Seorim portfolio walkthrough — SPV level (English)

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.

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.

• 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