Brightwater Packaging Watch
Packaging manufacturer · Loan + revenue share · $18.5M deployed · Last report Oct 15
Covenants
All 4 passingTightest: net leverage, 8.6% roomAs of Sep 30 · monthly, certified quarterly
Net leverage
Passing
- Required
- Actual
- ≤ 5.25x
- 4.80x
Room left8.6%
- Earnings can fall $0.52M before a breach.
- Breaches in Feb 2027 if volume drops 10%.
Debt service coverage
Passing
- Required
- Actual
- ≥ 1.20x
- 1.31x
Room left9.2%
- Earnings can fall $0.41M before a breach.
- No breach expected in the base plan.
Equipment spending
Passing
- Required
- Actual
- ≤ $1.2M / yr
- $0.9M
Room left25%
- $0.3M left this year.
- Goes to 0% if the repair waiver is approved.
Minimum cash
Passing
- Required
- Actual
- ≥ $1.5M
- $2.4M
Room left60%
- Lowest point ahead: $1.6M on Dec 18.
- Tightest week still clears the minimum.
Compliance certificates
- In draftQ3 compliance certificateDue Nov 14 (45 days after quarter end)
- AcceptedQ2 compliance certificateFiled Aug 14
- AcceptedQ1 compliance certificateFiled May 13
What could change this
- Approving the $0.3M repair waiver uses up all equipment-spending room for the year.
- If the pricing reset slips past January, debt service coverage falls toward 1.20x.
- Collecting the $0.7M of 90-day-late invoices adds about two weeks of runway.
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