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Orchard Foods · ORCH

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
First-Lien Term Loan	1	Secured	$900.0M	Floating	S+335bp	—	—	7.60%	$68.4M	2029-05-31	1.0%/yr	1.9x	99.0
Senior Notes 5.50%	3	Unsecured	$800.0M	Fixed	5.50%	—	—	5.50%	$44.0M	2030-12-15	bullet	3.5x	94.5
Subordinated Notes 8.25%TARGET	4	Unsecured	$500.0M	Fixed	8.25%	—	—	8.25%	$41.3M	2031-09-15	bullet	4.6x	94.0UNDERWRITING ASSUMPTION
Total debt (face value)			$2.2B						$153.7M			4.6x
Less: cash			($150.0M)
Net debt			$2.0B									4.3x
Equity (residual: EV − net debt, EV at assumed multiple)			$1.9B	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

67%

cumulative debt $2.2B ÷ base asset value $3.3B

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)

INVESTMENT RISK FLAG — $900M maturity in FY2029E; only $244M projected liquidity; $656M refinancing requirement

INVESTMENT RISK FLAG — $800M maturity in FY2030E; only $50M projected liquidity; $750M refinancing requirement

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2029E	$900M	41%	$244M	$656M	0.3x	High
FY2030E	$800M	36%	$50M	$750M	0.1x	High
2031 (beyond horizon)	$500M	23%	$0M	$500M	0.0x	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 — Severe 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
First-Lien Term Loan	FY2029E	$864.0M	$226M	7.3x (5.0x)	1.34x (2.00x)	13.0%	—	REFINANCING FAILURE	Partially repaid; payment default
Senior Notes 5.50%	FY2030E	$800.0M	$0M	6.8x (5.0x)	1.37x (2.00x)	13.0%	—	REFINANCING FAILURE	Partially repaid; payment default

Projected debt balances by tranche — Severe Downside

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
First-Lien Term Loan	$900.0M	$891.0M	$882.0M	$873.0M	$629.3M	$620.3M
Senior Notes 5.50%	$800.0M	$800.0M	$800.0M	$800.0M	$800.0M	$758.7M
Subordinated Notes 8.25%	$500.0M	$500.0M	$500.0M	$500.0M	$500.0M	$500.0M
Total debt	$2.2B	$2.2B	$2.2B	$2.2B	$1.9B	$1.9B
Cash	$150.0M	$225.8M	$228.0M	$226.5M	$0.0M	$0.0M
Cash interest	$153.7M	$180.7M	$177.5M	$174.3M	$173.4M	$148.8M
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	Orchard Foods — illustrative financial statements FY2022–FY2025	Income statement / cash flow	FY2022–FY2025	—	2026-03-31	2026-03-31	DEMO DATA
CreditIQ demo dataset	Orchard Foods — 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