Maturity profile and refinancing
What falls due when, and whether it can be refinanced.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: maturity profile and refinancing.Updated 1 October 2026
Part of credit and restructuring models, with the models, labs and guides around it.
What it does
Debt falling due year by year: scheduled amortisation inside the projection, then each bullet at its maturity. What is still owed when a tranche matures must be refinanced on the terms the market offers at that date, so the test is leverage at maturity, not at close: the amount to refinance against what lenders would provide at that EBITDA, plus spare cash. A negative headroom is a gap the borrower must fill with cash, equity or an extension.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, row 53: Assumed refinancing limit, debt / FY6 EBITDA
- Maturities, rows 6–10: Year, Term loan A, Term loan B, Senior notes…
- Maturities, rows 13–17: Debt maturing after the projection, FY7 and FY8, Maturing debt / FY6 EBITDA, Assumed refinancing capacity, Funding shortfall, FY1 to FY6…
What a reviewer looks for
- Maturities shown at face value with no projection of what is left.
- Refinancing assumed at today’s leverage and rates.
- A revolver maturity left off the wall.
Learn it, then build it
Vocabulary: Maturity Wall, Term Loan (TLA / TLB).