Meridian Industrial REIT · MIR
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 $600M) | 1 | Unsecured | $150.0M | Floating | S+205bp | — | — | 6.30% | $9.4M | 2029-11-30 | bullet | 0.4x | — | |
| Unsecured Term Loan | 1 | Unsecured | $400.0M | Floating | S+235bp | — | — | 6.60% | $26.4M | 2030-06-30 | bullet | 1.5x | 99.5 | |
| Senior Unsecured Notes 3.90%TARGET | 1 | Unsecured | $700.0M | Fixed | 3.90% | — | — | 3.90% | $27.3M | 2031-03-15 | bullet | 3.4x | 88.0UNDERWRITING ASSUMPTION | |
| Senior Unsecured Notes 5.20% | 1 | Unsecured | $500.0M | Fixed | 5.20% | — | — | 5.20% | $26.0M | 2033-09-15 | bullet | 4.8x | 93.0 | |
| Total debt (face value) | $1.8B | $89.2M | 4.8x | |||||||||||
| Less: cash | ($60.0M) | |||||||||||||
| Net debt | $1.7B | 4.6x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $4.5B | 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 | $150M | 9% | $1.4B | — | 9.5x | Low |
| FY2030E | $400M | 23% | $1.7B | — | 4.2x | Low |
| 2031 (beyond horizon) | $700M | 40% | $1.3B | — | 1.8x | Low |
| 2033 (beyond horizon) | $500M | 29% | $1.3B | — | 2.6x | 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 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 | FY2029E | $0.0M | $571M | 2.4x (8.5x) | 5.53x (1.20x) | 6.2% | $0.0M | REFINANCING PASS | Repaid from cash |
| Unsecured Term Loan | FY2030E | $400.0M | $818M | 1.7x (8.5x) | 5.74x (1.20x) | 6.2% | $0.0M | REFINANCING PASS | Repaid from cash |
Projected debt balances by tranche — Base Case
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Revolver | $150.0M | $0.0M | $0.0M | $0.0M | $0.0M R | $0.0M |
| Unsecured Term Loan | $400.0M | $400.0M | $400.0M | $400.0M | $400.0M | $0.0M R |
| Senior Unsecured Notes 3.90% | $700.0M | $700.0M | $700.0M | $700.0M | $700.0M | $700.0M |
| Senior Unsecured Notes 5.20% | $500.0M | $500.0M | $500.0M | $500.0M | $500.0M | $500.0M |
| Total debt | $1.8B | $1.6B | $1.6B | $1.6B | $1.6B | $1.2B |
| Cash | $60.0M | $112.9M | $335.3M | $570.6M | $818.5M | $679.6M |
| Cash interest | $89.2M | $89.2M | $78.7M | $77.7M | $77.7M | $77.7M |
| 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 | Meridian Industrial REIT — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Meridian Industrial REIT — 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 |