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Brightwater Retail Holdings · BWR
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Sponsor-owned mall-and-outlet specialty retailer with 640 stores and a shrinking comp base.
Recommendation
HOLD
2 core test(s) failed
Credit score
31 / 100
High
Base IRR
13.1%
vs hurdle 12.0%
Downside IRR
0.7%
default case
Severe recovery
28%
IRR -13.9%
Net leverage
7.7x
FY2025A
EBITDA / interest
1.31x
FY2025A
Overview
| Sector / industry | Retail / Specialty Apparel & Home |
| Headquarters | Columbus, OH |
| Revenue (FY2025A) | $2.4B |
| EBITDA (FY2025A) | $156M |
| Total debt (face value) | $1.3B |
| Cash | $45M |
| Net debt | $1.2B |
| Asset / collateral base | $1.0B |
| Enterprise value (assumed multiple) | $1.0B |
Investment thesis UNDERWRITING ASSUMPTION
Unsecured notes mature in May 2027 and cannot be refinanced at current leverage, forcing a liability-management exercise or restructuring. The first-lien term loan at 78 is covered by ~$1.0B of inventory and owned real estate, so we get paid to wait and control the outcome.
| Instrument | First-Lien Term Loan |
| Face value / purchase price / cash investment | $100M / 78.0 / $78.4M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 13.2% · 25.7% |
Key protections
- Par-ish recovery via asset coverage
- Control of restructuring as lead first-lien lender
- Real-estate monetization
Key risks
- Inventory liquidation haircuts
- Priming drop-down transactions
- Fast comp deterioration shrinks borrowing base
Key catalysts
- May 2027 unsecured maturity
- Strategic alternatives process
- Borrowing-base redetermination
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 | Brightwater Retail Holdings — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Brightwater Retail Holdings — 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 |