Solutions / Private Credit

Underwrite with conviction. Monitor for the life of the facility.

The agent reads the borrower data room, drafts the underwriting memo in your house style, and stands up the covenant test that reruns on a schedule. Every leverage and coverage figure on the page opens to the filing or the FactSet line it came from.

Book a demo See the credit agreement

Project Halyard — Vantage Industrial unitranche

4 workflows·ACTIVE·halyard-2f76@credit.arcalabs.ai

Add workflow

Workbench Deal Log Editor Explorer

Q2 compliance certificate

Re-derive Consolidated EBITDA per §1.01 and check the leverage covenant.

Used 4 tools · 15s Thinking…

Search files · Vantage_Credit_Agreement.pdf1.9s

FactSet · Industrials credit set2.6s

Read file · Vantage_Credit_Model.xlsx4.1s

Write file · Vantage_Covenant_Q2.xlsx6.4s

Re-derived. Reported EBITDA of $58.4M plus $3.1M run-rate savings and $3.1M non-recurring items gives Consolidated EBITDA of $64.6M. Against $302M net debt that is 4.7x — 0.55x inside the 5.25x covenant. Saved as Vantage_Covenant_Q2.xlsx.

Vantage_Covenant_Q2.xlsx

Excel · 34 KB

Reply to add a follow-up that sends when this finishes

Vantage_Credit_Model.xlsx Excel

Vantage_Covenant_Q2.xlsxv1

Project Halyard · Compliance

Reported to Consolidated EBITDA

Per credit agreement §1.01 · LTM · $ in millions

$58.4Reported

+$3.1Run-rate savings

+$3.1Non-recurring

$64.6Consolidated

Every figure traced to its source · Consolidated EBITDA per the credit agreement

CovenantAdd-backsSources

Files

01 — Credit agreement

Vantage_Credit_Agreement.pdf

02 — Compliance

Vantage_Credit_Model.xlsxv4

Vantage_Covenant_Q2.xlsxv1

Quarterly_Credit_Review.pptxv2

Definitions

Consolidated EBITDA

Permitted Add-Backs

Net Debt Definition

Emails3

Q2 compliance certificate

Add-on draw request

Workflows2

Covenant test — quarterlyDaily

Borrower reporting trackerWeekly

Every figure traced to the source Source: FactSet · pulled 08:05 ET

From the data room to the covenant test, in one workspace.

The challenge

You underwrite once, then watch the credit for years.

Private credit runs on two clocks: a sprint to underwrite, then quarters of covenant monitoring where a missed breach is a real loss. ArcaLabs unifies underwriting and keeps monitoring running after close, every figure defensible at sign-off.

OnceBefore the close

An underwriting memo in your house style.

Real Word and Excel, not a static export. Working from your golden-copy template, the agent delivers the credit memo, the leverage and coverage model, and the capital-structure summary on format for the committee. These are agent-built workflows on your definitions, not packaged calculators, with every figure traced to source.

Quarterly_Credit_Review.pptxv2 Word

Credit_Agreement_Summary.docx

Vantage_Credit_Model.xlsxv4

Excel 02 — Compliance / Vantage_Credit_Model.xlsx v4 ⌘L Native view Open in Excel

	A	B	C	D	E	F
1	Project Halyard — Vantage Industrial
2	Covenant compliance · $ in millions
3
4		2Q25A	3Q25A	4Q25A	1Q26A	2Q26A
5	Revenue	402.8	418.6	436.2	448.9	462.4
6	Consolidated EBITDA	56.9	59.4	61.8	63.1	64.6
7	Consolidated EBITDA Margin	14.1%	14.2%	14.2%	14.1%	14.0%
8	Cash interest	(8.9)	(9.1)	(9.2)	(9.4)	(9.5)
9	Free cash flow	21.4	23.8	25.6	26.1	27.4
10
11	Total net debt · 2Q26A	302.0
12	Net leverage	5.3x	5.1x	4.9x	4.8x	4.7x
13	Interest coverage	6.4x	6.5x	6.7x	6.7x	6.8x
14
15	Consolidated EBITDA per the credit agreement's Definitions

B6:F6Audit 3+ Add to chat

Summary Operating Model Covenants Debt Schedule Comps

Deliverable Excel

Vantage_Credit_Model.xlsxExcel · 296 KB Download Every output starts from your firm's golden‑copy template

OnceBefore the close

Every test opens to its clause.

The agent reads the credit agreement and lifts the operative terms out of the prose: the leverage and coverage tests, the definitions they run on, the reporting deadlines. Every one keeps the section it came from, so when the committee asks how you reached 4.7x net leverage, the answer is the clause that defines it.

6 operative terms · every one anchored to its section Reading Vantage_Credit_Agreement.pdf · 184 pages Project Halyard — Vantage Industrial unitranche Test period · 2Q26A

§7.11 Borrower shall not permit the Total Net Leverage Ratio, as of any fiscal quarter end, to exceed 5.25 to 1.00. Maximum total net leverage≤ 5.25x Tested 4.7x at 2Q26A — 0.55x inside

§1.01 “Consolidated EBITDA” means, for any period, Consolidated Net Income plus, without duplication, the sum of: Consolidated EBITDALTM · without duplication Built to $64.6M at 2Q26A from $58.4M reported

§1.01 provided that add-backs under clauses (vi) and (vii) shall not exceed 15% of Consolidated EBITDA. Permitted Add-Backs15% of Consolidated EBITDA $6.2M used of $9.7M available at 2Q26A

§7.12 The Borrower shall not permit the Interest Coverage Ratio for any Test Period to be less than 2.00 to 1.00. Minimum interest coverage≥ 2.00x Tested 6.8x at 2Q26A

§1.01 “Net Debt” means the aggregate principal amount of Funded Debt then outstanding less Unrestricted Cash. Net Debt DefinitionFunded debt − unrestricted cash $302.0M at 2Q26A — the leverage numerator

§6.01(b) Deliver, within 45 days after the end of each of the first three fiscal quarters, unaudited financials. Quarterly financial statements45 days 2Q26A package delivered inside the window

Every term is re-tested when the quarterly package lands — the parameter is read from the agreement, never typed in.

The close

Everything above happens once, under pressure. Everything below repeats for the life of the loan, without anyone opening it.

Every quarterUnattended

A covenant test that reruns itself.

Underwriting ends, oversight does not. In the visual builder you assemble the covenant test once: pull the latest financials, recompute leverage and coverage on your definitions, check the credit agreement thresholds, and write a compliance certificate. Run it on a schedule or when the quarterly package arrives. It is an agent-built workflow, not a packaged tracker, so it follows your exact terms.

Quarterly covenant test

Project Halyard

Save as template Runs Run now

Agent Workflow

6/6 steps complete

Step 1PendingRunningComplete

Read the credit agreement definitions

Consolidated EBITDA and Permitted Add-Backs, per §1.01 as executed.

2d ago · 11s
Step 2PendingRunningComplete

Collect the compliance certificate and financials

New files in 02 — Compliance: the quarterly financials and the borrower certificate.

2d ago · 41s
Step 3PendingRunningComplete

Re-derive Consolidated EBITDA from reported

Reported EBITDA plus run-rate savings and non-recurring items, each traced to its schedule.

2d ago · 1m 04s
Step 4PendingRunningComplete

Recompute leverage and coverage

Net debt over Consolidated EBITDA on an LTM basis, against every level in the agreement.

2d ago · 22s
Step 5PendingRunningComplete

Update the credit model

Vantage_Credit_Model.xlsx — every covenant cell traced back to the clause it tests.

2d ago · 18s · 1 artifact
Step 6PendingRunningComplete

File the result to the credit file

Headroom against each level, with a note on what moved since last quarter.

2d ago · 7s

Runs

Schedule

Every quarter on the 15th at 06:00 America/New_York

Next run in 46d

0 6 15 1,4,7,10 * America/New_York

Edit Pause Remove

RUNNINGSUCCEEDEDjust now

Trigger: SCHEDULE
SUCCEEDED1d ago

Trigger: SCHEDULE
SUCCEEDED2d ago

Trigger: SCHEDULE
SUCCEEDED3d ago

Trigger: SCHEDULE

ContinuousUnattended

A credit file that keeps itself.

Every email, document, and agent action lands in a live, exportable log, so the credit file is review-ready with no second job. When the borrower or agent bank writes in, the agent drafts the reply for you to approve and send.

Deal Log

Live compliance record · 36 entries · 2 to review · Last synced 4m ago

Add note Paste email Sync Export log

Waiting on your reply · 1

Review the message, edit the reply, then send — or reject to discard.

Project Halyard — Vantage Industrial drafted 6m agojust now

In reply to Dan Okafor

Re: Project Halyard — Q2 compliance certificate: add-back support

Two items before Friday’s certificate: restate the run-rate savings on the §1.01 definition, and confirm the non-recurring items in schedule 3 — our Consolidated EBITDA nets differently.

18m agojust now

Show original message

Your reply

Drafted reply · awaiting your approval from analyst@arcalabs.com

Tod.okafor@vantageindustrial.com

Ccdeal-team@arcalabs.com

SubjectRe: Project Halyard — Q2 compliance certificate: add-back support

Dan — run-rate savings are restated on the Consolidated EBITDA definition in §1.01: the realised cost actions held, the unbudgeted legal accrual excluded.

The schedule 3 non-recurring items net to $3.1m, not $3.6m — the difference is the environmental accrual that reverses in Q3; schedule 3 walks it.

Reject Approve & send

Project Halyard — Q2 compliance certificate: add-back support 4 messages Jul 31, 2026, 4:12 PM – Aug 1, 2026, 11:20 AM

Email sent· Jul 31, 2026, 4:12 PM gmail

Project Halyard — Q2 compliance certificate: add-back support

Sent the compliance certificate template and the add-back schedule to Vantage.

Email received· Aug 1, 2026, 8:42 AM reviewed gmail

Re: Project Halyard — Q2 compliance certificate: add-back support

Returns the Consolidated EBITDA build and asks two questions on the add-back cap.

Email sent· Aug 1, 2026, 8:45 AM gmail

Re: Project Halyard — Q2 compliance certificate: add-back support

Approved and sent from the deal log — restated run-rate savings and the schedule 3 walk.

Email received· Aug 1, 2026, 11:20 AM gmail

Re: Project Halyard — Q2 compliance certificate: add-back support

Accepts the restatement and asks for the environmental-accrual support.

Meeting· Jul 31, 2026, 11:00 AM manual

Quarterly review — order book and covenant headroom

Walked the Consolidated EBITDA build with Vantage's CFO. Open: legal accrual treatment, add-back cap.

Agent action· Jul 31, 2026, 9:26 AM agent

Rebuilt the Consolidated EBITDA build from the June trial balance

halyard_ebitda_build.xlsx · every line traced back to the trial balance it came from.

Teams message· Jul 30, 2026, 5:41 PM teams

Project Halyard — monitoring channel

Legal confirmed the add-back schedule can be shared under the credit agreement.

Note· Jul 30, 2026, 2:15 PM manual

Call with Vantage's CFO

Environmental accrual reverses in Q3; support to follow with the trial balance.

Status change· Jul 29, 2026, 4:30 PM manual

Stage moved to quarterly monitoring

Q2 certificate cycle opened; add-back support requested from Vantage.

Document· Jul 29, 2026, 11:48 AM manual

Vantage Industrial — Q2 trial balance (final)

Registered as a deal file; supersedes the July 18 draft.

FactSet by default

Issuer fundamentals, fully sourced.

Ask once and pull issuer fundamentals, comparable credits, and consensus estimates as a cited answer you can take into the memo, FactSet by default. FactSet is the certified default; the platform is provider-agnostic, so your firm's preferred sources slot in the same way. ArcaLabs is a research and deliverable workspace, not a portfolio or loan management system.

Chats New

Add-back caps across the book
Unitranche precedents, 2024–2026
Find the most recent credit agreement globally
Leverage headroom by borrower
Quarterly covenant test workflow
Precedent spreads, industrials unitranche
Which credits reference the Vantage comp set?
Vantage reporting — new this week
Draft an amendment request I can adapt
Where did we land on Permitted Add-Backs?

Add-back caps across the book Global · Connectors · FactSet · Creates workflows

Which borrowers use the same run-rate savings add-back, and what cap did we agree?

Used 6 tools · 18s Running Web search · “unitranche add-back caps 2026” Running FactSet · fundamentals · industrials credit set Running FactSet M&A · public_targets · Complete Running Search connector · datasite · “Vantage” Running Search files · “run-rate savings” Running Find deals · “industrials credits” Thinking…

1. Find deals “industrials credits” 360ms

Result

14 credits
2. Search files “run-rate savings” 1.0s
3. Search connector datasite · “Vantage” 2.4s
4. FactSet M&A public_targets · Complete 5.8s
5. FactSet fundamentals · industrials credit set 4.6s
6. Web search “unitranche add-back caps 2026” 3.8s

Four of the fourteen credits in the book permit run-rate savings; three cap them at 15% of Consolidated EBITDA, one at 20%. Vantage sits at the tighter end — the §1.01 cap is 15%. This quarter's add-backs are $6.2M against a cap of $9.7M — well inside, with no look-forward period used.

Ask anything across your deals, drives, and FactSet Working…

Attach

Step 1 resolves the credits you are cleared on — fourteen here. Every step after it reads inside that set and nowhere else.

Trust & security

Built for the way credit funds buy software.

Compliance-first, sourced and audited end to end, and hosted on ArcaLabs' secure cloud. Official FactSet Partner with live, licensed data. SOC 2 Type II, a full audit trail on every prompt and output, and single-tenant VPC deployment available on request. Sealed credit folders and information barriers stay enforced, so a query never reaches across an ethical wall.

Official FactSet Partner

Live, licensed, direct data access, not a reseller, not a crawled snapshot. FactSet is our default, certified data source; the platform is provider-agnostic and sources from other trusted providers however your firm prefers.
Built for regulated firms

SOC 2 Type II, hosted on ArcaLabs' secure cloud, with single-tenant VPC deployment available on request and a full audit trail on every prompt and output.
Information barriers respected

Sealed deal folders and ethical walls stay enforced. The agent and firm-wide search only reach what each user is cleared to see.

Schedule a Call

Connects to the systems your firm already uses

See underwriting and monitoring on one surface.

Book a demo and we will run a live credit through the workspace: build the leverage model, draft the memo in your house style, and stand up the covenant test, every figure traced to source.

Book a demo