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% | $49M | $71M | 0.4x | Medium |
| FY2029E | $900M | 56% | $49M | $851M | 0.1x | High |
| 2031 (beyond horizon) | $600M | 37% | $49M | $551M | 0.1x | 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 |
|---|---|---|---|---|---|---|---|---|---|
| Revolver | FY2028E | $151.2M | $0M | 13.7x (5.0x) | 0.71x (2.00x) | 14.5% | — | REFINANCING FAILURE | Payment default |
| First-Lien Term Loan | FY2029E | $864.0M | ($86M) | 13.1x (5.0x) | 0.69x (2.00x) | 14.5% | — | REFINANCING FAILURE | Payment default |
Projected debt balances by tranche — Severe Downside
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Revolver | $120.0M | $75.2M | $151.2M | $151.2M | $151.2M | $151.2M |
| First-Lien Term Loan | $900.0M | $891.0M | $882.0M | $873.0M | $864.0M | $855.0M |
| Senior Unsecured Notes 8.00% | $600.0M | $600.0M | $600.0M | $600.0M | $600.0M | $600.0M |
| Total debt | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B |
| Cash | $80.0M | $0.0M | $0.0M | ($86.1M) | ($165.5M) | ($233.5M) |
| Cash interest | $134.8M | $165.4M | $157.1M | $161.5M | $160.5M | $159.5M |
| PIK interest (non-cash) | — | — | — | — | — | |
| Funding gap | — | — | $86.1M | $165.5M | $233.5M |
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 |