About this video
Ellie rebuilds the holding company on the corrected rent and shows the asset-level catch flowing into NOI, distributable cash and the loan covenant.
Full description
Part 2 of the Seorim walkthrough, at the SPV level (Seorim Gangnam Office Holdings). Ellie carries the corrected Caldwyn rent into the holding company: NOI falls from 39.60 to 37.44bn won, distributable cash from 27.70 to 25.54bn (down 7.8 percent), and interest cover from 4.00x to 3.78x against a 3.00x covenant. No breach, LTV unaffected, and the 1.08bn won already over-distributed is recoverable against the next payment. Closes on the SPV dashboard with click-to-source. English narration.
Key points
- Holding company rebuilt on the corrected rent, not the ledger figure
- Corrected NOI of 37.44bn won carried up from the asset level
- Distributable cash down 7.8 percent, 27.70 to 25.54bn won
- Interest cover 4.00x to 3.78x against a 3.00x covenant; no breach, headroom flagged
- Every figure traced to the loan agreement and the corrected asset
Part ofDebt & covenants
Video details
- Roles
- Asset Manager, Portfolio Manager, Lender, Compliance / Risk
- Processes
- Asset Management, Loan Abstraction, Risk & Compliance
- Geographies
- APAC
- Markets
- South Korea
- Tags
- seorim, walkthrough, spv-level