Evergreen Physician Group · EVPG
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 $200M) | 1 | Secured | $120.0M | Floating | S+355bp | — | — | 7.80% | $9.4M | 2028-01-31 | bullet | 0.5x | — | |
| First-Lien Term LoanTARGET | 1 | Secured | $900.0M | Floating | S+435bp | — | — | 8.60% | $77.4M | 2029-03-31 | 1.0%/yr | 4.1x | 93.0UNDERWRITING ASSUMPTION | |
| Senior Unsecured Notes 8.00% | 3 | Unsecured | $600.0M | Fixed | 8.00% | — | — | 8.00% | $48.0M | 2031-06-15 | bullet | 6.6x | 82.0 | |
| Total debt (face value) | $1.6B | $134.8M | 6.6x | |||||||||||
| Less: cash | ($80.0M) | |||||||||||||
| Net debt | $1.5B | 6.2x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $760.0M | 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 |
|---|---|---|---|---|---|---|
| FY2028E | $120M | 7% | $330M | — | 2.8x | Low |
| FY2029E | $900M | 56% | $412M | $488M | 0.5x | High |
| 2031 (beyond horizon) | $600M | 37% | $300M | $300M | 0.5x | 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 — 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 | FY2028E | $0.0M | $52M | 4.9x (8.5x) | 2.47x (1.20x) | 9.5% | $0.0M | REFINANCING PASS | Repaid from cash |
| First-Lien Term Loan | FY2029E | $864.0M | $121M | 4.3x (8.5x) | 2.40x (1.20x) | 9.5% | $62.8M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
Projected debt balances by tranche — Base Case
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Revolver | $120.0M | $3.8M | $0.0M | $0.0M R | $0.0M | $0.0M |
| First-Lien Term Loan | $900.0M | $891.0M | $882.0M | $873.0M | $661.0M R | $652.0M |
| Senior Unsecured Notes 8.00% | $600.0M | $600.0M | $600.0M | $600.0M | $600.0M | $600.0M |
| Total debt | $1.6B | $1.5B | $1.5B | $1.5B | $1.3B | $1.3B |
| Cash | $80.0M | $0.0M | $52.0M | $121.3M | $0.0M | $100.3M |
| Cash interest | $134.8M | $134.8M | $122.7M | $119.4M | $118.7M | $110.8M |
| 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 | Evergreen Physician Group — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Evergreen Physician Group — 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 |