For analysts moving into private credit
Courses teach the model. We grade your memo.
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.
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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. Cases are built from public SEC filings or clearly labelled as 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 $55.7M. Leverage goes to roughly 5.7x, 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. The cases are built from public SEC filings or clearly labelled as teaching cases.
Request accessInvestment 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
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A one-time allowance when you sign up, with 10 IC coach messages. It doesn’t reset.
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Included
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*Fair use for one person’s own practice, e.g. up to 120 grades and 60 grills per 30 days.
Our 23 cases are built from public SEC filings or clearly labelled as teaching cases. 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 (all 23 cases in the library): strong memos score 76–92, weak memos land below the strong set, every strong memo beats its weak pair by 55 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.
Invite-only beta. Members get full access free while we test.
Join the waitlist with your email. We reply within 2 business days. Have a code already? Sign up.