct lending (so can't speak to hairier situations as that would be more special situations/distressed).

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