Comments (5)

 
  • Associate 2 in PE - LBOs
Dec 27, 2020 - 10:15am

At its core, the model framework will still be your standard LBO... but some outputs lenders will be focused on in the projection years include leverage, FCF generation, leverage, covenant cushion, etc.

 
  • Associate 1 in PE - Other
Dec 29, 2020 - 7:05pm

I did training the street back in the day, but I'd imagine any PE modeling prep course (WSO prep, BIWS, Macabus, etc.) would be fine. From a lender's perspective, we often focus on a base case and downside case. Base case being modest/stable growth and downside case considering a recession / recovery, or loss of a large customer, unplanned integration difficulties, etc. We care less about the equity upside ("Sponsor case") and more about if the Company would be able to continue to service its debt in a base case or downside case scenario. So building in that case functionality into your model would be important as well.

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