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Northgate Software · NGS

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 $100M)	1	Secured	$0.0M	Floating	S+325bp	—	—	7.50%	$0.0M	2029-06-30	bullet	0.0x	—
First-Lien Term Loan	1	Secured	$450.0M	Floating	S+355bp	—	—	7.80%	$35.1M	2030-03-31	1.0%/yr	1.8x	99.5
Senior Unsecured NotesTARGET	3	Unsecured	$150.0M	Fixed	6.75%	—	—	6.75%	$10.1M	2031-03-31	bullet	2.4x	96.0UNDERWRITING ASSUMPTION
Total debt (face value)			$600.0M						$45.2M			2.4x
Less: cash			($140.0M)
Net debt			$460.0M									1.8x
Equity (residual: EV − net debt, EV at assumed multiple)			$3.1B	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

86%

cumulative debt $600M ÷ base asset value $700M

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	$0M	0%	$968M	—	n/m	Low
FY2030E	$450M	75%	$1.2B	—	2.7x	Medium
2031 (beyond horizon)	$150M	25%	$774M	—	5.2x	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	$651M	-0.2x (8.5x)	8.71x (1.20x)	8.0%	$0.0M	REFINANCING PASS	Repaid from cash
First-Lien Term Loan	FY2030E	$427.5M	$864M	-0.7x (8.5x)	8.98x (1.20x)	8.0%	$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	$450.0M	$445.5M	$441.0M	$436.5M	$432.0M	$0.0M^R
Senior Unsecured Notes	$150.0M	$150.0M	$150.0M	$150.0M	$150.0M	$150.0M
Total debt	$600.0M	$595.5M	$591.0M	$586.5M	$582.0M	$150.0M
Cash	$140.0M	$290.1M	$459.6M	$650.5M	$863.8M	$674.2M
Cash interest	$45.2M	$45.2M	$43.8M	$42.3M	$42.0M	$41.7M
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	Northgate Software — illustrative financial statements FY2022–FY2025	Income statement / cash flow	FY2022–FY2025	—	2026-03-31	2026-03-31	DEMO DATA
CreditIQ demo dataset	Northgate Software — 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