fac-037 · Term loan

Cygnus Data Systems

Facility

Term loan

Currency: USD
Commitment: US$124m
Drawn: US$106.3m
Undrawn: US$17.7m
EAD: €106m
CCF: 50%
Margin: 150 bps
Maturity: 15 July 2029
Tenor: 39 months

Covenant monitoring

0 breached, 1 within 10% of the threshold

ICR

Direction: Minimum Threshold: 3.45 Current: 3.74 Next test: 30 Jun 2026 Quarterly

DSCR

Direction: Minimum Threshold: 1.31 Current: 1.59 Next test: 30 Jun 2026 Quarterly

Net lev.

Direction: Maximum Threshold: 3.42 Current: 2.15 Next test: 30 Jun 2026 Quarterly

Collateral

Net of supervisory haircuts

Collateral

Currency

Valuation

Valuation (EUR)

Haircut

Net value

Last valued

Basis

Securities

USD

US$147.6m

€135.8m

22%

€105.7m

1 Nov 2024

Internal model

Receivables

USD

US$140.4m

€129.2m

31%

€89.2m

21 Jan 2026

Independent appraisal

Total

€194.9m

Tenor

39 months

Quarter

Commitment

Drawn

Undrawn

Δ Drawn

Utilisation

2026-Q1

US$124m

US$106.3m

US$17.7m

n/a

86%

2026-Q2

US$114.5m

US$98.2m

US$16.3m

-US$8.2m

86%

2026-Q3

US$104.9m

US$90m

US$15m

-US$8.2m

86%

2026-Q4

US$95.4m

US$81.8m

US$13.6m

-US$8.2m

86%

2027-Q1

US$85.8m

US$73.6m

US$12.2m

-US$8.2m

86%

2027-Q2

US$76.3m

US$65.4m

US$10.9m

-US$8.2m

86%

2029-Q1

US$9.5m

US$8.2m

US$1.4m

-US$57.3m

86%

2029-Q2

US$0

-US$8.2m