Ironclad Steel Products · ICSP
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ABL Revolver (commit $400M) | 1 | Secured | $0.0M | Floating | S+225bp | — | — | 6.50% | $0.0M | 2029-04-30 | bullet | 0.0x | — | |
| Senior Secured Notes 6.90% | 1 | Secured | $600.0M | Fixed | 6.90% | — | — | 6.90% | $41.4M | 2030-04-15 | bullet | 1.6x | 100.5 | |
| Senior Unsecured Notes 7.50%TARGET | 3 | Unsecured | $400.0M | Fixed | 7.50% | — | — | 7.50% | $30.0M | 2029-08-15 | bullet | 2.6x | 97.0UNDERWRITING ASSUMPTION | |
| Total debt (face value) | $1.0B | $71.4M | 2.6x | |||||||||||
| Less: cash | ($210.0M) | |||||||||||||
| Net debt | $790.0M | 2.1x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $1.5B | 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 |
|---|---|---|---|---|---|---|
| FY2029E | $400M | 40% | $1.1B | — | 2.6x | Medium |
| FY2030E | $600M | 60% | $816M | — | 1.4x | 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 |
|---|---|---|---|---|---|---|---|---|---|
| ABL Revolver | FY2029E | $0.0M | $535M | 1.1x (8.5x) | 6.11x (1.20x) | 7.5% | $0.0M | REFINANCING PASS | Repaid from cash |
| Senior Unsecured Notes 7.50% | FY2029E | $400.0M | $535M | 1.1x (8.5x) | 6.11x (1.20x) | 7.5% | $0.0M | REFINANCING PASS | Repaid from cash |
| Senior Secured Notes 6.90% | FY2030E | $600.0M | $260M | 0.8x (8.5x) | 10.05x (1.20x) | 7.5% | $13.8M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
Projected debt balances by tranche — Base Case
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| ABL Revolver | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M R | $0.0M |
| Senior Secured Notes 6.90% | $600.0M | $600.0M | $600.0M | $600.0M | $600.0M | $183.9M R |
| Senior Unsecured Notes 7.50% | $400.0M | $400.0M | $400.0M | $400.0M | $0.0M R | $0.0M |
| Total debt | $1.0B | $1.0B | $1.0B | $1.0B | $600.0M | $183.9M |
| Cash | $210.0M | $310.1M | $418.2M | $534.6M | $259.6M | $0.0M |
| Cash interest | $71.4M | $71.4M | $71.4M | $71.4M | $71.4M | $41.4M |
| 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 | Ironclad Steel Products — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Ironclad Steel Products — 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 |