Dashboard › Demo Universe › Ridgeline Infrastructure Services
Ridgeline Infrastructure Services · RDGL
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Contracted engineering and maintenance services for regulated utilities under multi-year MSAs.
Recommendation
HOLD
2 core test(s) failed
Credit score
81 / 100
Low
Base IRR
8.0%
vs hurdle 12.0%
Downside IRR
4.7%
performing
Severe recovery
100%
IRR 6.5%
Net leverage
3.9x
FY2025A
EBITDA / interest
3.46x
FY2025A
Overview
| Sector / industry | Infrastructure / Utility & Energy Services |
| Headquarters | Charlotte, NC |
| Revenue (FY2025A) | $2.1B |
| EBITDA (FY2025A) | $378M |
| Total debt (face value) | $1.6B |
| Cash | $90M |
| Net debt | $1.5B |
| Asset / collateral base | $2.6B |
| Enterprise value (assumed multiple) | $4.1B |
Investment thesis UNDERWRITING ASSUMPTION
Contracted utility spend gives visible cash flow, but 4x net leverage and working-capital intensity warrant a wider spread than the current mark offers.
| Instrument | Senior Notes 6.25% |
| Face value / purchase price / cash investment | $100M / 95.0 / $95.5M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 6.6% · 7.3% |
Key protections
- Grid-hardening capex supercycle
- MSA renewals at higher margins
Key risks
- Project execution / fixed-price overruns
- Customer concentration (top 5 = 48%)
- Wildfire liability allocation
Key catalysts
- MSA renewals in 2027
- Ratings review
Data-quality notes
- All figures are fictional and illustrative.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Ridgeline Infrastructure Services — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Ridgeline Infrastructure 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 |