Ridgeline Infrastructure Services · RDGL
DEMO DATAUNDERWRITING ASSUMPTIONHOLDRecovery waterfall by scenario
ANALYST PROJECTIONRecovery value = MAX(going-concern value, liquidation value) + cash, less administrative costs, then distributed by seniority (strict absolute priority; equal ranks pari passu). Going concern = distressed EV/EBITDA multiple × EBITDA at the valuation event; liquidation = asset base × (1 − decline) × liquidation recovery. Valuation event = the payment-default period, or — if no default is modelled — a hypothetical default at the trough-EBITDA period (so protection is always measured). Specific liens are paid from their own collateral pool; any deficiency joins general creditors. Illustrative appraised / collateral value (DEMO)
Base Case — FY2026E (hypothetical default at trough EBITDA; no default modelled)
| Claim (by seniority) | Rank | Claim | Recovery | Recovery % | Loss | Loss % |
|---|---|---|---|---|---|---|
| Recovery value | $2.7B | |||||
| Less: administrative / DIP costs | ($107.7M) | |||||
| First-Lien Term Loan | 1 | $806.9M | $806.8M | 100.0% | $0.0M | 0.0% |
| Senior Notes 6.25% | 3 | $710.9M | $710.9M | 100.0% | $0.0M | 0.0% |
| Total claims | $1.5B | $1.5B | $0.0M | |||
| Equity (residual) | $1.1B | In the money | ||||
Downside — FY2027E (hypothetical default at trough EBITDA; no default modelled)
| Claim (by seniority) | Rank | Claim | Recovery | Recovery % | Loss | Loss % |
|---|---|---|---|---|---|---|
| Recovery value | $2.1B | |||||
| Less: administrative / DIP costs | ($84.6M) | |||||
| First-Lien Term Loan | 1 | $801.2M | $801.2M | 100.0% | $0.0M | 0.0% |
| Senior Notes 6.25% | 3 | $710.9M | $710.9M | 100.0% | $0.0M | 0.0% |
| Total claims | $1.5B | $1.5B | $0.0M | |||
| Equity (residual) | $519.3M | In the money | ||||
Severe Downside — FY2030E (modelled payment default)
| Claim (by seniority) | Rank | Claim | Recovery | Recovery % | Loss | Loss % |
|---|---|---|---|---|---|---|
| Recovery value | $1.5B | |||||
| Less: administrative / DIP costs | ($61.1M) | |||||
| First-Lien Term Loan | 1 | $651.7M | $651.7M | 100.0% | $0.0M | 0.0% |
| Senior Notes 6.25% | 3 | $710.9M | $710.9M | 100.0% | $0.0M | 0.0% |
| Total claims | $1.4B | $1.4B | $0.0M | |||
| Equity (residual) | $102.9M | In the money | ||||
Recovery lab — change valuation assumptions and watch the waterfall re-allocate
Going-concern $1.3B vs liquidation $845.0M → recovery value = MAX = $1.3B (used: going concern, $1.3B). Claims = current face value + 3 months accrued interest.
| Claim (by seniority) | Rank | Claim | Recovery | Recovery % | Loss | Loss % |
|---|---|---|---|---|---|---|
| Recovery value | $1.3B | |||||
| Less: administrative / DIP costs | ($50.7M) | |||||
| Revolver | 1 | $81.4M | $81.4M | 100.0% | $0.0M | 0.0% |
| First-Lien Term Loan | 1 | $815.0M | $815.0M | 100.0% | $0.0M | 0.0% |
| Senior Notes 6.25% | 3 | $710.9M | $320.4M | 45.1% | $390.5M | 54.9% |
| Total claims | $1.6B | $1.2B | $390.5M | |||
| Equity (residual) | $0.0M | Wiped out | ||||