Some Thoughts on Google’s Professional Certificates Program
In the summer of 2020, Google announced the expansion of its professional certificates program. The objective: a six-month program that gives people the expertise and credentials typically associated with a four-year degree. The program offers certificates in the fields of Data Analyst, Project Manager, and UX Designer.
A statement by Google’s SVP of Global Affairs, Kent Walke captures how this program is unique:
“In our own hiring, we will now treat these new career certificates as the equivalent of a four-year degree for related roles.”
In essence, Google promises that college degrees will…
Auto-Cure Provisions: Should Lenders be Worried?
Introduction
In February of 2020, Golub Capital led a $1.6 billion uni-tranche loan to finance the company MRI Software — representing one of the largest uni-tranche loan issued in the markets. Yet, perhaps more notable is its inclusion of a new set of default cure provisions known as “auto-cures”.
In a recent Reorg report, auto-cure was defined as the ability to “cure a financial covenant default at any time, provided the lenders have not accelerated.” …
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Introduction
The 2001–2016 Argentine restructuring saga will be forever remembered as one of the most dramatic events of modern economic history. Its intricacies have changed the international restructuring landscape, specifically highlighting the potential impact of the private creditor: traditionally considered inconsequential in sovereign bankruptcies, a few hedge funds’ holdout proved capable of paralyzing an entire country’s access to capital. Barely three years later, with the country reeling from the impact of a recession, ballooning inflation rates, and IMF…
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Introduction
As a powerlifter and consumer of health and wellness products, GNC is not an unfamiliar name to me. When the company came under fire for top-line deterioration and potential distress, I found it interesting but not at all surprising: with the company’s unappealing pricing and even more unappealing product lines. In recent years, with more and more scientific evidence being spread on the ineffectiveness of various supplemental products, as well as the increased price competition within the industry from pure-play online entrants, the company does not seem positioned to succeed. This commentary, however, will not be a…
INTRODUCTION
In April 2019, Sirius Computer Solutions (Sirius), an IT solution integration company, was acquired by the private equity firm Clayton, Dubilier & Rice (CD&R). Originally, this acquisition was structured as a normal leveraged buyout transaction. A total of $1240 million in debt was issued, divided as follows: $190 million in a 1st-lien senior secured revolver, $750 million in a 1st-lien senior secured term loan, and $300 million in senior unsecured notes. At an adjusted debt-to-EBITDA of roughly 6.0x at closing, Moody’s deemed the ratings of the secured loans at Ba3, and the unsecured notes at Caa1: non-Investment Grade, but…
In April 2019, PetSmart (the pet products retailer owned by private equity firm BC Partners) announced that it would IPO its online retail subsidiary Chewy Inc. On June 14, 2019, CHWY began trading on the NYSE. Priced at $22 per share upon IPO, its valuation increased by 59% at market close and it currently boasts a market capitalization of $13.3 billion.
While there is ongoing debate regarding whether Chewy, an unprofitable online retailer, should be worth this much or deserves to be labeled as a “tech unicorn”, this write-up will not be a discussion on Chewy’s valuation and stock performance…
