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Redwood Broadband · RWBB
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $4.2B | Σ tranche principal (face value) | debt=4200.0 |
| Net debt | $4.0B | Total debt − cash | debt=4200.0 · cash=150.0 |
| Gross leverage (Debt / EBITDA) | 6.91x | Total debt ÷ EBITDA | debt=4200.0 · ebitda=608.0 |
| Secured leverage | 4.77x | Secured debt ÷ EBITDA | secured=2900.0 · ebitda=608.0 |
| Net leverage | 6.66x | Net debt ÷ EBITDA | netDebt=4050.0 · ebitda=608.0 |
| Interest coverage (EBIT / interest) | 0.74x | EBIT ÷ interest expense | ebit=256.0 · interest=347.5 |
| EBITDA / interest | 1.75x | EBITDA ÷ interest expense | ebitda=608.0 · interest=347.5 |
| FCF / debt | -1.8% | Free cash flow ÷ total debt | fcf=-74.3 · debt=4200.0 |
| Debt service coverage | 0.75x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=608.0 · capex=336.0 · taxes=0.00 · interest=347.5 · amort=17.0 |
| Cash conversion | 44.7% | (EBITDA − capex) ÷ EBITDA | ebitda=608.0 · capex=336.0 |
| Liquidity ratio | 0.96x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=350.0 · stObl=364.5 |
| Current ratio | 0.84x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=320.0 · curLiab=380.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=350.0 |
Credit scorecard — deterministic, auditable
Score 36.0 / 100 · High| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 6.66 | 2 | 7 | 1.0 | 15 | 0.3 | 0.0 | 0.0 |
| Coverage | LTM EBITDA / interest expense | 1.75 | 5 | 1 | 2.8 | 15 | 2.7 | 1.7 | 0.4 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 0.96 | 2 | 0.5 | 3.1 | 10 | 1.3 | 0.3 | 0.0 |
| Free cash flow | LTM FCF / total debt | -0.02 | 0.12 | -0.02 | 0.2 | 10 | 0.1 | 0.0 | 0.0 |
| Maturity risk | Share of debt maturing within 3 periods | 0.45 | 0 | 0.5 | 1.0 | 10 | 1.0 | 1.0 | 1.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.01 | 0.01 | 0.05 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Revenue stability | Std-dev of annual revenue growth | 0.00 | 0.03 | 0.15 | 8.0 | 8 | 8.0 | 8.0 | 8.0 |
| Asset coverage | Asset base / total debt | 1.24 | 2 | 0.6 | 5.5 | 12 | 5.5 | 5.5 | 5.5 |
| Industry risk | Sector factor (config.ts) | 0.45 | 1 | 0 | 4.5 | 10 | 4.5 | 4.5 | 4.5 |
| Total | 36.0 | 100 | 33.3 | 30.9 | 29.3 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 38.2 → 36.0
- ▼ Net leverage increased from 6.4x to 6.7x (-0.7 pts, negative)
- ▼ Interest coverage fell from 1.9x to 1.7x (-0.6 pts, negative)
- ▼ Liquidity ratio fell from 1.0x to 1.0x (-0.3 pts, negative)
- ▼ FCF / debt fell from -1.0% to -1.8% (-0.6 pts, negative)
- • Near-term maturity share unchanged at 45%
- • Margin volatility unchanged at 0.7 pts
- • Revenue volatility unchanged at 0.0 pts
- • Asset coverage unchanged at 1.24x
- • Industry risk factor unchanged at 0.45
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: 2 failed tests; first breach FY2029EDownside: 5 failed tests; first breach FY2026ESevere Downside: 5 failed tests; first breach FY2026E
Maximum net leverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
| FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
|---|---|---|---|---|---|
| Current metric | 7.68x | 8.35x | 8.59x | 8.88x | 9.16x |
| Covenant | ≤ 7.50x | ≤ 7.50x | ≤ 7.50x | ≤ 7.50x | ≤ 7.50x |
| Headroom | −0.18x (-2%) | −0.85x (-11%) | −1.09x (-14%) | −1.38x (-18%) | −1.66x (-22%) |
| Status | BREACH | BREACH | BREACH | BREACH | BREACH |
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 6.9x | 7.1x | 7.3x | 7.5x | 7.8x |
| EBITDA / cash interest | 1.7x | 1.8x | 1.8x | 1.5x | 1.5x | |
| DSCR | 0.7x | 0.8x | 0.8x | 0.7x | 0.7x | |
| Liquidity ($M) | $254M | $254M | $82M | $0M | $0M | |
| Downside | Net debt / EBITDA | 7.7x | 8.4x | 8.6x | 8.9x | 9.2x |
| EBITDA / cash interest | 1.4x | 1.4x | 1.4x | 1.4x | 1.4x | |
| DSCR | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x | |
| Liquidity ($M) | $199M | $199M | $199M | $199M | $199M | |
| Severe Downside | Net debt / EBITDA | 9.5x | 11.6x | 12.0x | 12.5x | 12.9x |
| EBITDA / cash interest | 1.1x | 1.0x | 1.0x | 1.0x | 1.0x | |
| DSCR | 0.5x | 0.4x | 0.5x | 0.5x | 0.5x | |
| Liquidity ($M) | $148M | $148M | $148M | $148M | $148M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
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 |