Credit analyst, high yield, distressed debt


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Credit analyst, high yield, distressed debt

  1. 1. RONALD A. RICH156 Wild Duck Road (203) 609-0407Stamford, CT 06903 fundamental credit analyst, specializing in high yield and distressed debt across the capital structure.Sector coverage has included trucking, consumer products, building materials, retail, fitness centers, packaging,commercial contracting, homebuilders, packaged food and media. Leverage complementary experience in buyand sell-side credit research, credit trading, restructuring advisory and corporate turnarounds to consistentlydeliver differentiated insight and investment theses. EXPERIENCENEW YORK LIFE INVESTMENTS, New York, NY 2007 - 2011Senior Restructuring Advisor, 2009 – 2011Led firm negotiations to restructure troubled fixed income investments. Advised portfolio managers on hold/sell decisions.• Served on creditor committees to devise capital structure solutions among the debtor and various creditor constituencies.• Completed complex restructuring of $45 million unsecured note position in $1.5 billion revenue homebuilder, extending maturity and resetting covenants in exchange for collateral, increased rate, partial make-whole, and mandatory repayments.• Negotiated out-of-court restructuring of $220 million first lien term loan in $150 million revenue media company, resulting in ownership transfer from PE sponsor to lender group. Restructured balance sheet and established new board of directors.Senior Distressed Investment Analyst, 2007 – 2009Recruited to spearhead investment in distressed bank debt and bonds in the secondary market.• Generated profitable investment ideas, developing theses and identifying catalysts. Responsible for all sourcing and due diligence. Prepared and presented recommendations to investment committee. Monitored portfolio.• Performed extensive fundamental research, legal document review, financial modeling, valuation and scenario analyses. Analytic framework addressed company, industry, competitors, sector drivers, capital structure, liquidity, recovery and securities. Analyses encompassed due diligence with suppliers, customers, competitors, employees, advisors and media.• Managed street relationships with sales and trading. Developed skill set of junior analysts.MILLER TABAK ROBERTS SECURITIES, New York, NY 2005 - 2007Senior High Yield / Distressed Credit Analyst• Developed long and short trade ideas, and published extensive coverage reports recommending debt investments.• Worked with sales force and buy-side clients to support investment recommendations.GREENWICH HIGH YIELD, Greenwich, CT 2003 - 2005Senior High Yield / Distressed Desk Analyst• Analyzed and recommended investment in off-the-run corporate debt in support of sales and trading.• Sourced, analyzed, and traded illiquid control positions in single asset, real estate-secured municipal debt.PHOENIX CONSULTING, New York, NY 1999 - 2003Corporate Turnaround ConsultantAdvised equity and debt holders of distressed companies on financial and operational restructurings.• Engagements entailed c-suite review, daily cash management, budgeting and forecasting procedures, customer retention and reacquisition, product line rationalization, operations right-sizing, inventory management, and strategic planning.SG COWEN SECURITIES CORPORATION, New York, NY 1997 - 1999Senior Private Equity Analyst, Venture Capital GroupInvested in middle-stage financings in the technology, telecommunications and healthcare sectors. Investments included:• 1) Tripod - sold to Lycos at 190% IRR, 2) Metawave - IPO at 28% IRR, 3) Andromedia - sold to Macromedia at 8.6x post- money valuation, 4) PowerCenter Systems - sold to Eclipsys at 2.0x post-money valuation.
  2. 2. RONALD A. RICH Page Two EXPERIENCE, continuedIN FOCUS CONTACTS, INC., New York, NY 1992 - 2002PresidentFounded and built national contact lens mail-order company that provided overnight delivery at reduced prices.• Profitable from 1994, with EBITDA margin ranging from 10% to 15%.• Sold company to leading optical retailer in 2002.BEAR, STEARNS & CO. INC., New York, NY 1988 - 1990Financial Analyst, Financial Restructuring and Corporate Finance Groups• Specialized in financial restructuring and reorganization of troubled and bankrupt companies. Corporate finance transactions included private placements, acquisitions, leveraged buyouts and exclusive sales. EDUCATION AND LICENSESM.S. in Real Estate, New York University. 2005Graduated first in class.Recipient of Norman Weinberg Award for Excellence, Dean’s Graduate Fellowship, and Future Alumni Scholarship.M.B.A. in Corporate Strategy, University of Michigan 1992M.S. in Industrial and Operations Engineering, University of Michigan. Graduated with Honors.Thesis: The Strategic Acquisition and Turnaround of a Manufacturing Concern.B.S. Economics in Finance, The Wharton School, University of Pennsylvania 1988Benjamin Franklin Scholar.Licenses: Series 7, 63, 86, 87 TECHNICAL SKILLSProgramming languages: C#, Linq, SQL, .NET, Visual Studio