Pinnacle Oilfield Services · PNOS
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 $250M) | 1 | Secured | $0.0M | Floating | S+325bp | — | — | 7.50% | $0.0M | 2028-09-30 | bullet | 0.0x | — | |
| Senior Secured Notes 8.00%TARGET | 1 | Secured | $600.0M | Fixed | 8.00% | — | — | 8.00% | $48.0M | 2029-02-15 | bullet | 2.0x | 101.5UNDERWRITING ASSUMPTION | |
| Senior Unsecured Notes 7.25% | 3 | Unsecured | $250.0M | Fixed | 7.25% | — | — | 7.25% | $18.1M | 2030-06-15 | bullet | 2.8x | 99.0 | |
| Total debt (face value) | $850.0M | $66.1M | 2.8x | |||||||||||
| Less: cash | ($260.0M) | |||||||||||||
| Net debt | $590.0M | 2.0x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $1.1B | 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 |
|---|---|---|---|---|---|---|
| FY2028E | $0M | 0% | $602M | — | n/m | Low |
| FY2029E | $600M | 71% | $628M | — | 1.0x | Medium |
| FY2030E | $250M | 29% | $302M | — | 1.2x | 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 — Downside
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 | FY2028E | $0.0M | $333M | 2.5x (5.5x) | 3.15x (1.80x) | 11.0% | $0.0M | REFINANCING PASS | Repaid from cash |
| Senior Secured Notes 8.00% | FY2029E | $600.0M | $352M | 2.2x (5.5x) | 2.63x (1.80x) | 11.0% | $24.5M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
| Senior Unsecured Notes 7.25% | FY2030E | $250.0M | $0M | 2.0x (5.5x) | 4.53x (1.80x) | 11.0% | $21.8M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
Projected debt balances by tranche — Downside
| Tranche | Current | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Revolver | $0.0M | $0.0M | $0.0M | $0.0M R | $0.0M | $0.0M |
| Senior Secured Notes 8.00% | $600.0M | $600.0M | $600.0M | $600.0M | $222.4M R | $222.4M |
| Senior Unsecured Notes 7.25% | $250.0M | $250.0M | $250.0M | $250.0M | $250.0M | $198.3M R |
| Total debt | $850.0M | $850.0M | $850.0M | $850.0M | $472.4M | $420.7M |
| Cash | $260.0M | $310.9M | $333.4M | $352.3M | $0.0M | $0.0M |
| Cash interest | $66.1M | $66.1M | $66.1M | $66.1M | $66.1M | $42.6M |
| 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 | Pinnacle Oilfield Services — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Pinnacle Oilfield Services — 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 |