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Atlas Logistics · ATLS

DEMO DATAUNDERWRITING ASSUMPTIONHOLD

Debt schedule & capital structure — FY2025A (2026-03-31)

DEMO DATA

Facility	Rank	Sec.	Face value	Rate type	Coupon / spread	Floor	PIK	All-in (base, 1st period)	Annual interest	Maturity	Amort.	Cum. leverage	Mark / price
ABL Revolver (commit $350M)	1	Secured	$150.0M	Floating	S+350bp	—	—	7.75%	$11.6M	2028-02-29	bullet	0.5x	—
First-Lien Term LoanTARGET	1	Secured	$600.0M	Floating	S+365bp	—	—	7.90%	$47.4M	2027-06-30	1.0%/yr	2.4x	96.5UNDERWRITING ASSUMPTION
Senior Unsecured Notes 6.50%	3	Unsecured	$750.0M	Fixed	6.50%	—	—	6.50%	$48.8M	2030-05-15	bullet	4.9x	90.0
Total debt (face value)			$1.5B						$107.8M			4.9x
Less: cash			($140.0M)
Net debt			$1.4B									4.4x
Equity (residual: EV − net debt, EV at assumed multiple)			$740.0M	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

38%

cumulative debt $750M ÷ base asset value $2.0B

Collateral / lien

n/a

All-asset lien / pari passu by rank

Call protection

n/a

Not modelled as a cash flow

Face value = legal claim; purchase price / mark is what an investor pays; coupon is the contractual cash / PIK return; yield and recovery are derived on the Returns and Recovery tabs. Illustrative appraised / collateral value (DEMO)

Maturity wall & refinancing requirement

Base Case Downside Severe Downside

CRITICAL — 40% of debt ($600M) due within 2 period(s); liquidity covers 57% (window: 2 periods; materiality 15% of debt; default window 3)

INVESTMENT RISK FLAG — $600M maturity in FY2027E; only $375M projected liquidity; $225M refinancing requirement

INVESTMENT RISK FLAG — $750M maturity in FY2030E; only $456M projected liquidity; $294M refinancing requirement

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2027E	$600M	40%	$375M	$225M	0.6x	High
FY2028E	$150M	10%	$380M	—	2.5x	Low
FY2030E	$750M	50%	$456M	$294M	0.6x	High

Projected liquidity = cash + undrawn revolver entering the period + that period’s positive FCF, in the selected scenario. * Beyond the 5-period horizon; liquidity shown at the end of period 5. Maturity periods map actual maturity dates to the model’s period-end month (December).

Refinancing risk engine — Base Case

ANALYST PROJECTION

For every maturing tranche: balance at maturity → can projected cash repay it? → if not, does leverage (net debt ÷ EBITDA ≤ scenario limit) and pro-forma interest coverage (≥ scenario minimum, at the assumed refinancing rate) permit refinancing? A failure with insufficient cash is a payment default and feeds the recovery waterfall.

Tranche	Matures	Balance at maturity	Cash on hand	Net lev. (test ≤)	Pro-forma coverage (test ≥)	Refi rate	Interest burden after	Result	Resolution
First-Lien Term Loan	FY2027E	$588.0M	$0M	4.1x (8.5x)	3.28x (1.20x)	8.5%	$48.1M	REFINANCING PASS	Partly repaid from cash; remainder refinanced
ABL Revolver	FY2028E	$3.6M	$0M	3.9x (8.5x)	3.49x (1.20x)	8.5%	$0.0M	REFINANCING PASS	Repaid from cash
Senior Unsecured Notes 6.50%	FY2030E	$750.0M	$58M	3.4x (8.5x)	3.29x (1.20x)	8.5%	$55.3M	REFINANCING PASS	Partly repaid from cash; remainder refinanced

Projected debt balances by tranche — Base Case

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
ABL Revolver	$150.0M	$3.6M	$3.6M	$0.0M^R	$0.0M	$0.0M
First-Lien Term Loan	$600.0M	$594.0M	$565.4M^R	$559.4M	$553.4M	$547.4M
Senior Unsecured Notes 6.50%	$750.0M	$750.0M	$750.0M	$750.0M	$750.0M	$650.5M^R
Total debt	$1.5B	$1.3B	$1.3B	$1.3B	$1.3B	$1.2B
Cash	$140.0M	$0.0M	$0.0M	$23.5M	$57.9M	$0.0M
Cash interest	$107.8M	$107.8M	$94.5M	$97.1M	$96.3M	$95.8M
PIK interest (non-cash)		—	—	—	—	—
Funding gap		—	—	—	—	—

R = remainder refinanced at the scenario refinancing rate. Maturities are repaid from cash above the minimum-cash reserve first; the market-access test governs only the remainder.

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