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Ridgeline Infrastructure Services · RDGL

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 $300M)	1	Secured	$80.0M	Floating	S+255bp	—	—	6.80%	$5.4M	2029-12-31	bullet	0.2x	—
First-Lien Term Loan	1	Secured	$800.0M	Floating	S+325bp	—	—	7.50%	$60.0M	2030-06-30	1.0%/yr	2.3x	99.3
Senior Notes 6.25%TARGET	3	Unsecured	$700.0M	Fixed	6.25%	—	—	6.25%	$43.8M	2032-04-15	bullet	4.2x	95.0UNDERWRITING ASSUMPTION
Total debt (face value)			$1.6B						$109.2M			4.2x
Less: cash			($90.0M)
Net debt			$1.5B									3.9x
Equity (residual: EV − net debt, EV at assumed multiple)			$2.6B	Goes 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

Base Case Downside Severe Downside

OK — No material maturities within 2 period(s) (window: 2 periods; materiality 15% of debt; default window 3)

Period	Debt due	% of debt	Projected liquidity	Refi requirement	Liq. ÷ maturity	Risk
FY2029E	$80M	5%	$929M	—	11.6x	Low
FY2030E	$800M	51%	$1.1B	—	1.4x	Medium
2032 (beyond horizon)	$700M	44%	$350M	$350M	0.5x	Medium

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	FY2029E	$0.0M	$446M	2.3x (8.5x)	4.66x (1.20x)	7.5%	$0.0M	REFINANCING PASS	Repaid from cash
First-Lien Term Loan	FY2030E	$760.0M	$621M	1.8x (8.5x)	4.74x (1.20x)	7.5%	$0.0M	REFINANCING PASS	Repaid from cash

Projected debt balances by tranche — Base Case

Tranche	Current	FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
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)

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