Keystone Dental Labs On track
Dental laboratory network · Senior loan · $12.0M deployed · Last report Oct 15
Covenants
All 4 passingTightest: net leverage, 13.3% roomAs of Sep 30 · monthly, certified quarterly
Net leverage
Passing
- Required
- Actual
- ≤ 4.50x
- 3.90x
Room left13.3%
- Earnings can fall $0.6M before a breach.
- No breach expected in the base plan.
Debt service coverage
Passing
- Required
- Actual
- ≥ 1.20x
- 1.49x
Room left24.2%
- Earnings can fall $0.9M before a breach.
- No breach expected in the base plan.
Equipment spending
Passing
- Required
- Actual
- ≤ $1.0M / yr
- $0.6M
Room left40%
- $0.4M left this year.
- A new milling machine is the main planned spend.
Minimum cash
Passing
- Required
- Actual
- ≥ $1.25M
- $2.6M
Room left108%
- Lowest point ahead: $2.6M on Nov 20.
- Every forecast week 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
- Buying the milling machine uses most of the remaining equipment room.
- A drop in implant volume of 10% would cut leverage room to about 4%.
- Collecting the two payment plans early adds about one week of runway.
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