Cascade Fitness · CSFT
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDebt 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| First-Lien Term Loan | 1 | Secured | $700.0M | Floating | S+405bp | — | — | 8.30% | $58.1M | 2030-06-30 | 1.0%/yr | 3.5x | 101.0 | |
| Senior Notes 9.00%TARGET | 3 | Unsecured | $450.0M | Fixed | 9.00% | — | — | 9.00% | $40.5M | 2031-02-15 | bullet | 5.8x | 104.0UNDERWRITING ASSUMPTION | |
| Total debt (face value) | $1.1B | $98.6M | 5.8x | |||||||||||
| Less: cash | ($90.0M) | |||||||||||||
| Net debt | $1.1B | 5.4x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $920.0M | Goes to zero in any scenario where recovery value < claims. | ||||||||||||
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
| Period | Debt due | % of debt | Projected liquidity | Refi requirement | Liq. ÷ maturity | Risk |
|---|---|---|---|---|---|---|
| FY2030E | $700M | 61% | $0M | $700M | 0.0x | High |
| 2031 (beyond horizon) | $450M | 39% | $0M | $450M | 0.0x | Medium |
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 PROJECTIONFor 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 | FY2030E | $665.0M | ($138M) | 11.5x (5.0x) | 0.80x (2.00x) | 14.5% | — | REFINANCING FAILURE | Payment default |
Projected debt balances by tranche — Severe Downside
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| First-Lien Term Loan | $700.0M | $693.0M | $686.0M | $679.0M | $672.0M | $665.0M |
| Senior Notes 9.00% | $450.0M | $450.0M | $450.0M | $450.0M | $450.0M | $450.0M |
| Total debt | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B |
| Cash | $90.0M | $43.5M | ($23.8M) | ($84.8M) | ($138.5M) | ($183.7M) |
| Cash interest | $98.6M | $119.6M | $117.1M | $114.6M | $113.8M | $113.1M |
| PIK interest (non-cash) | — | — | — | — | — | |
| Funding gap | — | $23.8M | $84.8M | $138.5M | $183.7M |
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 | Cascade Fitness — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Cascade Fitness — 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 |