Ridgeline Infrastructure Services · RDGL
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDebt 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. | ||||||||||||
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
| Period | Debt due | % of debt | Projected liquidity | Refi requirement | Liq. ÷ maturity | Risk |
|---|---|---|---|---|---|---|
| FY2029E | $80M | 5% | $648M | — | 8.1x | Low |
| FY2030E | $800M | 51% | $744M | $56M | 0.9x | High |
| 2032 (beyond horizon) | $700M | 44% | $300M | $400M | 0.4x | 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 — Downside
ANALYST PROJECTIONFor 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 | $253M | 3.8x (5.5x) | 2.97x (1.80x) | 10.0% | $0.0M | REFINANCING PASS | Repaid from cash |
| First-Lien Term Loan | FY2030E | $760.0M | $340M | 3.3x (5.5x) | 2.82x (1.80x) | 10.0% | $32.4M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
Projected debt balances by tranche — Downside
| 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 | $323.6M 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 | $1.0B |
| Cash | $90.0M | $99.7M | $175.2M | $252.6M | $339.6M | $0.0M |
| Cash interest | $109.2M | $122.4M | $113.1M | $110.4M | $109.7M | $109.0M |
| 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 |