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Pioneer Ag Supply Watch

Farm inputs distributor · Senior loan · $16.0M deployed · Last report Oct 15

Covenants

All 4 passingTightest: DSCR, 7.5% roomAs of Sep 30 · monthly, certified quarterly

Debt service coverage

Passing
Required
Actual
≥ 1.20x
1.29x
Room left7.5%
  • Earnings can fall $0.4M before a breach.
  • Breach in Q2 2027 if spring volume drops 8%.

Net leverage

Passing
Required
Actual
≤ 5.50x
4.60x
Room left16.4%
  • Earnings can fall $0.9M before a breach.
  • No breach expected in the base plan.

Equipment spending

Passing
Required
Actual
≤ $1.5M / yr
$1.1M
Room left26.7%
  • $0.4M left this year.
  • Forklift replacement is the only planned spend.

Minimum cash

Passing
Required
Actual
≥ $1.5M
$2.1M
Room left40%
  • Lowest point ahead: $1.3M on Dec 18.
  • The plan dips under the minimum for one week.

Compliance certificates

  • Q3 compliance certificate
    Due Nov 14 (45 days after quarter end)
    In draft
  • Q2 compliance certificate
    Filed Aug 14
    Accepted
  • Q1 compliance certificate
    Filed May 13
    Accepted

What could change this

  • A late spring would push sales into Q2 and cut DSCR room to near zero.
  • Selling the $1.1M of extra inventory adds about three weeks of runway.
  • A one-point drop in gross margin removes about $0.8M of earnings.

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