Read the maturity wall before moving the debt

Separate the ladder from funding resources

Original maturities aggregate to EURk 300 in 2027 and EURk 150 in 2028. Two-thirds of the EURk 450 opening debt matures in 2027, but half-year timing still matters: EURk 100 is already due in June. Opening cash is EURk 100; there is no operating cash inflow, no automatic funding and no additional available facility.

Without replacement, closing cash is −200 in 2027 and −350 in 2028, all EURk. Do not subtract cash from the maturity amounts when drawing the ladder. Cash is a separate resource to compare with obligations on their actual dates.

Add a replacement without deleting the old maturity

The second case refinances Loan 2 on 2027-12-31 with EURk 200 new debt, 5% cash interest, EURk 2 fees and new maturity 2029-12-31. Original Loan 2 still repays EURk 200 on 2027-12-31. The simultaneous EURk 200 draw finances that repayment; it is not negative principal maturity.

The replacement adds a new EURk 200 obligation in 2029. The resulting gross principal repayments are 300 / 150 / 200 across 2027–2029, with one replacement draw of 200 in 2027. Summing these repayments to 650 does not mean opening debt was 650: the replacement principal is borrowed and repaid within the extended schedule.

Reconcile fees, interest and closing cash

On the refinancing date, replacement draw less original repayment is zero. Fees consume EURk 2. The native daily schedule also charges one day of new-loan interest in 2027: EUR 27.397260, or EURk 0.027397. Consequently 2027 closing cash is about EURk −2.027397, not zero.

The matched refinancing gap for Loan 2 is zero, yet a cash shortfall remains. In 2028 the original EURk 150 maturity and EURk 10 interest reduce cash further. In 2029 replacement principal and the remaining dated interest are due. The table uses actual native cash outputs, including timing.

Use concentration to ask the next financing question

Staggering the new maturity reduces the immediate principal funding task but shifts an obligation to a later date and adds cost. It does not create operating cash, prove lender availability or guarantee that the 2029 repayment can be funded. Annual buckets can hide a shortage before year-end.

Inspect each maturity once, the replacement case, actual draws, fees, interest, cash and Required Funding. Credit capacity and covenants add separate constraints. The maturity wall itself should remain a readable obligation schedule.

Download the synthetic example, explicitly import it under Model, select Advanced and open Credit & Liquidity → Financing & Debt Schedule. Import creates a separate model with inspectable inputs and sources.

Related decisions and model reference

For adjacent questions: Refinancing Gap: Reconcile Maturity Funding and Settlement Cash; Revolver vs Term Loan: Why Repayment Changes Liquidity; Debt Model: Forecast Borrowing, Repayment and Interest; Available Liquidity vs Cash: Read the Funding Bridge.

For the exact controls and source behavior, use Refinancing and Replacement debt and refinancing cases.