The first round was a conversational interview focused on understanding my background and technical foundation in credit. We started with a “walk me through LFCF / cash flow available for debt service,” where I discussed how to move from EBITDA to levered free cash flow, key non-cash adjustments, working capital considerations, capex, and how those tie into debt capacity and coverage ratios. From there, we discussed how different capital structures and credit profiles affect risk, including leverage, interest coverage, and downside protection. The interview also touched on qualitative factors such as industry dynamics, business stability, and how lenders think about covenant protection and repayment risk.