How to Read a Credit Agreement: the book's own figures, to type back into the blank set

Kestrel Industrial, the base case of every chapter. Amounts in EUR m. Series run Q1 to Q28, top to bottom.


Kestrel_The_Complete_Facility_Blank.xlsx

   1. Assumptions!B4     225
   1. Assumptions!B5     25
   1. Assumptions!B6     137.5
   1. Assumptions!B7     15
   1. Assumptions!B8     5
   1. Assumptions!B9     7.5
   1. Assumptions!B10    0.025
   1. Assumptions!B12    4.2
   1. Assumptions!B13    0.2
   1. Assumptions!B14    8
   1. Assumptions!B16    6
   1. Assumptions!B17    5.75
   1. Assumptions!B18    5.5
   1. Assumptions!B19    5.25
   1. Assumptions!B20    1.75
   1. Assumptions!B21    2
   1. Assumptions!B22    2
   1. Assumptions!B23    5
   2. Trading!B4:B31
      25, 25.4, 25.7, 25.9, 25.2, 23.6, 21.5, 19.4, 20, 21.2, 22.8, 24.3, 25.7, 27
      28.2, 29.3, 30.2, 31, 31.8, 32.5, 33.1, 33.7, 34.3, 34.8, 35.3, 35.8, 36.2, 36.6
   2. Trading!G4:G31
      3.5, 3.6, 3.6, 3.7, 3.5, 3.1, 2.6, 2.1, 2.2, 2.5, 2.9, 3.3, 3.6, 3.9
      4.2, 4.4, 4.6, 4.8, 4.9, 5.1, 5.2, 5.3, 5.4, 5.5, 5.6, 5.7, 5.8, 5.9
   6. Clause by clause!B4     45
   6. Clause by clause!B5     15

Headroom_and_the_Add_Back_Blank.xlsx

   1. Inputs!B3     4.2
   1. Inputs!B4     0.2
   1. Inputs!B5     8
   2. The two tests!B4:B31
      25, 25.4, 25.7, 25.9, 25.2, 23.6, 21.5, 19.4, 20, 21.2, 22.8, 24.3, 25.7, 27
      28.2, 29.3, 30.2, 31, 31.8, 32.5, 33.1, 33.7, 34.3, 34.8, 35.3, 35.8, 36.2, 36.6
   2. The two tests!H4:H31
      131.8359, 131.0719, 130.2219, 129.2719, 128.5057, 128.1396, 128.3589, 129.0782, 129.7412, 130.1043, 130.0673, 129.6304, 128.8918, 127.8533
      126.4305, 124.7236, 122.7921, 120.6606, 118.2622, 115.6639, 112.9656, 110.1673, 107.2689, 104.2706, 101.1723, 97.974, 94.6756, 91.2773
   2. The two tests!I4:I31
      6, 6, 6, 6, 5.75, 5.75, 5.75, 5.75, 5.5, 5.5, 5.5, 5.5, 5.25, 5.25
      5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25
   4. The run-off moved!B4     12
   4. The run-off moved!B6     25

The_Equity_Cure_Blank.xlsx

   1. Inputs!B3     2
   1. Inputs!B4     5
   1. Inputs!B5     1
   2. Both conventions!B4:B31
      131.8359, 131.0719, 130.2219, 129.2719, 128.5057, 128.1396, 128.3589, 129.0782, 129.7412, 130.1043, 130.0673, 129.6304, 128.8918, 127.8533
      126.4305, 124.7236, 122.7921, 120.6606, 118.2622, 115.6639, 112.9656, 110.1673, 107.2689, 104.2706, 101.1723, 97.974, 94.6756, 91.2773
   2. Both conventions!C4:C31
      29.2, 29.6, 29.9, 30.1, 29.4, 27.8, 25.7, 23.28, 20, 21.2, 22.8, 24.3, 25.7, 27
      28.2, 29.3, 30.2, 31, 31.8, 32.5, 33.1, 33.7, 34.3, 34.8, 35.3, 35.8, 36.2, 36.6
   2. Both conventions!D4:D31
      6, 6, 6, 6, 5.75, 5.75, 5.75, 5.75, 5.5, 5.5, 5.5, 5.5, 5.25, 5.25
      5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25, 5.25
   3. The uncurable quarter!F4     137.5
   3. The uncurable quarter!F5     0.005
   3. The uncurable quarter!F6     15
   3. The uncurable quarter!F7     0.06
   3. The uncurable quarter!F8     0.06

Baskets_Incremental_and_MFN_Blank.xlsx

   1. Inputs!B4     10
   1. Inputs!B5     5
   1. Inputs!B6     12.5
   1. Inputs!B7     7.5
   1. Inputs!B10    50
   1. Inputs!B11    8
   1. Inputs!B12    137.5
   1. Inputs!B13    750
   1. Inputs!B14    0.025
   1. Inputs!C4     0.4
   1. Inputs!C5     0.2
   1. Inputs!C6     0.5
   1. Inputs!C7     0.3
   2. Baskets by quarter!B4:B31
      29.2, 29.6, 29.9, 30.1, 29.4, 27.8, 25.7, 23.28, 20, 21.2, 22.8, 24.3, 25.7, 27
      28.2, 29.3, 30.2, 31, 31.8, 32.5, 33.1, 33.7, 34.3, 34.8, 35.3, 35.8, 36.2, 36.6
   2. Baskets by quarter!C4:C31
      25, 25.4, 25.7, 25.9, 25.2, 23.6, 21.5, 19.4, 20, 21.2, 22.8, 24.3, 25.7, 27
      28.2, 29.3, 30.2, 31, 31.8, 32.5, 33.1, 33.7, 34.3, 34.8, 35.3, 35.8, 36.2, 36.6
   3. Incremental and MFN!B4     0.055
   3. Incremental and MFN!B15    5

Result: headroom of 0.83 at Q8 and a breach from Q9; cures of 3.59 as deemed EBITDA and 19.74 as a prepayment,
which alone passes Q9 to Q11; baskets of 40.88 at Q1; an MFN worth 2.06 a year and 10.31 over five years.
