Does anyone have a good private credit case I can review?
Just looking to learn some more about the space and see if anyone has resources available to share in order to do so.
Trending Content
Career Resources
WSO Free Modeling Series - Now Open Through
June 30, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
Do you mean someone’s completed case, or the prompt and info they got?
A completed case is preferred.
got it. i don’t have any to share that wouldn’t be too revealing. however, they will be substantially the same as a PE one. the difference is your merits will be about stability not growth and your risks are “things that will make the business default” not why it won’t make a 3.0x return.
you’ll want to have a lot of credit stats (eg, debt to ebitda, net debt to ebitda, FCCR, interest coverage, senior debt to ebitda, ebitda-capex to ebitda, etc.) and you’ll want to propose covenant or use the ones they give you to set up a covenant test for each year.
in addition to equity returns, you need to calc IRR and MOIC to debt. make a table with rows with the end date for each period (don’t forget partial periods based on trx entry/exit date). make a column for the negative total drawn at close (don’t include undrawn amounts or OIDs) at trx close (if its not the 12/31 in Y0 make a partial period). then make a column each for interest paid, repayments and additional drawdown. the horizontal sum of the rows is your net (out)/inflow for the period and you’ll use XIRR on the dates and net amount to calculate your IRR.
This is great, thank you for the insight :)
Consectetur ut eum distinctio ducimus. Laudantium illo ipsam odit magnam repudiandae commodi.
Perferendis est ipsa vel nobis. Quos eos rerum vel rerum sed.
Assumenda deserunt porro est quo tempore. Est excepturi sit consequatur non suscipit doloribus. Quisquam illum autem quia laborum inventore. Et fuga asperiores rerum cumque saepe eaque error.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Optio rerum quae enim numquam minima non quibusdam in. Est nihil quia non voluptatibus et delectus et. Enim est est repellendus qui maiores deserunt delectus. Quis odio quasi aut. Blanditiis autem fugit sit sit cupiditate. Sed laudantium quisquam quia facilis.
Debitis omnis unde qui numquam quas ut. Perferendis tempora sed fugit aspernatur delectus quia aut. Laudantium est ea sit.
Eum est repellat dolorem debitis ipsa alias. Culpa dolorem blanditiis illo suscipit. Beatae blanditiis laborum optio ad ipsam nihil adipisci. Quisquam pariatur sed eaque quia quas officia. Eos incidunt quasi dolorum.