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Model senior/mezzanine/subordinated debt with payment priority waterfall
Total Capex: $299.6M
Configure each tranche's size, pricing, and structure
Total Debt
$299.6M
Blended CoD
7.74%
Min Senior DSCR
0.20x
Risk Status
Shortfall Risk
| Tranche | Amount | % Capex | Rate | Tenor | Min DSCR | Cum. LTV |
|---|---|---|---|---|---|---|
Senior Debt | $209.7M | 70% | 6.05% | 18yr | 0.20x | 70% |
Mezzanine Debt | $59.9M | 20% | 10.00% | 10yr | - | 90% |
Subordinated Debt | $30.0M | 10% | 15.00% | 7yr | - | 100% |
| Total | $299.6M | 100% | 7.74% | - | 0.07x | 100% |
Cash flow allocation by debt seniority (USD millions)
Senior blocks junior payments in years:
Cash shortfall in years:
Acceleration could trigger in Year 1
Comparison if all debt was structured as single senior tranche at blended cost
| Year | CFADS | Senior DS | Mezz DS | Sub DS | Equity | Sr DSCR | Tot DSCR |
|---|---|---|---|---|---|---|---|
| 1 | $4.9M | $24.3M | $6.0M | $4.5M | $0 | 0.20x | 0.14x |
| 2 | $5.0M | $23.6M | $6.0M | $4.5M | $0 | 0.21x | 0.15x |
| 3 | $5.0M | $22.9M | $6.0M | $4.5M | $0 | 0.22x | 0.15x |
| 4 | $5.2M | $22.2M | $6.0M | $4.5M | $0 | 0.23x | 0.16x |
| 5 | $5.3M | $21.5M | $6.0M | $4.5M | $0 | 0.24x | 0.16x |
| 6 | $5.4M | $20.8M | $6.0M | $4.5M | $0 | 0.26x | 0.17x |
| 7 | $5.5M | $20.1M | $6.0M | $34.5M | $0 | 0.27x | 0.09x |
| 8 | $5.6M | $19.4M | $6.0M | - | $0 | 0.29x | 0.22x |
| 9 | $5.7M | $18.7M | $6.0M | - | $0 | 0.30x | 0.23x |
| 10 | $5.8M | $18.0M | $65.9M | - | $0 | 0.32x | 0.07x |
| 11 | $5.9M | $17.3M | - | - | $0 | 0.34x | 0.34x |
| 12 | $6.0M | $16.6M | - | - | $0 | 0.36x | 0.36x |
| 13 | $6.2M | $15.9M | - | - | $0 | 0.39x | 0.39x |
| 14 | $6.3M | $15.2M | - | - | $0 | 0.41x | 0.41x |
| 15 | $6.4M | $14.5M | - | - | $0 | 0.44x | 0.44x |
| 16 | $6.5M | $13.8M | - | - | $0 | 0.47x | 0.47x |
| 17 | $6.7M | $13.1M | - | - | $0 | 0.51x | 0.51x |
| 18 | $6.8M | $12.4M | - | - | $0 | 0.55x | 0.55x |
| 19 | $6.9M | $0 | - | - | $6.9M | - | - |
| 20 | $7.1M | $0 | - | - | $7.1M | - | - |