hard · Corporate Credit Analysis cap-structure
LogicWare Distribution has a $100M Asset-Based Lending (ABL) facility. The borrowing base is calculated as 85% of eligible receivables and 60% of eligible inventory. At quarter-end, it has $80M gross receivables (of which $10M are over 90 days past due) and $40M gross inventory (of which $5M is held at a third-party location and ineligible).
What is the available borrowing base?
- $80.5M
- $92.0M
- $85.0M
- $72.0M
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