IBC Capital Ltd.

Overview Key strengths Key risks Strong position as a global container pooling service provider for rubber transport, with good geographic diversity. Elevated refinancing risk due to impending maturities. High EBITDA margin supported by favorable contract terms and improving utilization rates. Supply chain disruptions and inflationary pressures could weigh on operations. Modest scale with narrow scope, with substantial exposure to the cyclical tire market. High customer and supplier concentration. Over 80% of the company's debt will fall due within the next 14 months, resulting in insufficient liquidity to cover the outstanding debt and capital requirements. Goodpack's debt primarily hinges on its US$585 million first-lien term loan maturing in September 2023. Further, its outstanding revolving credit facility (RCF) of US$107 million as

...IBC Capital Ltd. (Goodpack) faces mounting refinancing risks, especially as maturities approach. Over 80% of the company's debt will fall due within the next 14 months, resulting in insufficient liquidity to cover the outstanding debt and capital requirements. Goodpack's debt primarily hinges on its US$585 million first-lien term loan maturing in September 2023. Further, its outstanding revolving credit facility (RCF) of US$107 million as of March 2022 will come due in March 2023. As such, we estimate the liquidity ratio has fallen to about 0.5x and could weaken further when the first-lien term loan comes due....

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