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Orchard Foods · ORCH

DEMO DATAUNDERWRITING ASSUMPTIONHOLD
DEMO DATA — fictional company with illustrative numbers.

Branded and private-label shelf-stable foods; volume-pressured but with strong cash conversion.

Recommendation
HOLD
2 core test(s) failed
Credit score
67 / 100
Moderate
Base IRR
10.5%
vs hurdle 12.0%
Downside IRR
7.3%
performing
Severe recovery
39%
IRR -6.3%
Net leverage
4.3x
FY2025A
EBITDA / interest
3.12x
FY2025A
Open high-priority DD
5
Diligence →

Overview

Sector / industryConsumer / Packaged Foods
HeadquartersCincinnati, OH
Revenue (FY2025A)$3.0B
EBITDA (FY2025A)$480M
Total debt (face value)$2.2B
Cash$150M
Net debt$2.0B
Asset / collateral base$3.3B
Enterprise value (assumed multiple)$4.0B

Investment thesis UNDERWRITING ASSUMPTION

Defensive end market but 4.3x net leverage and volume decline. The subordinated notes at 94 yield ~9.5% and are covered in all scenarios on EV, though this is a carry trade rather than a distressed idea.

InstrumentSubordinated Notes 8.25%
Face value / purchase price / cash investment$100M / 94.0 / $94.5M UNDERWRITING ASSUMPTION
Current yield · yield to maturity8.8% · 9.7%

Key protections

  • Defensive demand
  • Pricing power on brands
  • Subordinated yield pick-up

Key risks

  • Private-label share gains
  • Input-cost inflation
  • Leveraged M&A

Key catalysts

  • Portfolio rationalization
  • Commodity cost declines

Data-quality notes

  • All figures are fictional and illustrative.
Sources & data lineage (3)
SourceDocumentData typePeriodAccessionDoc dateRetrievedClass
CreditIQ demo datasetOrchard Foods — illustrative financial statements FY2022–FY2025Income statement / cash flowFY2022–FY2025—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetOrchard Foods — illustrative capital structure & covenantsDebt scheduleAs of 2026-03-31—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIllustrative indicative bid marks (% of par)Market price2026-03-31—2026-03-312026-03-31DEMO DATA