Bill Johnston
Vice President
New York
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Profile:
Summary
Investment professional with experience structuring, underwriting, executing, and managing senior and mezzanine credit investments in the U.S. middle market. Transaction experience includes sponsor-backed, independent sponsor-backed, and non-sponsored transactions.
Experience
2016
Jun
-
2020
Aug
Vice President
Praesidian Capital / New York
- Managed all stages of debt and equity investment processes, including diligence, financial modeling, and legal
- Structured and underwrote highly leveraged cash flow loans and control equity investments
- Worked directly with CEOs / CFOs at prospective and current PortCos to conduct diligence, set covenants, and implement post-close performance initiatives
- Structured amendments, led add-on investments, and represented Praesidian at PortCo board meetings
- Led Praesidian’s Paycheck Protection Program (“PPP”) initiative. Every PortCo received funding
- Worked directly with senior management at over 20 PortCos to ensure each application was submitted as soon as the application window opened
- Introduced PortCos without existing banking relationships to PPP lenders to ensure applications received immediate attention from senior bankers
- Designed Praesidian’s CIMs and marketing materials to support independent sponsor investments
- Reached out to prospective lenders, responded to all credit and structuring questions
- Created fundraising presentations and handled all investor requests regarding fund performance and projections
- Designed fund projection model from scratch to project investor IRRs and GP carry value
- Included scenario toggles for realization values and interest income for each investment
- Subsequently used as template for all Praesidian funds
- Designed fund projection model from scratch to project investor IRRs and GP carry value
- Ran annual audits and portfolio valuations for all four U.S. funds; represented and defended valuation decisions to auditor valuation experts
- Led clean SBA examinations covering four years of performance for two SBIC’s
- Supervised, mentored, and trained analysts and interns
- Select Transaction Experience:
- National Go-Kart and Family Amusement Centers Company – Sr. Debt Investment (Refinancing and Growth)
- Led diligence for initial investment and potential add-on investments. Worked with senior management, legal, and accounting professionals
- Created by-location model to forecast management, base, and downside scenarios as well as set covenants
- Worked closely with CFO post-close to improve reporting and refine the company’s growth strategy
- Media Services Company – Sub. Debt (Acquisition and Growth Capex)
- Created projection models to support two add-on investments, tripling Praesidian’s initial investment:
- Underwrote significant PF cost reductions to support international carve-out from a large corporate
- Worked directly with company CEO and finance team to underwrite international business expansion. Underwriting required cost structure analysis to ensure flexibility if growth did not meet expectations
- National Go-Kart and Family Amusement Centers Company – Sr. Debt Investment (Refinancing and Growth)
2013
Jun
-
2016
Jun
Sr. Associate
PNC Capital Markets LLC / Pittsburgh
- Syndicated bank and institutional capital raises in the large corporate and middle markets
- Lead left and underwritten transactions
- Covered variety of industries, including energy, coal, industrials, retail, and utilities
- Participated in client pitches and bank meetings
- Lead analyst in the utilities vertical; managed comps database for all syndicated utilities loans
- Prepared pitches and proposals with capital structure, debt profile, covenant, and industry analysis
- Created CIMs to aid in marketing underwritten and best efforts deals to potential bank groups
- Evaluated the pro forma effects of mergers, dividend recapitalizations, and stock buybacks
- Completed 7-week Introductory Credit Training course
- Select Transaction Experience
- $400 billion Revolver to Support Spinout of Coal MLP from Consol Energy
- $2 billion RBL facility; PNC’s first lead left on an RBL facility
- $210 million highly levered transaction for a middle market beverage distributor
Education
2009
-
2013
University of Notre Dame du Lac
Bachelor's / Finance, Spanish
Skills
