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Kestrel Auto Components · KACO

DEMO DATAUNDERWRITING ASSUMPTIONPASS

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	$90.0M	Floating	S+365bp	—	—	7.90%	$7.1M	2027-06-30	bullet	0.6x	—
First-Lien Term LoanTARGET	1	Secured	$600.0M	Floating	S+515bp	—	—	9.40%	$56.4M	2028-05-31	1.0%/yr	4.3x	84.0UNDERWRITING ASSUMPTION
Senior Unsecured Notes 8.25%	3	Unsecured	$400.0M	Fixed	8.25%	—	—	8.25%	$33.0M	2027-09-15	bullet	6.7x	61.0
Total debt (face value)			$1.1B						$96.5M			6.7x
Less: cash			($60.0M)
Net debt			$1.0B									6.4x
Equity (residual: EV − net debt, EV at assumed multiple)			$20.0M	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

77%

cumulative debt $690M ÷ base asset value $900M

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

CRITICAL — 45% of debt ($490M) due within 2 period(s); liquidity covers 45% (window: 2 periods; materiality 15% of debt; default window 3)

INVESTMENT RISK FLAG — $490M maturity in FY2027E; only $148M projected liquidity; $342M refinancing requirement

INVESTMENT RISK FLAG — $600M maturity in FY2028E; only $148M projected liquidity; $452M refinancing requirement

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2027E	$490M	45%	$148M	$342M	0.3x	High
FY2028E	$600M	55%	$148M	$452M	0.2x	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 — Downside

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	FY2027E	$102.0M	$0M	16.3x (5.5x)	0.52x (1.80x)	13.0%	—	REFINANCING FAILURE	Payment default
Senior Unsecured Notes 8.25%	FY2027E	$400.0M	$0M	16.3x (5.5x)	0.52x (1.80x)	13.0%	—	REFINANCING FAILURE	Payment default
First-Lien Term Loan	FY2028E	$582.0M	($105M)	15.3x (5.5x)	0.66x (1.80x)	13.0%	—	REFINANCING FAILURE	Payment default

Projected debt balances by tranche — Downside

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Revolver	$90.0M	$102.0M	$102.0M	$102.0M	$102.0M	$102.0M
First-Lien Term Loan	$600.0M	$594.0M	$588.0M	$582.0M	$576.0M	$570.0M
Senior Unsecured Notes 8.25%	$400.0M	$400.0M	$400.0M	$400.0M	$400.0M	$400.0M
Total debt	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B
Cash	$60.0M	$0.0M	($104.7M)	($207.6M)	($300.0M)	($380.8M)
Cash interest	$96.5M	$106.9M	$105.6M	$103.2M	$102.6M	$102.0M
PIK interest (non-cash)		—	—	—	—	—
Funding gap		—	$104.7M	$207.6M	$300.0M	$380.8M

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	Kestrel Auto Components — illustrative financial statements FY2022–FY2025	Income statement / cash flow	FY2022–FY2025	—	2026-03-31	2026-03-31	DEMO DATA
CreditIQ demo dataset	Kestrel Auto Components — 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