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Atlas Logistics · ATLS
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Truckload, brokerage and warehousing operator with freight-cycle exposure and a 2027 term loan maturity.
Recommendation
HOLD
2 core test(s) failed
Credit score
56 / 100
Elevated
Base IRR
11.3%
vs hurdle 12.0%
Downside IRR
8.3%
default case
Severe recovery
78%
IRR 1.7%
Net leverage
4.4x
FY2025A
EBITDA / interest
2.86x
FY2025A
Overview
| Sector / industry | Transportation / Asset-Light Freight & Warehousing |
| Headquarters | Memphis, TN |
| Revenue (FY2025A) | $2.8B |
| EBITDA (FY2025A) | $308M |
| Total debt (face value) | $1.5B |
| Cash | $140M |
| Net debt | $1.4B |
| Asset / collateral base | $2.0B |
| Enterprise value (assumed multiple) | $2.1B |
Investment thesis UNDERWRITING ASSUMPTION
Term loan at 96.5 matures June 2027 and should refinance in the base case; the question is downside. Short-dated loan with asset coverage of 1.3x is a short-duration pull-to-par candidate if the refinancing window stays open.
| Instrument | First-Lien Term Loan |
| Face value / purchase price / cash investment | $100M / 96.5 / $97.0M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 8.2% · 11.1% |
Key protections
- Short-dated pull-to-par
- Freight cycle recovery
Key risks
- Refinancing in a weak freight market
- Rate pressure and volume
- Net leverage covenant 5.5x
Key catalysts
- Refinancing launch in H2-2026
- Freight index turn
Data-quality notes
- All figures are fictional and illustrative.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Atlas Logistics — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Atlas Logistics — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |