How much of a debt maturity remains unfunded?

Set one dated maturity and explicit funding sources

All monetary amounts below are EURk: 1 EURk = EUR 1,000. Native model files store base-currency EUR; choose EUR and the thousands display unit to reproduce these tables. All businesses, balances and financing terms are synthetic.

A term loan of 100 matures on 1 January 2026. Replacement debt is 70, designated existing cash is 20, new equity is 5 and cash fees are 2. Opening cash is 20, Minimum Cash is zero and automatic funding is off. Both old and replacement rates are zero to isolate settlement rather than add an interest-timing effect; there is no operating cash flow. Replacement maturity is 2030.

Download the original refinancing model. The principal allocation gap is max(0, 100 − 70 − 20 − 5) = 5. Fees are paid separately in the cash bridge; they are not silently counted as replacement principal.

Reconcile the actual settlement

Settlement cash flow = new borrowing + new equity − principal repaid − cash fees = 70 + 5 − 100 − 2 = −27. Existing cash is absent from the receipts side because it was already in opening cash. Closing cash is 20 − 27 = −7, so Required Funding is 7.

Debt moves from 100 before settlement to 70 afterwards. The old loan is repaid once and the replacement is drawn once through the shared financing ledger. Annual interest is 0 before and after under the stated zero-rate assumptions. Different entered rates would change dated interest; the gap calculation itself is not an interest forecast.

Distinguish a settlement bridge from Before / After

The product’s Before / After comparison holds the observation period fixed. “Before” means the same scenario without the refinancing case, not the instant before maturity. Without refinancing, the source loan still matures and is repaid: year-end debt is zero but the cash shortfall is 80. With the case, year-end debt is 70 and Required Funding is 7. Lower debt in the unfunded comparison is not a better financing outcome.

Change the allocation without inventing money

In the allocation-change model, designate 25 of existing cash. The allocation gap becomes zero: 100 − 70 − 25 − 5 = 0. Actual opening cash remains 20, settlement cash remains −27 and Required Funding remains 7. The allocation therefore asks for more existing cash than the model holds. A covered case label must be read together with the liquidity warning.

Do not add the case gap of 5 to the Required Funding of 7. They answer different questions and can overlap. Conversely, an eligible support revolver could reduce Required Funding without changing which sources were designated in this refinancing case.

Review the source and the resulting debt

1. Open Credit & Liquidity → Refinancing. Select the source facility and loan; confirm the actual principal due and the settlement date.
2. Enter replacement amount, terms, equity, designated cash and fees. Ensure the replacement commitment covers the proposed draw.
3. Read the case allocation gap alongside settlement cash and Required Funding. Compare Before/After debt and interest on the same dates.
4. Inspect unresolved source references, a date after source maturity, or incompatible replacement terms. These cases should be corrected rather than assumed executed.

Follow the cash consequence into the operating plan

The 13-week plan locates near-term pressure; available liquidity distinguishes usable resources from the minimum-cash target. Use the funding-gap reference and Before/After reference for exact source behavior.

This is corporate maturity planning, not a credit offer, consumer mortgage comparison or CRE loan-to-value model. It does not imply that a separate LBO debt ledger is automatically refinanced or that a lender will provide the entered replacement.