Principal Underwriter - Direct Lending in New York, New York
The Middle Market Direct Lending strategy offers investors access to privately negotiated debt investment transactions, primarily in North America, to support leveraged buyouts, refinancing and recapitalizations. Investments include senior, unitranche and second lien loans and mezzanine notes. Principal targets investment opportunities across a broad range of industries including healthcare, industrials, consumer products, software and business services.
As an Underwriter, you’ll assist in the underwriting and monitoring of direct lending transactions for Principal Alternative Credit. In this capacity, you’ll work in partnership with a team of originators, senior underwriters, and analysts or associates to evaluate borrowers, structure credit facilities, execute transactions, manage the credit approval process, and negotiate credit agreements and other loan documentation. The Underwriters also monitor their portfolio of credits. To be successful, this individual needs to have a broad and deep understanding of the business, financial, capital structure, competitive, and industry risks. Underwriters report to the Head of Underwriting and to four seasoned Senior Underwriters. The position is “client facing” and domestic travel will be required from time to time.
Key responsibilities will include:
Identify the key risk factors associated with new and existing credits
Lead and/or participate in due diligence meetings
Scope, review, and utilize financial models to incorporate the impact of forward-looking risk assessment on key value drivers
Develop and recommend appropriate credit structures relative to risk assessment
Assist with negotiation legal documentation with various third parties, including private equity sponsors, communicating professionally with private equity relationships and/or other lenders involved in a deal
Credit Approval Process
Prepare and present robust investment committee memos and present transactions and recommendations to investment committees
Shepard credit approval process and ensure efficient and accurate communication with originators and sponsors
Underwriters are highly encouraged to participate in other underwriters’ investment committee discussions, such that the group benefits from everyone’s credit experience when making investment discussions
Underwriters are expected to improve underwriting and credit approval processes
Provide a well-researched and thoughtful risk assessment of each credit on an ongoing basis
Ensure risk ratings are accurate and reflect a current forward-looking view of the credit
Keep abreast of fundamental and macro changes or shifts in industries, the economy, legislative, and competitive business environment that potentially enhance or hinder portfolio performance; identify and evaluate potential problem industries and companies
Provide early identification and proactive management of deteriorating credits and other problem situations
Analyze, prepare, and present for approval all required waivers, forbearances, amendments, and extensions
Successful candidates will have the following:
Bachelor's degree in a technical field (i.e. finance, accounting, economics, statistics, engineering, data science, business analytics).
6+ years of experience in finance
4+ years of overall experience in all facets of Direct Lending Underwriting in the middle market, including underwriting, research and portfolio management.
Ability to perform/review superior financial analysis of companies and impact of financing, transaction and operational variables.
Collaborative, inclusive and efficient team member.
Strong communication and superior writing skills to articulate complex issues in a straightforward and digestible manner to internal and external audience.
Restructuring experience preferred.
MBA and/or CFA designation preferred.
This position may be subject to SEC restrictions on personal political contributions.
We’re open to considering talent in the Chicago, Des Moines and New York area.
At this time, we're not considering candidates that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States? This includes, but IS NOT LIMITED TO: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc. For additional information around work authorization needs please use the following links.
https://www.uscis.gov/working-in-the-united-states/temporary-nonimmigrant-workers and https://www.uscis.gov/green-card/green-card-eligibility/green-card-for-employment-based-immigrants
Investment Code of Ethics
For Principal Global Investors positions, you’ll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.
While our expertise spans the globe, we're bound by one common purpose: to foster a world where financial security is accessible to all. And our success depends on the unique experiences, backgrounds, and talents of our employees – individually and all of us together. Explore our core values, benefits and why we’re an exceptional place to grow your career.
Principal is an Equal Opportunity Employer
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
Requisition ID: 2021-31242
Enterprise Segment: PGI
Business Area: PGI Fixed Income
External Company Name: Principal Financial Group
Street: 888 7th Ave; 25th Flr
FLSA Status: Exempt