5 questions reported in Antares interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
Easy · Medium
Hard
Model builds
Built in the spreadsheet grid
Leverage capacity, documentation, downside cases and portfolio construction. 4 questions
A screening calculation used before any deeper credit discussion.
A borrower has $60m of debt, $10m of cash and $12m of EBITDA. Calculate gross and net leverage. Why might both figures mislead a lender?
Tests whether candidates treat a maintenance covenant as an early-warning tool rather than a number to maximise.
A company has $50m of net debt, a 5.5x maximum net-leverage covenant and $12m of EBITDA. It expects EBITDA to fall 15%. Is it in breach, and what would you investigate before agreeing to a waiver?
Direct lending interviews start with why private credit won share from banks.
Why would a sponsor choose a unitranche from a private credit fund over a broadly syndicated loan from a bank, when the unitranche is more expensive?
The analysis a credit committee actually decides on.
How do you construct a downside case for a credit investment? What does it have to survive?
LBO modelling, leverage capacity, value creation plans and exit paths. 1 question
Essential for leveraged finance, private credit and restructuring interviews.
Walk me down the capital structure of a typical LBO from most senior to most junior. For each layer, explain pricing, security, and who buys it.
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Antares.