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Halcyon Medical Devices · HLCN

DEMO DATAUNDERWRITING ASSUMPTIONHOLD

Debt 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 $250M)	1	Secured	$0.0M	Floating	S+275bp	—	—	7.00%	$0.0M	2029-09-30	bullet	0.0x	—
First-Lien Term Loan	1	Secured	$400.0M	Floating	S+315bp	—	—	7.40%	$29.6M	2029-09-30	1.0%/yr	1.2x	99.0
Senior Notes 5.90%TARGET	3	Unsecured	$500.0M	Fixed	5.90%	—	—	5.90%	$29.5M	2031-05-15	bullet	2.7x	96.5UNDERWRITING ASSUMPTION
Total debt (face value)			$900.0M						$59.1M			2.7x
Less: cash			($220.0M)
Net debt			$680.0M									2.0x
Equity (residual: EV − net debt, EV at assumed multiple)			$3.7B	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

50%

cumulative debt $900M ÷ base asset value $1.8B

Collateral / lien

n/a

All-asset lien / pari passu by rank

Call protection

n/a

Not modelled as a cash flow

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

Base Case Downside Severe Downside

OK — No material maturities within 2 period(s) (window: 2 periods; materiality 15% of debt; default window 3)

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2029E	$400M	44%	$1.2B	—	3.1x	Medium
2031 (beyond horizon)	$500M	56%	$1.1B	—	2.2x	Low

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 PROJECTION

For 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	FY2029E	$0.0M	$760M	0.3x (8.5x)	7.39x (1.20x)	7.0%	$0.0M	REFINANCING PASS	Repaid from cash
First-Lien Term Loan	FY2029E	$384.0M	$760M	0.3x (8.5x)	7.39x (1.20x)	7.0%	$0.0M	REFINANCING PASS	Repaid from cash

Projected debt balances by tranche — Base Case

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Revolver	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M^R	$0.0M
First-Lien Term Loan	$400.0M	$396.0M	$392.0M	$388.0M	$0.0M^R	$0.0M
Senior Notes 5.90%	$500.0M	$500.0M	$500.0M	$500.0M	$500.0M	$500.0M
Total debt	$900.0M	$896.0M	$892.0M	$888.0M	$500.0M	$500.0M
Cash	$220.0M	$385.6M	$565.2M	$759.5M	$584.6M	$833.3M
Cash interest	$59.1M	$59.1M	$57.8M	$56.5M	$56.3M	$29.5M
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	Halcyon Medical Devices — illustrative financial statements FY2022–FY2025	Income statement / cash flow	FY2022–FY2025	—	2026-03-31	2026-03-31	DEMO DATA
CreditIQ demo dataset	Halcyon Medical Devices — 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