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Redwood Broadband · RWBB

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 $400M)	1	Secured	$200.0M	Floating	S+335bp	—	—	7.60%	$15.2M	2027-12-31	bullet	0.3x	—
First-Lien Term Loan	1	Secured	$1.7B	Floating	S+415bp	—	—	8.40%	$142.8M	2028-08-31	1.0%/yr	3.1x	91.0
Second-Lien Notes 10.50%TARGET	2	Secured	$1.0B	Fixed	10.50%	—	—	10.50%	$105.0M	2029-03-15	bullet	4.8x	78.0UNDERWRITING ASSUMPTION
Senior Unsecured Notes 6.50%	3	Unsecured	$1.3B	Fixed	6.50%	—	—	6.50%	$84.5M	2030-05-15	bullet	6.9x	58.0
Total debt (face value)			$4.2B						$347.5M			6.9x
Less: cash			($150.0M)
Net debt			$4.0B									6.7x
Equity (residual: EV − net debt, EV at assumed multiple)			$0.0M	Goes to zero in any scenario where recovery value < claims.

Loan-to-value through target tranche

56%

cumulative debt $2.9B ÷ base asset value $5.2B

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 — $1700M maturity in FY2028E; only $254M projected liquidity; $1446M refinancing requirement

INVESTMENT RISK FLAG — $1000M maturity in FY2029E; only $82M projected liquidity; $918M refinancing requirement

INVESTMENT RISK FLAG — $1300M maturity in FY2030E; only $0M projected liquidity; $1300M refinancing requirement

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2027E	$200M	5%	$254M	—	1.3x	Low
FY2028E	$1.7B	40%	$254M	$1.4B	0.1x	High
FY2029E	$1.0B	24%	$82M	$918M	0.1x	High
FY2030E	$1.3B	31%	$0M	$1.3B	0.0x	High

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	FY2027E	$145.9M	$0M	7.0x (8.5x)	1.74x (1.20x)	9.5%	$13.9M	REFINANCING PASS	Refinanced
First-Lien Term Loan	FY2028E	$1.6B	($87M)	7.2x (8.5x)	1.62x (1.20x)	9.5%	$156.7M	REFINANCING PASS	Refinanced
Second-Lien Notes 10.50%	FY2029E	$1.0B	$0M	7.3x (8.5x)	1.59x (1.20x)	9.5%	$95.0M	REFINANCING PASS	Refinanced
Senior Unsecured Notes 6.50%	FY2030E	$1.3B	($45M)	7.6x (8.5x)	1.40x (1.20x)	9.5%	$123.5M	REFINANCING PASS	Refinanced

Projected debt balances by tranche — Base Case

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
Revolver	$200.0M	$145.9M	$145.9M^R	$317.7M	$400.0M	$400.0M
First-Lien Term Loan	$1.7B	$1.7B	$1.7B	$1.6B^R	$1.6B	$1.6B
Second-Lien Notes 10.50%	$1.0B	$1.0B	$1.0B	$1.0B	$1.0B^R	$1.0B
Senior Unsecured Notes 6.50%	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B^R
Total debt	$4.2B	$4.1B	$4.1B	$4.3B	$4.3B	$4.3B
Cash	$150.0M	$0.0M	($86.7M)	$0.0M	($45.3M)	($170.1M)
Cash interest	$347.5M	$347.5M	$337.4M	$335.0M	$376.3M	$372.5M
PIK interest (non-cash)		—	—	—	—	—
Funding gap		—	$86.7M	—	$45.3M	$170.1M

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	Redwood Broadband — illustrative financial statements FY2022–FY2025	Income statement / cash flow	FY2022–FY2025	—	2026-03-31	2026-03-31	DEMO DATA
CreditIQ demo dataset	Redwood Broadband — 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