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Fictional document — demonstration example
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Rebuilding the test, term by term

Groupe Sorenval, closing at 30/06/2026 · fictional document

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TermTranche A — leverageTranche B — interest coverSourceDate of the source
Published EBITDA 12 months (M€)60.0060.00Consolidated statements30/06/2026, circulated on 21/08 09:12
Add-backs requested (M€)10.8010.80Contractual EBITDA computation annex21/08/2026 09:12
Adjustment cap (clause 22.1)15 % of published EBITDA15 % of published EBITDAAgreement, clause 22.1Version 3 of 12/02/2026
Add-backs retained (M€)9.009.00Computation, clause 22.1Recomposed on 07/09/2026
Add-backs excluded (M€)1.801.80Computation, clause 22.1Recomposed on 07/09/2026
Contractual EBITDA (M€)69.0069.00Computation, clause 22.1Recomposed on 07/09/2026
Outstandings drawn (M€)233.40not applicableSchedule of outstandings21/08/2026 09:12
Cash retained (M€)19.50not applicableSchedule of outstandings, clause 22.121/08/2026 09:12
Net debt (M€)213.90not applicableComputation, clause 22.1Recomposed on 07/09/2026
Interest expense 12 months, gross (M€)not applicable15.16Schedule and rate-fixing notices21/08/2026 09:12
Test recomposed3.10x4.55xComputation, clauses 23.1 and 23.2Recomposed on 07/09/2026
Contractual threshold3.75x maximum3.50x minimumAgreement, clauses 23.1 and 23.2Version 3 of 12/02/2026
Absolute headroom0.65x1.05xComputationRecomposed on 07/09/2026
Relative headroom17.3 %30.0 %Computation, vigilance threshold 0.10Recomposed on 07/09/2026
Status recomposedcompliantcompliantEngine, rule R10 version 1.0.007/09/2026
PriorityP4P4Engine, rule R10 version 1.0.0Relative headroom above the vigilance threshold
Currency of the testEURUSD, converted at 1.0840Agreement, clause 24.3Rate at 30/06/2026, observed on 07/09 08:40
Participation held9.0 % — 18.00 M€12.0 % — 30.00 M$, that is 27.68 M€Register of holdings07/09/2026
Leverage without the exclusion of 1.80 M€3.02x — headroom 19.5 %not applicableControl computationRecomposed on 07/09/2026
Divergence with the facility agent's certificatenonenoneCertificate of 21/08, recomposition of 07/0907/09/2026

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