Module deep-dive
Incremental debt
Permitted incremental term-loan and revolver capacity. Fixed floor plus ratio basket.
Capacity waterfall
Fixed floor
$500M
Available on day 1 without ratio test
100% EBITDA
$825M
Resolved at TTM EBITDA from 10-K
Ratio headroom
—
Unlimited so long as SSLR ≤ 4.25×
Total available
$1,325M
Against $825M Consolidated EBITDA TTM; Senior Secured Leverage Ratio 3.75× (headroom to 4.25× cap).
Basket chain4 terms · 4 dependencies
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Wiki precedent3 cases
Envision Healthcare — 2020 Incremental Facility
KKR-led drop-down of anesthesia assets into an unrestricted subsidiary; incremental basket used to fund the new-money tranche.
In re Serta Simmons — priority-lien uptier
Non-pro-rata lender exchange via incremental-plus-replacement mechanics; majority-lender consent upheld.
AMC Entertainment — 2022 Refinancing
Uncapped incremental under ratio basket; combined with asset-sale proceeds to prepay 2L notes.
Precedents drawn from the public corpus (SEC filings, court opinions, market commentary). Other tenants' uploads are never used as comparables.
Evidence3 clauses
§2.01p. 45
"The Borrower may, from time to time, request Incremental Term Loans or increases to the Revolving Credit Facility in an aggregate principal amount not to exceed the Incremental Amount."
§2.01p. 45
"Any Incremental Term Loan shall be subject to a 50 basis-point most-favored-nation adjustment to the yield on the existing Term Loans for a period of six (6) months following the Incremental Closing Date, after which the adjustment shall sunset automatically."
§1.01p. 8
""Incremental Amount" means the sum of (a) the greater of $500,000,000 and 100% of Consolidated EBITDA plus (b) unused amounts under clause (a) from any prior period, plus (c) any amount so long as on a pro forma basis the Senior Secured Leverage Ratio does not exceed 4.25 to 1.00."
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Financials
The line items that resolve this module's capacity into dollar figures.
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Redline view
Underlying clauses with defined-term chips and cross-reference peeks.
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