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For analysts moving into private credit
pari passu (adj.): ranking equally. On equal footing.
Work realistic credit cases, get a 100-point score with the exact sentences that earned or lost points, then defend your memo to an AI IC that asks the hard follow-ups. Built for the move from insurance investments, bank credit, rating agencies, Big 4 valuation and corporate finance.
First grade free. No card required.
Downside case
In a downside scenario, we assume EBITDA falls 10% to $63M. Leverage would rise to 5.0x, which is still below the 5.25x maximum leverage covenant.1 Interest coverage would fall to about 2.2x, which is still adequate. …
Structure and terms
…The company can make unlimited restricted payments when total leverage is below 4.0x, and there is a $25M incremental facility. These terms are typical for a sponsor-backed deal of this size.2
Pari Passu gives you the feedback loop a credit team gives its analysts, on demand.
A company, four years of financials and a proposed term sheet, built from public filings and teaching cases.
Industrial packaging · Intermediate
Northfield Packaging
$150M first-lien term loan to refinance existing debt and fund a plant expansion
| $M | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | 410 | 445 | 468 |
| EBITDA | 58 | 66 | 70 |
| EBITDA margin | 14.1% | 14.8% | 15.0% |
| Capex | 18 | 20 | 21 |
Your memo should answer: Would you approve this loan? State your recommendation and the main reasons.
Paste it or upload a PDF or Word file. You get a 100-point score in about a minute, and every score quotes the sentence it's based on.
59 / 100
Needs major workQuoted from the memo
Leverage would rise to 5.0x, which is still below the 5.25x maximum leverage covenant.
Downside case 8/20: A flat 10% EBITDA cut is arbitrary and mild.
Answer six follow-ups aimed at your weakest points. Each answer is rated, with what a stronger answer would add.
If FY2022's 11.9% margin recurred on FY2025 revenue, what are EBITDA, leverage, coverage and covenant status?
Example answerAt an 11.9% margin, EBITDA on FY2025 revenue is about $56M. Leverage goes to roughly 5.6x, through the 5.25x covenant, so the downside is a breach, not headroom.
Members get the full case library, guides and career tools. Here's a look at each.
Each case is a company with four years of financials, a proposed term sheet and the questions an IC would ask. Public companies are built from SEC filings; teaching cases are labelled.
Sign up to open the casesInvestment thesis
A clear call, backed by specific reasons
Business risk
The two or three risks that drive outcomes
Financial analysis
Leverage, coverage and free cash flow, done right
Downside case
A real stress, with covenant headroom
Structure and covenants
Do the terms actually protect the lender?
Communication
Concise, IC-ready, every claim supported
Your first grade is free. Passes end on their own when you land the job.
$29
$79
$199
Every case is built from public SEC filings, and teaching cases are clearly labelled. Each one is checked against its sources before it goes live.
Every score quotes the sentence in your memo it's based on, so you can check the reasoning yourself. We test the rubric on strong and weak reference memos for each case before calling it calibrated (8 so far; newer cases are being tested): strong memos score 74–89, weak ones 19–31, every strong memo beats its weak pair by 40 points or more, and the same memo scores within 2 points from run to run.
No. Never upload your employer's confidential documents. Use our cases or your own practice work.
No. Pari Passu is an educational tool for interview preparation.