Leveraged Finance

Not a JD/MBA, but I'm starting year 4/6 of an accelerated dual program where I'll graduate with an undergrad business degree and a JD. The important part is that I'm not graduating until 2023, which makes it impossible for me to accept a full-time offer at the end of 2021 summer. My business program places very well in IB & consulting in Canada (and even NYC to a lesser extent), my law school is relatively unremarkable. Long-term, my dream is to work in M&A advisory in a senior management position whether that be at a law firm (most likely) or IB. 

Question was posed to me earlier this week. How could an LBO happen without a bank? Could this happen through seller financing resulting in the structuring of a leveraged loan by the sponsor? How would this play out in practice?

Anyone here working at Leveraged Finance/ Acquisition Finance at a BB in London?
I am really curious about how your day-to-day tasks and responsibilities look like.

Hi there,

I was wondering if anyone knew whether Lev Fin teams BBs will hire analysts mid-year or whether they would only consider recruitment through graduate schemes.

I have been working in Debt Advisory for 2 years now and qualified as an accountant prior to this. I'm keen to look at Lev Fin options but would ideally like to avoid going in as a fresh graduate. I appreciate I would still need to start at an analyst level but wondered if others had heard of / seen similar moves in the past?

How are FCCR & DSCR calculated and what is the language usually like in a non-covlite scenario.

The formulas I have seen are below. Are these correct? Also, for DSCR, how are revolver draw/(repayments), Pik non-cash interest, and optional prepayments considered in calculating the ratio. These ratios seem to be quite similar, so what is the conceptual difference between the two?

How do you think the Lev Fin groups will fare in 2020-2022/23? Obviously we don't know what will happen w/ COVID, but I think it's reasonable to say that a widespread vaccine will be developed by early 2021 & there will be a widespread recession over the next couple years. From a few conversations I've had, I get the feeling that some PE firms seem to be sitting on a bunch of dry powder but are hesitant to pick up new LBOs in the short term.

Former Leveraged Finance / DCM Analyst -> Associate at a BB, left before COVID (thank goodness or else I then would literally have no soul).
Here to help those that are looking to get some inside detail in the job role, what you actually learn, and what you need to know during interviews.
Really glad I was part of a product group vs industry, as I was actually able to help finance a VERY broad group of industry agnostic deals (gaming, tech, healthcare, industrials, CPG, etc). Pretty much all except for RE.

So the title is a bit clickbait - I completely understand each career has its own merits and each individual enjoys different things.

I've been in public finance for about 4 years now. Looking to potentially exit. The lowering spreads, lack of strong analytical work and pitching/RFPs amongst other things is driving me out.

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I have been a longtime WSO reader (6-7 years) and some years down the track, I thought it would be helpful to do a quick Q&A I think this could be helpful in particular for (i) those looking to switch over from credit to equity investing, (ii) those interested in mezzanine / sub debt, and (iii) those interested in operationally focused / distressed PE