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// HIGHBANKISSUE 11 · ON THE BOOK

Torrent Bay Bottling Ltd

CONTRACT BEVERAGE BOTTLING · PRIVATE LABEL

A contract beverage bottler — private-label soft drinks, waters and functional drinks for supermarket chains and brand owners. Nine years with the bank, US$24m of revenue, facilities that have never missed a payment; roughly 70% of its inventory at any time is finished goods carrying customers' own labels.

COMPOSITE TEACHING CASE

Torrent Bay Bottling Ltd is a fictional construction. The figures, relationships and decisions on this page are illustrative — built for teaching, not drawn from any real borrower or transaction.

// WHAT WAS ASKED

THE REQUEST
The ask
Match a competitor's term sheet by Friday
Their price
40 bps inside the bank's
Their structure
No borrowing base · 65% on inventory, against the bank's 50%
ON THE FILE
Revenue
US$24m
Facilities
US$2.0m revolver + US$2.5m term
Relationship
Nine years, never a missed payment
Inventory mix
~70% customer-branded finished goods

// WHAT THE BANK DID

Matched the price in full and held the structure — the borrowing base and the 50% advance — with the advance rate open to evidence of a genuine resale channel for the branded stock.

The reasoning is in the file itself — the four options that were on the table, how readers answered, and the senior banker's read of the same numbers.

Open issue 11

// READ FROM OTHER CHAIRS

The same file, and the same week, from the chairs of the people on the other side of it.

Nothing further is recorded here about Torrent Bay Bottling. This record holds published files only — when the business next appears in an issue, its entry grows.

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