Comments on: What’s in a Confidential Information Memorandum (CIM)?

By: M&I - Brian

M&I - Brian — Thu, 04 Feb 2021 15:58:55 +0000

In reply to Tom. I don't really think that's it. The style of debt IMs is just different, and while DCM has far less modeling work than M&A, that's mostly because DCM is a markets role that mostly consists of updating slides and interacting with other groups at the bank. There may be some requirement that debt IMs do not show projections as well (not sure about that).

By: Tom

Tom — Thu, 04 Feb 2021 07:47:48 +0000

Hi Brian. I notice that the Debt IMs barely have any financial forecasts/projections (the vast majority of financials are historical), while all the M&A ones have them. Perhaps it reflects the fact that M&A involves much more modeling than DCM, isn’t it?

By: M&I - Brian

M&I - Brian — Wed, 18 Nov 2020 01:15:45 +0000

In reply to Jack H. Focus more on the downside and extreme downside cases and see if the company can survive even if revenue drops by 50%+, or some other very high level. The base and upside cases don't really matter because there's no additional benefit to creditors in those.

By: Jack H

Jack H — Sun, 15 Nov 2020 00:45:37 +0000

Hi Brian,

Great article.

I’m in the process of applying to PE and LevFin/Credit firms (Ireland).

I was informed that the final recruitment stage in these often includes a CIM analysis.

I was wondering how would you alter the analysis steps that you outlined above for a LevFin/Credit firm? I’m assuming it would be quite different since you’re looking much more at the chances of the company surviving if you leverage it up.

Thanks!

By: M&I - Brian

M&I - Brian — Wed, 27 May 2020 19:25:49 +0000

In reply to Dibyang Arora. Everything we have is linked to here.

By: Dibyang Arora

Dibyang Arora — Tue, 26 May 2020 03:23:44 +0000

Hey Brian, great article as always- I really appreciate it.

Do you happen to have access to other old CIMs you could link? Thanks!

By: M&I - Brian

M&I - Brian — Mon, 18 May 2020 15:02:53 +0000

In reply to El!. Thanks for reading!

By: El!

El! — Sat, 16 May 2020 13:10:46 +0000

OMG this website, and the articles are great! Concrete and detailed:)

By: M&I - Brian

M&I - Brian — Mon, 09 Mar 2020 02:25:49 +0000

In reply to Ed. I am not sure about that one - the link seemed to work when I just tried it. You can email us to download it if the form is still not working.

By: Ed

Ed — Thu, 05 Mar 2020 11:42:13 +0000

FYI: Was interested in your free 57 pager, but the link is not working for me even after inputting my name, valid email address and checking the box..others may be experiencing a similar problem, just a heads-up, cheers.