Returns & Covenant — BANNER ESTRELLA MEDICAL CENTER
IRR: 16.1% | MOIC: 2.11x | Covenant cushion: 21%
🛡️ Public data only — no PHI permitted on this instance.
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16.1%
IRR
2.11x
MOIC
$661M
Entry Equity
$1397M
Exit Proceeds
$1397M
Total Distributions
5.0yr
Hold Period
Returns Assessment
Marginal — in the 15-20% range, needs operational upside. At 16.1% IRR and 2.11x MOIC over 5 years, every $1 invested returns $2.11.
Entry equity of $661M grows to $1397M in total distributions — a $736M gain.
Covenant Headroom
How much EBITDA can compress before the leverage covenant trips?
5.5x
Actual Leverage
7.0x
Covenant Max
1.5x
Headroom (turns)
21%
EBITDA Cushion
$115M
Covenant Trips at
2.8x
Interest Coverage
Plain English: EBITDA can decline 21% (from $147M to $115M) before the 7.0x leverage covenant trips. This is tight — stress test carefully.