Debt Schedule
Visor Studio · Capital Planning · Generated September 21, 2026
Debt Schedule
Multi-tranche: term loan + revolver + mezzanine. Balance, interest, and coverage ratios over 10 years.
Company context
Tranches
| Name | Type | Principal | Rate % | Amort yrs | Draw Y | |
|---|---|---|---|---|---|---|
Balance over time
Annual debt service
Aggregate
Aggregate schedule
| Year | Balance | Interest | Principal paid |
|---|---|---|---|
| 0 | 74,043,249 | 6,100,000 | 5,956,751 |
| 1 | 67,729,093 | 5,742,595 | 6,314,156 |
| 2 | 61,036,088 | 5,363,746 | 6,693,005 |
| 3 | 53,941,502 | 4,962,165 | 7,094,586 |
| 4 | 46,421,241 | 4,536,490 | 7,520,261 |
| 5 | 38,449,765 | 4,085,274 | 7,971,476 |
| 6 | 30,000,000 | 3,606,986 | 8,449,765 |
| 7 | 30,000,000 | 3,100,000 | 0 |
| 8 | 30,000,000 | 3,100,000 | 0 |
| 9 | 30,000,000 | 3,100,000 | 0 |
What it calculates
A debt schedule tracks every tranche of borrowing across time: opening balance, drawdowns, scheduled amortization, optional prepayments from surplus cash, interest, and closing balance. It is the engine behind the financing section of any operating model.
How it is calculated
Each period, interest accrues on the opening balance, or on the average balance where the model is more precise. Mandatory amortization is applied per the facility's terms. A cash sweep then applies whatever free cash remains, after a minimum cash buffer, to prepay the tranches in order of seniority. Revolvers absorb shortfalls, drawing when cash falls below the minimum and repaying when it recovers.
How to read the result
Watch the covenant headroom rather than the balance itself. Leverage measured as net debt to EBITDA and interest coverage as EBITDA to interest are what actually trigger a default, and they can tighten from an EBITDA decline just as easily as from a debt increase. The revolver balance is the early warning: a facility that is drawn and not repaying in the model is a business that is not generating cash.
Worked example
A term loan of 50,000,000 at 7% with 5% annual amortization opens the year at 50,000,000, accrues 3,500,000 of interest, repays 2,500,000 mandatorily, and sweeps a further 4,000,000 from surplus cash - closing at 43,500,000. With EBITDA of 18,000,000, leverage falls from 2.8x to 2.4x.
Common questions
- Why does a debt schedule create a circular reference?
- Interest depends on the balance, the balance depends on the cash sweep, the sweep depends on cash flow, and cash flow depends on interest. Most models break the loop by calculating interest on the opening balance, or by enabling iterative calculation with a defined tolerance.
- What is a cash sweep?
- A covenant requiring surplus cash above an agreed buffer to be used to prepay debt rather than retained or distributed. It accelerates deleveraging and is standard in leveraged loans, which is why modelling it materially changes the projected interest cost.
- Should interest be calculated on the opening or average balance?
- Average is more accurate when balances move a lot within the period, and it is what lenders actually charge. Opening balance is simpler and avoids the circularity. For annual models with steady amortization the difference is usually immaterial.
Keep this calculation
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