Cloudspire Technologies · CSPR
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revolver (commit $60M) | 1 | Secured | $0.0M | Floating | S+475bp | — | — | 9.00% | $0.0M | 2027-12-31 | bullet | 0.0x | — | |
| First-Lien Term LoanTARGET | 1 | Secured | $650.0M | Floating | S+585bp | — | — | 10.10% | $65.7M | 2028-04-30 | 1.0%/yr | 6.8x | 91.0UNDERWRITING ASSUMPTION | |
| Total debt (face value) | $650.0M | $65.7M | 6.8x | |||||||||||
| Less: cash | ($55.0M) | |||||||||||||
| Net debt | $595.0M | 6.2x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $461.0M | 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 |
|---|---|---|---|---|---|---|
| FY2027E | $0M | 0% | $145M | — | n/m | Low |
| FY2028E | $650M | 100% | $175M | $475M | 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 — Base Case
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 |
|---|---|---|---|---|---|---|---|---|---|
| Revolver | FY2027E | $0.0M | $61M | 4.6x (8.5x) | 1.99x (1.20x) | 9.5% | $0.0M | REFINANCING PASS | Repaid from cash |
| First-Lien Term Loan | FY2028E | $630.5M | $78M | 3.9x (8.5x) | 2.40x (1.20x) | 9.5% | $49.6M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
Projected debt balances by tranche — Base Case
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Revolver | $0.0M | $0.0M | $0.0M R | $0.0M | $0.0M | $0.0M |
| First-Lien Term Loan | $650.0M | $643.5M | $637.0M | $522.4M R | $515.9M | $509.4M |
| Total debt | $650.0M | $643.5M | $637.0M | $522.4M | $515.9M | $509.4M |
| Cash | $55.0M | $60.9M | $78.2M | $0.0M | $51.3M | $117.8M |
| Cash interest | $65.7M | $65.7M | $63.4M | $61.2M | $49.6M | $49.0M |
| 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 | 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 |