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Brightwater Retail Holdings · BWR

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 $300M)	1	Secured	$180.0M	Floating	S+435bp	—	—	8.60%	$15.5M	2027-10-31	bullet	1.2x	100.0
First-Lien Term LoanTARGET	2	Secured	$520.0M	Floating	S+605bp	—	—	10.30%	$53.6M	2028-03-31	1.0%/yr	4.5x	78.0UNDERWRITING ASSUMPTION
Second-Lien Notes 11.0%	3	Secured	$250.0M	Fixed	11.00%	—	—	11.00%	$27.5M	2029-06-30	bullet	6.1x	52.0
Senior Unsecured Notes 7.5%	4	Unsecured	$300.0M	Fixed	7.50%	—	—	7.50%	$22.5M	2027-05-15	bullet	8.0x	33.0
Total debt (face value)			$1.3B						$119.0M			8.0x
Less: cash			($45.0M)
Net debt			$1.2B									7.7x
Equity (residual: EV − net debt, EV at assumed multiple)			$0.0M	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

67%

cumulative debt $700M ÷ base asset value $1.0B

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 — 38% of debt ($480M) due within 2 period(s); liquidity covers 34% (window: 2 periods; materiality 15% of debt; default window 3)

INVESTMENT RISK FLAG — $480M maturity in FY2027E; only $65M projected liquidity; $415M refinancing requirement

INVESTMENT RISK FLAG — $520M maturity in FY2028E; only $65M projected liquidity; $455M refinancing requirement

INVESTMENT RISK FLAG — $250M maturity in FY2029E; only $65M projected liquidity; $185M refinancing requirement

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2027E	$480M	38%	$65M	$415M	0.1x	High
FY2028E	$520M	42%	$65M	$455M	0.1x	High
FY2029E	$250M	20%	$65M	$185M	0.3x	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 — Severe Downside

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
ABL Revolver	FY2027E	$234.9M	$0M	81.3x (5.0x)	0.09x (2.00x)	16.0%	—	REFINANCING FAILURE	Payment default
Senior Unsecured Notes 7.5%	FY2027E	$300.0M	$0M	81.3x (5.0x)	0.09x (2.00x)	16.0%	—	REFINANCING FAILURE	Payment default
First-Lien Term Loan	FY2028E	$504.4M	($140M)	92.1x (5.0x)	0.10x (2.00x)	16.0%	—	REFINANCING FAILURE	Payment default
Second-Lien Notes 11.0%	FY2029E	$250.0M	($300M)	103.0x (5.0x)	0.10x (2.00x)	16.0%	—	REFINANCING FAILURE	Payment default

Projected debt balances by tranche — Severe Downside

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
ABL Revolver	$180.0M	$234.9M	$234.9M	$234.9M	$234.9M	$234.9M
First-Lien Term Loan	$520.0M	$514.8M	$509.6M	$504.4M	$499.2M	$494.0M
Second-Lien Notes 11.0%	$250.0M	$250.0M	$250.0M	$250.0M	$250.0M	$250.0M
Senior Unsecured Notes 7.5%	$300.0M	$300.0M	$300.0M	$300.0M	$300.0M	$300.0M
Total debt	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
Cash	$45.0M	$0.0M	($139.6M)	($299.8M)	($462.2M)	($623.9M)
Cash interest	$119.0M	$140.0M	$143.8M	$141.3M	$140.6M	$140.0M
PIK interest (non-cash)		—	—	—	—	—
Funding gap		—	$139.6M	$299.8M	$462.2M	$623.9M

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	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