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Ridgeline Infrastructure Services · RDGL

DEMO DATAUNDERWRITING ASSUMPTIONHOLD

Debt schedule & capital structure — FY2025A (2026-03-31)

DEMO DATA
FacilityRankSec.Face valueRate typeCoupon / spreadFloorPIKAll-in (base, 1st period)Annual interestMaturityAmort.Cum. leverageMark / price
Revolver (commit $300M)1Secured$80.0MFloatingS+255bp——6.80%$5.4M2029-12-31bullet0.2x—
First-Lien Term Loan1Secured$800.0MFloatingS+325bp——7.50%$60.0M2030-06-301.0%/yr2.3x99.3
Senior Notes 6.25%TARGET3Unsecured$700.0MFixed6.25%——6.25%$43.8M2032-04-15bullet4.2x95.0UNDERWRITING ASSUMPTION
Total debt (face value)$1.6B$109.2M4.2x
Less: cash($90.0M)
Net debt$1.5B3.9x
Equity (residual: EV − net debt, EV at assumed multiple)$2.6BGoes to zero in any scenario where recovery value < claims.
Loan-to-value through target tranche
61%
cumulative debt $1.6B ÷ base asset value $2.6B
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

OK — No material maturities within 2 period(s) (window: 2 periods; materiality 15% of debt; default window 3)
PeriodDebt due% of debtProjected liquidityRefi requirementLiq. ÷ maturityRisk
FY2029E$80M5%$929M—11.6xLow
FY2030E$800M51%$1.1B—1.4xMedium
2032 (beyond horizon)$700M44%$350M$350M0.5xMedium

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.

TrancheMaturesBalance at maturityCash on handNet lev. (test ≤)Pro-forma coverage (test ≥)Refi rateInterest burden afterResultResolution
RevolverFY2029E$0.0M$446M2.3x (8.5x)4.66x (1.20x)7.5%$0.0MREFINANCING PASSRepaid from cash
First-Lien Term LoanFY2030E$760.0M$621M1.8x (8.5x)4.74x (1.20x)7.5%$0.0MREFINANCING PASSRepaid from cash

Projected debt balances by tranche — Base Case

TrancheCurrentFY2026EFY2027EFY2028EFY2029EFY2030E
Revolver$80.0M$0.0M$0.0M$0.0M$0.0M R$0.0M
First-Lien Term Loan$800.0M$792.0M$784.0M$776.0M$768.0M$0.0M R
Senior Notes 6.25%$700.0M$700.0M$700.0M$700.0M$700.0M$700.0M
Total debt$1.6B$1.5B$1.5B$1.5B$1.5B$700.0M
Cash$90.0M$138.3M$284.7M$445.9M$620.8M$50.2M
Cash interest$109.2M$109.2M$101.2M$98.6M$98.1M$97.5M
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)
SourceDocumentData typePeriodAccessionDoc dateRetrievedClass
CreditIQ demo datasetRidgeline Infrastructure Services — illustrative financial statements FY2022–FY2025Income statement / cash flowFY2022–FY2025—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetRidgeline Infrastructure Services — illustrative capital structure & covenantsDebt scheduleAs of 2026-03-31—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIllustrative indicative bid marks (% of par)Market price2026-03-31—2026-03-312026-03-31DEMO DATA