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Cloudspire Technologies · CSPR
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Sponsor-backed cloud-cost-management platform, post-LBO with 6.8x gross leverage and 14% growth.
Recommendation
HOLD
1 core test(s) failed
Credit score
38 / 100
High
Base IRR
13.5%
vs hurdle 12.0%
Downside IRR
9.9%
default case
Severe recovery
56%
IRR -3.6%
Net leverage
6.2x
FY2025A
EBITDA / interest
1.46x
FY2025A
Overview
| Sector / industry | Software / Infrastructure Software |
| Headquarters | Seattle, WA |
| Revenue (FY2025A) | $480M |
| EBITDA (FY2025A) | $96M |
| Total debt (face value) | $650M |
| Cash | $55M |
| Net debt | $595M |
| Asset / collateral base | $500M |
| Enterprise value (assumed multiple) | $1.1B |
Investment thesis UNDERWRITING ASSUMPTION
Strong growth and improving margins, but coverage is only ~1.5x and the loan is a single-tranche capital structure with recovery that depends on software going-concern value. Needs diligence on ARR quality and sponsor support before sizing.
| Instrument | First-Lien Term Loan |
| Face value / purchase price / cash investment | $100M / 91.0 / $91.5M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 11.1% · 15.5% |
Key protections
- Margin expansion compounding with growth
- ~11.5% yield at 91
Key risks
- Interest coverage ~1.5x
- Customer concentration in cloud-native firms
- Hyperscaler bundling
Key catalysts
- Annual-plan renewals
- Sponsor equity injection
- Add-on acquisition
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 | Cloudspire Technologies — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Cloudspire Technologies — 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 |