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Pick a company. Write your memo. Get graded.
A family-owned regional bakery wants to swap its bank loan for a private credit facility. Steady growth and low leverage, but one grocery chain buys a quarter of its output and there's no private equity owner to call on. A good first case.
Direct lendingTeaching case~45 min
Government-reimbursed services roll-up (~69% Medicare/Medicaid). 2L ask at SOFR+500 behind cov-lite S+200 1L — is ~300 bp enough when hard collateral is thin?
Direct lendingFrom SEC filings~90 min
A private equity firm is buying a heating and air-conditioning services company and needs a $150M first-lien loan. Clean numbers, a real sponsor, and a set of EBITDA add-backs to test. A good first buyout case.
Direct lendingTeaching case~45 min
$150M first-lien term loan to refinance debt and fund a plant expansion. Resin exposure, customer concentration, 4.5x pro forma leverage.
Direct lendingTeaching case~60 min
Record LTM credit at ~2.0x net — but 2020 Adj. EBITDA went negative. Risk is operating leverage, WC/liquidity, and the Dec-2028 convert maturity, not trailing leverage.
Direct lendingFrom SEC filings~90 min
Mission-critical RCM software at ~2.5x net / 2.9x gross. Strong credit — but is a private lender paid vs SOFR+200 BSL for tech, M&A, and EV-only recovery?
Direct lendingFrom SEC filings~90 min