Solve a funding target without ignoring leverage

Identify the residual and controlling source

The approved native fixture uses EUR 330 capex in the first forecast year, 2027, and a revolver commitment of EUR 100. Revenue is EUR 120 and EBITDA EUR 48. Automatic funding is enabled. Its resulting residual Required Funding is EUR 84; this is an output of the financing schedule, not a manually entered funding plug.

These deliberately small native amounts are euros. If the imported workspace displays EURk, EUR 100 appears as 0.1 EURk and EUR 184 as 0.184 EURk. Change the global Unit to EUR units for this article’s display, or retain that conversion consistently. Never enter 184 EURk intending EUR 184.

Keep input bounds separate from the credit condition

Target: annual 2027 Required Funding ≤0. Writable input: facility-1 commitment, EUR 100–400. Output constraint: annual 2027 Net Debt / EBITDA ≤4×. Use the same Base context for both outputs. Commitment capacity alone does not change operating EBITDA or prove lender willingness.

With an 80-evaluation budget, 200 iterations and 3 starts, the native run uses 79 evaluations and returns “solved”. Commitment is approximately EUR 184, Required Funding zero and net leverage 3.833333×. The leverage rule is satisfied with about 0.166667× headroom.

Review Preview and the cash schedule

The threshold solve finds a candidate that meets the conditions; it does not certify the smallest possible commitment. Do not label EUR 184 an optimum from this run. Preview independently recalculates the candidate and reproduces zero Required Funding without writing to the saved workspace.

1. Select Credit & Liquidity → Financing & Debt Schedule and the 2027 Required Funding output.
2. Open Analyze → Reverse; check the ≤0 goal, commitment bounds and net-leverage constraint.
3. Run and inspect status, both outputs and the exact unit conversion.
4. Preview the financing schedule, draws and remaining availability. An explicit Apply is reversible with Undo; both paths are tested.

A tighter leverage rule changes the answer

At ≤3.5× and a 60-evaluation budget, the tested run returns “infeasible” after 38 evaluations, with no solution and no closest feasible candidate. Its best attempt fails the constraint. A funding result of zero would not make that attempt acceptable.

The native status describes this bounded search, not a mathematical proof that no financing structure could work. The article does not model lender approval, legal availability or a negotiated commitment. Different operating actions, equity or financing terms would be separate, explicitly modeled decisions.

Download the synthetic example, explicitly import it under Model, select Advanced and open Credit & Liquidity → Analyze → Reverse. Import creates a separate model; it does not overwrite an existing model.

Related decisions and model reference

For adjacent questions: Financial Goal Seek: Solve a Target, Review and Apply; Available Liquidity vs Cash: Read the Funding Bridge; Debt Capacity: Find the Binding Leverage Constraint; Covenant Headroom: Direction, Test Dates and First Breach.

For the exact controls and source behavior, use Reverse bounds, steps and constraints and Reverse statuses and unavailable variables.