Capital structure analysis

Every tranche by priority, with leverage, coverage and loan to value through each, then liquidity and the maturity wall. Every amount ties to a filing or debt document

Customize this Agent

XLSX12 steps

The problem

One revolver, two maturity dates, and $516 million of $671 million in cash offshore

Chemours's reported $1.6 billion of liquidity counts $671 million of cash, $516 million of it offshore, and $220 million of revolver commitments maturing October 7, 2026. The other $780 million runs to May 2, 2030 only if the euro term loan and 2028 and 2029 notes are repaid, refinanced or extended 91 days before maturity. Take it as reported and liquidity is too high and the revolver's maturity too late

The request

Build Chemours's capital structure off the June 30 10-Q and everything filed since. Every tranche by priority with ratings and each term tied to its document; prices and yields from our October 1 run, attached. Leverage and loan to value through each tranche on covenant and Adjusted EBITDA, plus cash interest, coverage and the guarantor split. Liquidity capped by the leverage test, offshore cash trapped, before and after the $220 million maturing October 7, and whether the test springs on usage. A maturity wall with springing maturities and their triggers. Below total debt: PFAS and environmental accruals, Chemours's 50 percent of the North Carolina settlement net of accruals, the pension deficit, leases and the securitization. Flag anything that doesn't tie.

CC prices Oct 1.xlsx

How Axe works

ApprovedChanges asked

Your reviewApprove, or say what to change

Approved or changes

Workbook and tie outApproved workbook and tie out

Final reviewApprove the revised files

Revised workbook and tie outRevised files and tie out

Step

Apply the covenant definitions

Prompt

Sent to the model at this step

Read the credit agreement's definitions of Consolidated EBITDA, the debt measure and net debt used in each financial covenant, as amended. Build last twelve months EBITDA to the balance sheet date from the latest annual and year to date figures, then apply each add back and deduction the definition allows using only disclosed figures, citing each one. Expect most of the definition's adjustments to stay open from public filings: say so at the top of the tab, list each permitted add back that is not disclosed or is capped, and show how much of the result rests on them. Put reported Adjusted EBITDA beside it with a line by line bridge. Record each covenant test, the facility it protects, whether it applies every quarter or springs only when revolver usage passes a threshold, and the threshold. Record its level for every quarter, including any temporary relief, the quarter the relief ends and the level that follows.

Uses

Issuer
Balance sheet date
Document register
Debt table

Produces

Covenant EBITDA

What you get back

XLSXCapital structure workbookTranches by priority, priced and rated, leverage through each, liquidity and the maturity wall

Tie out reportEach amount and term marked tied, corrected or open, with the reason

Make it yours

Point it at another issuer, apply your desk's own EBITDA adjustments, or change which debt like items count. Every step and every prompt can be edited

Customize this Agent

Opens a private copy of this Agent in your workspace, ready to adapt to your own sources

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