Ironclad Fabrication On track
Metal fabrication · Senior loan · $18.0M deployed · Last report Oct 9
Covenants
All 4 passingTightest: net leverage, 22.2% roomAs of Sep 30 · monthly, certified quarterly
Net leverage
Passing
- Required
- Actual
- ≤ 4.50x
- 3.50x
Room left22.2%
- Earnings can fall $2.2M before a breach.
- No breach expected in the base plan.
Debt service coverage
Passing
- Required
- Actual
- ≥ 1.20x
- 1.72x
Room left43.3%
- Earnings can fall $3.6M before a breach.
- No breach expected in the base plan.
Equipment spending
Passing
- Required
- Actual
- ≤ $3.0M / yr
- $1.8M
Room left40%
- $1.2M left this year.
- New press brake is already budgeted.
Minimum cash
Passing
- Required
- Actual
- ≥ $2.0M
- $5.6M
Room left180%
- Lowest point ahead: $5.7M on Nov 27.
- Every forecast week clears the minimum.
Compliance certificates
- In draftQ3 compliance certificateDue Nov 14 (45 days after quarter end)
- AcceptedQ2 compliance certificateFiled Aug 12
- AcceptedQ1 compliance certificateFiled May 12
What could change this
- The plant expansion adds capacity but uses $1.2M of equipment room.
- A steel price jump of 10% would trim gross margin about 1.2 points.
- Paying down $1.0M early would lift net leverage room to about 29%.
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