Equity Excel essay paper
Equity Excel
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| ValueCo Corporation | |||||||||||||||||
| Leveraged Buyout Analysis | Financing Structure: | Structure 1 | |||||||||||||||
| ($ in millions, fiscal year ending December 31) | Operating Scenario: | Base | |||||||||||||||
| Transaction Summary | |||||||||||||||||
| SourcesEquity Excel of Funds | Uses of Funds | Purchase Price | Return Analysis | ||||||||||||||
| % of Total | Multiple of EBITDA | % of Total | Offer Price per Share | -0 | Exit Year | 2017 | |||||||||||
| Amount | Sources | 9/30/2012 | Cumulative | Pricing | Amount | Uses | Fully Diluted Shares | -0 | Entry Multiple | 8.0x | |||||||
| Revolving Credit Facility | -0 | – % | – x | – x | L+425 bps | Purchase ValueCo Equity | $4,350.0 | 72.5% | Equity Purchase Price | $4,350.0 | Exit Multiple | 8.0x | |||||
| Term Loan A | -0 | – % | – x | – x | NA | Repay Existing Debt | 1,500.0 | 25.0% | Plus: Existing Net Debt | 1,250.0 | IRR | 20% | |||||
| Term Loan B | 2,150.0 | 35.8% | 3.1x | 3.1x | L+450 bps | Tender / Call Premiums | 20.0 | 0.3% | Enterprise Value | $5,600.0 | Cash Return | 2.5x | |||||
| Term Loan CEquity Excel | -0 | – % | – x | 3.1x | NA | Financing Fees | 90.0 | 1.5% | |||||||||
| 2nd Lien | -0 | – % | – x | 3.1x | NA | Other Fees and Expenses | 40.0 | 0.7% | Transaction Multiples | Options | |||||||
| Senior Notes | 1,500.0 | 25.0% | 2.1x | 5.2x | 8.500% | Enterprise Value / Sales | Financing Structure | 1 | |||||||||
| Senior Subordinated Notes | -0 | – % | – x | 5.2x | NA | LTM 9/30/2012 | $3,385.0 | 1.7x | Operating Scenario | 1 | |||||||
| Equity Contribution | 2,100.0 | 35.0% | 3.0x | 8.2x | 2012E | 3,450.0 | 1.6x | Cash Flow Sweep | 1 | ||||||||
| Rollover Equity | -0 | – % | – x | 8.2x | Enterprise Value / EBITDA | Cash Balance | 1 | ||||||||||
| Cash on Hand | 250.0 | 4.2% | 0.4x | 8.6x | LTM 9/30/2012 | $700.0 | 8.0x | Average Interest | 1 | ||||||||
| Total Sources | $6,000.0 | 100.0% | 8.6x | 8.6x | Total Uses | $6,000.0 | 100.0% | 2012E | 725.0 | 7.7x | Financing Fees | 1 | |||||
| Summary Financial Data | |||||||||||||||||
| Historical Period | Projection Period | ||||||||||||||||
| LTM | Pro forma | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | ||||||
| 2009 | 2010 | 2011 | 9/30/2012 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||
| Sales | $2,600.0 | $2,900.0 | $3,200.0 | $3,385.0 | $3,450.0 | $3,708.8 | $3,931.3 | $4,127.8 | $4,293.0 | $4,421.7 | $4,554.4 | $4,691.0 | $4,831.8 | $4,976.7 | $5,126.0 | ||
| % growth | NA | 11.5% | 10.3% | NA | 7.8% | 7.5% | 6.0% | 5.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | ||
| Gross Profit | $988.0 | $1,131.0 | $1,280.0 | $1,350.0 | $1,380.0 | $1,483.5 | $1,572.5 | $1,651.1 | $1,717.2 | $1,768.7 | $1,821.8 | $1,876.4 | $1,932.7 | $1,990.7 | $2,050.4 | ||
| % margin | 38.0% | 39.0% | 40.0% | 39.9% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | ||
| EBITDAEquity Excel | $491.4 | $580.0 | $672.0 | $700.0 | $725.0 | $779.4 | $826.1 | $867.4 | $902.1 | $929.2 | $957.1 | $985.8 | $1,015.4 | $1,045.8 | $1,077.2 | ||
| % margin | 18.9% | 20.0% | 21.0% | 20.7% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | ||
| Capital Expenditures | 136.4 | 114.0 | 144.0 | 152.3 | 155.3 | 166.9 | 176.9 | 185.8 | 193.2 | 199.0 | 204.9 | 211.1 | 217.4 | 224.0 | 230.7 | ||
| % sales | 5.2% | 3.9% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | ||
| Cash Interest Expense | 252.5 | 246.6 | 233.8 | 218.8 | 201.7 | 182.8 | 163.7 | 141.2 | 128.9 | 128.9 | 128.9 | ||||||
| Total Interest Expense | 263.9 | 258.0 | 245.1 | 230.1 | 213.1 | 194.2 | 175.0 | 151.9 | 135.0 | 128.9 | 128.9 | ||||||
| Free Cash Flow | |||||||||||||||||
| EBITDA | $779.4 | $826.1 | $867.4 | $902.1 | $929.2 | $957.1 | $985.8 | $1,015.4 | $1,045.8 | $1,077.2 | |||||||
| Less: Cash Interest Expense | (246.6) | (233.8) | (218.8) | (201.7) | (182.8) | (163.7) | (141.2) | (128.9) | (128.9) | (128.9) | |||||||
| Plus: Interest IncomeEquity Excel | -0 | -0 | -0 | -0 | -0 | -0 | 0.0 | 1.1 | 3.2 | 5.4 | |||||||
| Less: Income Taxes | (113.6) | (131.2) | (148.1) | (164.0) | (178.5) | (193.3) | (209.9) | (224.8) | (236.2) | (245.5) | |||||||
| Less: Capital Expenditures | (166.9) | (176.9) | (185.8) | (193.2) | (199.0) | (204.9) | (211.1) | (217.4) | (224.0) | (230.7) | |||||||
| Less: Increase in Net Working Capital | (47.6) | (41.0) | (36.2) | (30.4) | (23.7) | (24.4) | (25.1) | (25.9) | (26.7) | (27.5) | |||||||
| Free Cash Flow | $204.6 | $243.3 | $278.7 | $312.9 | $345.2 | $370.7 | $398.4 | $419.4 | $433.3 | $450.0 | |||||||
| Cumulative Free Cash Flow | 204.6 | 448.0 | 726.7 | 1,039.5 | 1,384.7 | 1,755.4 | 2,153.8 | 2,573.2 | 3,006.5 | 3,456.6 | |||||||
| Capitalization | |||||||||||||||||
| Cash | -0 | -0 | -0 | -0 | -0 | -0 | -0 | $3.8 | $423.2 | $856.5 | $1,306.6 | ||||||
| Revolving Credit Facility | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| Term Loan A | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| Term Loan B | 2,150.0 | 1,945.4 | 1,702.0 | 1,423.3 | 1,110.5 | 765.3 | 394.6 | -0 | -0 | -0 | -0 | ||||||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| Existing Term Loan | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| Other Debt | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| Total Senior Secured Debt | $2,150.0 | $1,945.4 | $1,702.0 | $1,423.3 | $1,110.5 | $765.3 | $394.6 | -0 | -0 | -0 | -0 | ||||||
| Senior Notes | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | ||||||
| Total Senior Debt | $3,650.0 | $3,445.4 | $3,202.0 | $2,923.3 | $2,610.5 | $2,265.3 | $1,894.6 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | ||||||
| Senior SubordinatedEquity Excel Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||
| Total Debt | $3,650.0 | $3,445.4 | $3,202.0 | $2,923.3 | $2,610.5 | $2,265.3 | $1,894.6 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | ||||||
| Shareholders’ Equity | 2,040.0 | 2,225.3 | 2,439.3 | 2,680.9 | 2,948.4 | 3,239.7 | 3,555.1 | 3,897.6 | 4,264.4 | 4,649.7 | 5,050.4 | ||||||
| Total Capitalization | $5,690.0 | $5,670.7 | $5,641.3 | $5,604.3 | $5,558.9 | $5,505.0 | $5,449.8 | $5,397.6 | $5,764.4 | $6,149.7 | $6,550.4 | ||||||
| % of Bank Debt Repaid | -0 | 9.5% | 20.8% | 33.8% | 48.3% | 64.4% | 81.6% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||
| Credit Statistics | |||||||||||||||||
| % Debt / Total Capitalization | 64.1% | 60.8% | 56.8% | 52.2% | 47.0% | 41.1% | 34.8% | 27.8% | 26.0% | 24.4% | 22.9% | ||||||
| EBITDA / Cash Interest Expense | 2.9x | 3.2x | 3.5x | 4.0x | 4.5x | 5.1x | 5.8x | 7.0x | 7.9x | 8.1x | 8.4x | ||||||
| (EBITDA – Capex) / Cash Interest Expense | 2.3x | 2.5x | 2.8x | 3.1x | 3.5x | 4.0x | 4.6x | 5.5x | 6.2x | 6.4x | 6.6x | ||||||
| EBITDA / Total Interest Expense | 2.7x | 3.0x | 3.4x | 3.8x | 4.2x | 4.8x | 5.5x | 6.5x | 7.5x | 8.1x | 8.4x | ||||||
| (EBITDA – Capex) / Total Interest Expense | 2.2x | 2.4x | 2.6x | 3.0x | 3.3x | 3.8x | 4.3x | 5.1x | 5.9x | 6.4x | 6.6x | ||||||
| Senior Secured Debt / EBITDA | 3.0x | 2.5x | 2.1x | 1.6x | 1.2x | 0.8x | 0.4x | – x | – x | – x | – x | ||||||
| Senior Debt / EBITDA | 5.0x | 4.4x | 3.9x | 3.4x | 2.9x | 2.4x | 2.0x | 1.5x | 1.5x | 1.4x | 1.4x | ||||||
| Total Debt / EBITDA | 5.0x | 4.4x | 3.9x | 3.4x | 2.9x | 2.4x | 2.0x | 1.5x | 1.5x | 1.4x | 1.4x | ||||||
| Net Debt / EBITDAEquity Excel | 5.0x | 4.4x | 3.9x | 3.4x | 2.9x | 2.4x | 2.0x | 1.5x | 1.1x | 0.6x | 0.2x |
IS
| ($ in millions, fiscal year ending December 31) | ||||||||||||||||||
| Income Statement | ||||||||||||||||||
| Historical Period | Projection Period | |||||||||||||||||
| LTM | Pro forma | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||||
| 2009 | 2010 | 2011 | 9/30/2012 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||
| Sales | $2,600.0 | $2,900.0 | $3,200.0 | $3,385.0 | $3,450.0 | $3,708.8 | $3,931.3 | $4,127.8 | $4,293.0 | $4,421.7 | $4,554.4 | $4,691.0 | $4,831.8 | $4,976.7 | $5,126.0 | |||
| % growth | NA | 11.5% | 10.3% | NA | 7.8% | 7.5% | 6.0% | 5.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | |||
| Cost of Goods Sold | 1,612.0 | 1,769.0 | 1,920.0 | 2,035.0 | 2,070.0 | 2,225.3 | 2,358.8 | 2,476.7 | 2,575.8 | 2,653.0 | 2,732.6 | 2,814.6 | 2,899.1 | 2,986.0 | 3,075.6 | |||
| Gross Profit | $988.0 | $1,131.0 | $1,280.0 | $1,350.0 | $1,380.0 | $1,483.5 | $1,572.5 | $1,651.1 | $1,717.2 | $1,768.7 | $1,821.8 | $1,876.4 | $1,932.7 | $1,990.7 | $2,050.4 | |||
| % margin | 38.0% | 39.0% | 40.0% | 39.9% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | |||
| Selling, General & Administrative | 496.6 | 551.0 | 608.0 | 650.0 | 655.0 | 704.1 | 746.4 | 783.7 | 815.0 | 839.5 | 864.7 | 890.6 | 917.3 | 944.9 | 973.2 | |||
| % sales | 19.1% | 19.0% | 19.0% | 19.2% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | |||
| Other Expense / (Income) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||
| EBITDA | $491.4 | $580.0 | $672.0 | $700.0 | $725.0 | $779.4 | $826.1 | $867.4 | $902.1 | $929.2 | $957.1 | $985.8 | $1,015.4 | $1,045.8 | $1,077.2 | |||
| % margin | 18.9% | 20.0% | 21.0% | 20.7% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | |||
| Depreciation | 116.0 | 121.5 | 145.0 | 150.0 | 155.3 | 166.9 | 176.9 | 185.8 | 193.2 | 199.0 | 204.9 | 211.1 | 217.4 | 224.0 | 230.7 | |||
| Amortization | 39.0 | 43.5 | 48.0 | 50.0 | 51.8 | 55.6 | 59.0 | 61.9 | 64.4 | 66.3 | 68.3 | 70.4 | 72.5 | 74.7 | 76.9 | |||
| EBIT | $336.4 | $415.0 | $479.0 | $500.0 | $518.0 | $556.9 | $590.3 | $619.8 | $644.6 | $663.9 | $683.8 | $704.3 | $725.5 | $747.2 | $769.6 | |||
| % margin | 12.9% | 14.3% | 15.0% | 14.8% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | |||
| Interest Expense | ||||||||||||||||||
| Revolving Credit Facility | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| Term Loan A | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| Term Loan B | 123.6 | 117.7 | 104.9 | 89.9 | 72.8 | 53.9 | 34.8 | 12.3 | -0 | -0 | -0 | |||||||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| Existing Term Loan | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| Senior Notes | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | |||||||
| Senior Subordinated Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| Commitment Fee on Unused Revolver | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||
| Administrative Agent Fee | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||
| Cash Interest Expense | $252.5 | $246.6 | $233.8 | $218.8 | $201.7 | $182.8 | $163.7 | $141.2 | $128.9 | $128.9 | $128.9 | |||||||
| Amortization of Deferred Financing Fees | 11.3 | 11.3 | 11.3 | 11.3 | 11.3 | 11.3 | 11.3 | 10.7 | 6.1 | -0 | -0 | |||||||
| Total Interest Expense | $263.9 | $258.0 | $245.1 | $230.1 | $213.1 | $194.2 | $175.0 | $151.9 | $135.0 | $128.9 | $128.9 | |||||||
| Interest Income | -0 | -0 | -0 | -0 | -0 | -0 | (0.0) | (1.1) | (3.2) | (5.4) | ||||||||
| Net Interest Expense | $258.0 | $245.1 | $230.1 | $213.1 | $194.2 | $175.0 | $151.9 | $133.9 | $125.7 | $123.5 | ||||||||
| Earnings Before Taxes | 298.9 | 345.2 | 389.7 | 431.5 | 469.7 | 508.8 | 552.4 | 591.5 | 621.5 | 646.2 | ||||||||
| Income Tax Expense | 113.6 | 131.2 | 148.1 | 164.0 | 178.5 | 193.3 | 209.9 | 224.8 | 236.2 | 245.5 | ||||||||
| Net Income | $185.3 | $214.0 | $241.6 | $267.5 | $291.2 | $315.5 | $342.5 | $366.8 | $385.3 | $400.6 | ||||||||
| % margin | 5.0% | 5.4% | 5.9% | 6.2% | 6.6% | 6.9% | 7.3% | 7.6% | 7.7% | 7.8% | ||||||||
| Income Statement Assumptions | ||||||||||||||||||
| Sales (% YoY growth) | NA | 11.5% | 10.3% | NA | 7.8% | 7.5% | 6.0% | 5.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | |||
| Cost of Goods Sold (% margin) | 62.0% | 61.0% | 60.0% | 60.1% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | |||
| SG&A (% sales) | 19.1% | 19.0% | 19.0% | 19.2% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | |||
| Other Expense / (Income) (% of sales) | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | |||
| Depreciation (% of sales) | 4.5% | 4.2% | 4.5% | 4.4% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Amortization (% of sales) | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||
| Interest Income | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | |||||||
| Tax Rate | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% |
BS
| ($ in millions, fiscal year ending December 31) | |||||||||||||||||
| Balance Sheet | |||||||||||||||||
| Projection Period | |||||||||||||||||
| Opening | Adjustments | Pro Forma | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||
| 2012 | + | – | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||
| Cash and Cash Equivalents | $250.0 | (250.0) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | $3.8 | $423.2 | $856.5 | $1,306.6 | ||||
| Accounts Receivable | 450.0 | 450.0 | 483.8 | 512.8 | 538.4 | 560.0 | 576.7 | 594.1 | 611.9 | 630.2 | 649.1 | 668.6 | |||||
| Inventories | 600.0 | 600.0 | 645.0 | 683.7 | 717.9 | 746.6 | 769.0 | 792.1 | 815.8 | 840.3 | 865.5 | 891.5 | |||||
| Prepaids and Other Current Assets | 175.0 | 175.0 | 188.1 | 199.4 | 209.4 | 217.8 | 224.3 | 231.0 | 238.0 | 245.1 | 252.4 | 260.0 | |||||
| Total Current Assets | $1,475.0 | $1,225.0 | $1,316.9 | $1,395.9 | $1,465.7 | $1,524.3 | $1,570.0 | $1,617.1 | $1,669.4 | $2,138.8 | $2,623.6 | $3,126.7 | |||||
| Property, Plant and Equipment, net | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | 2,500.0 | |||||
| Goodwill | 1,000.0 | 1,850.0 | (1,000.0) | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | 1,850.0 | |||
| Intangible Assets | 875.0 | 875.0 | 819.4 | 760.4 | 698.5 | 634.1 | 567.8 | 499.4 | 429.1 | 356.6 | 282.0 | 205.1 | |||||
| Other Assets | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | 150.0 | |||||
| Deferred Financing Fees | -0 | 90.0 | 90.0 | 78.7 | 67.3 | 56.0 | 44.7 | 33.4 | 22.0 | 11.3 | 5.2 | 5.2 | 5.2 | ||||
| Total Assets | $6,000.0 | $6,690.0 | $6,714.9 | $6,723.6 | $6,720.2 | $6,703.1 | $6,671.2 | $6,638.6 | $6,609.9 | $7,000.7 | $7,410.8 | $7,837.0 | |||||
| Accounts Payable | 215.0 | 215.0 | 231.1 | 245.0 | 257.2 | 267.5 | 275.6 | 283.8 | 292.3 | 301.1 | 310.1 | 319.4 | |||||
| Accrued Liabilities | 275.0 | 275.0 | 295.6 | 313.4 | 329.0 | 342.2 | 352.5 | 363.0 | 373.9 | 385.1 | 396.7 | 408.6 | |||||
| Other Current Liabilities | 100.0 | 100.0 | 107.5 | 114.0 | 119.6 | 124.4 | 128.2 | 132.0 | 136.0 | 140.1 | 144.3 | 148.6 | |||||
| Total Current Liabilities | $590.0 | $590.0 | $634.3 | $672.3 | $705.9 | $734.2 | $756.2 | $778.9 | $802.2 | $826.3 | $851.1 | $876.6 | |||||
| Revolving Credit Facility | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Term Loan A | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Term Loan B | -0 | 2,150.0 | 2,150.0 | 1,945.4 | 1,702.0 | 1,423.3 | 1,110.5 | 765.3 | 394.6 | -0 | -0 | -0 | -0 | ||||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Existing Term Loan | 1,000.0 | (1,000.0) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Senior Notes | -0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | ||||
| Existing Senior Notes | 500.0 | (500.0) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Senior Subordinated Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Other Debt | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Deferred Income Taxes | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | |||||
| Other Long-Term Liabilities | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | |||||
| Total Liabilities | $2,500.0 | $4,650.0 | $4,489.6 | $4,284.3 | $4,039.3 | $3,754.6 | $3,431.5 | $3,083.5 | $2,712.2 | $2,736.3 | $2,761.1 | $2,786.6 | |||||
| Noncontrolling Interest | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Shareholders’ Equity | 3,500.0 | 2,040.0 | (3,500.0) | 2,040.0 | 2,225.3 | 2,439.3 | 2,680.9 | 2,948.4 | 3,239.7 | 3,555.1 | 3,897.6 | 4,264.4 | 4,649.7 | 5,050.4 | |||
| Total Shareholders’ Equity | $3,500.0 | $2,040.0 | $2,225.3 | $2,439.3 | $2,680.9 | $2,948.4 | $3,239.7 | $3,555.1 | $3,897.6 | $4,264.4 | $4,649.7 | $5,050.4 | |||||
| Total Liabilities and Equity | $6,000.0 | $6,690.0 | $6,714.9 | $6,723.6 | $6,720.2 | $6,703.1 | $6,671.2 | $6,638.6 | $6,609.9 | $7,000.7 | $7,410.8 | $7,837.0 | |||||
| Balance Check | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||
| Net Working Capital | 635.0 | 635.0 | 682.6 | 723.6 | 759.8 | 790.2 | 813.9 | 838.3 | 863.4 | 889.3 | 916.0 | 943.5 | |||||
| (Increase) / Decrease in Net Working Capital | (47.6) | (41.0) | (36.2) | (30.4) | (23.7) | (24.4) | (25.1) | (25.9) | (26.7) | (27.5) | |||||||
| Balance Sheet Assumptions | |||||||||||||||||
| Current Assets | |||||||||||||||||
| Days Sales Outstanding (DSO) | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | |||||
| Days Inventory Held (DIH) | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | |||||
| Prepaid and Other Current Assets (% of sales) | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |||||
| Current Liabilities | |||||||||||||||||
| Days Payable Outstanding (DPO) | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | |||||
| Accrued Liabilities (% of sales) | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | |||||
| Other Current Liabilities (% of sales) | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
CF
| ($ in millions, fiscal year ending December 31) | ||||||||||||||
| Cash Flow Statement | ||||||||||||||
| Projection Period | ||||||||||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
| Operating Activities | ||||||||||||||
| Net Income | $185.3 | $214.0 | $241.6 | $267.5 | $291.2 | $315.5 | $342.5 | $366.8 | $385.3 | $400.6 | ||||
| Plus: Depreciation | 166.9 | 176.9 | 185.8 | 193.2 | 199.0 | 204.9 | 211.1 | 217.4 | 224.0 | 230.7 | ||||
| Plus: Amortization | 55.6 | 59.0 | 61.9 | 64.4 | 66.3 | 68.3 | 70.4 | 72.5 | 74.7 | 76.9 | ||||
| Plus: Amortization of Financing Fees | 11.3 | 11.3 | 11.3 | 11.3 | 11.3 | 11.3 | 10.7 | 6.1 | -0 | -0 | ||||
| Changes in Working Capital Items | ||||||||||||||
| (Inc.) / Dec. in Accounts Receivable | (33.8) | (29.0) | (25.6) | (21.5) | (16.8) | (17.3) | (17.8) | (18.4) | (18.9) | (19.5) | ||||
| (Inc.) / Dec. in Inventories | (45.0) | (38.7) | (34.2) | (28.7) | (22.4) | (23.1) | (23.8) | (24.5) | (25.2) | (26.0) | ||||
| (Inc.) / Dec. in Prepaid and Other Current Assets | (13.1) | (11.3) | (10.0) | (8.4) | (6.5) | (6.7) | (6.9) | (7.1) | (7.4) | (7.6) | ||||
| Inc. / (Dec.) in Accounts Payable | 16.1 | 13.9 | 12.2 | 10.3 | 8.0 | 8.3 | 8.5 | 8.8 | 9.0 | 9.3 | ||||
| Inc. / (Dec.) in Accrued Liabilities | 20.6 | 17.7 | 15.7 | 13.2 | 10.3 | 10.6 | 10.9 | 11.2 | 11.6 | 11.9 | ||||
| Inc. / (Dec.) in Other Current Liabilities | 7.5 | 6.5 | 5.7 | 4.8 | 3.7 | 3.8 | 4.0 | 4.1 | 4.2 | 4.3 | ||||
| (Inc.) / Dec. in Net Working Capital | (47.6) | (41.0) | (36.2) | (30.4) | (23.7) | (24.4) | (25.1) | (25.9) | (26.7) | (27.5) | ||||
| Cash Flow from Operating Activities | $371.5 | $420.3 | $464.4 | $506.0 | $544.2 | $575.6 | $609.5 | $636.8 | $657.3 | $680.7 | ||||
| Investing Activities | ||||||||||||||
| Capital Expenditures | (166.9) | (176.9) | (185.8) | (193.2) | (199.0) | (204.9) | (211.1) | (217.4) | (224.0) | (230.7) | ||||
| Other Investing Activities | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Cash Flow from Investing Activities | ($166.9) | ($176.9) | ($185.8) | ($193.2) | ($199.0) | ($204.9) | ($211.1) | ($217.4) | ($224.0) | ($230.7) | ||||
| Financing Activities | ||||||||||||||
| Revolving Credit Facility | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Term Loan A | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Term Loan B | (204.6) | (243.3) | (278.7) | (312.9) | (345.2) | (370.7) | (394.6) | -0 | -0 | -0 | ||||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Existing Term Loan | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Senior Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Senior Subordinated Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Other Debt | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Dividends | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Equity Issuance / (Repurchase) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Cash Flow from Financing Activities | ($204.6) | ($243.3) | ($278.7) | ($312.9) | ($345.2) | ($370.7) | ($394.6) | -0 | -0 | -0 | ||||
| Excess Cash for the Period | -0 | -0 | -0 | -0 | -0 | -0 | $3.8 | $419.4 | $433.3 | $450.0 | ||||
| Beginning Cash Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 3.8 | 423.2 | 856.5 | ||||
| Ending Cash Balance | -0 | -0 | -0 | -0 | -0 | -0 | $3.8 | $423.2 | $856.5 | $1,306.6 | ||||
| Cash Flow Statement Assumptions | ||||||||||||||
| Capital Expenditures (% of sales) | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% |
DS
| ($ in millions, fiscal year ending December 31) | ||||||||||||||
| Debt Schedule | ||||||||||||||
| Projection Period | ||||||||||||||
| Pro forma | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | ||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||
| Forward LIBOR Curve | 0.25% | 0.35% | 0.50% | 0.75% | 1.00% | 1.25% | 1.50% | 1.75% | 2.00% | 2.25% | 2.50% | |||
| Cash Flow from Operating Activities | $371.5 | $420.3 | $464.4 | $506.0 | $544.2 | $575.6 | $609.5 | $636.8 | $657.3 | $680.7 | ||||
| Cash Flow from Investing Activities | (166.9) | (176.9) | (185.8) | (193.2) | (199.0) | (204.9) | (211.1) | (217.4) | (224.0) | (230.7) | ||||
| Cash Available for Debt Repayment | $204.6 | $243.3 | $278.7 | $312.9 | $345.2 | $370.7 | $398.4 | $419.4 | $433.3 | $450.0 | ||||
| Total Mandatory Repayments | MinCash | (21.5) | (21.5) | (21.5) | (21.5) | (21.5) | (21.5) | (21.5) | -0 | -0 | -0 | |||
| Cash From Balance Sheet | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 3.8 | 423.2 | 856.5 | |||
| Cash Available for Optional Debt Repayment | $183.1 | $221.8 | $257.2 | $291.4 | $323.7 | $349.2 | $376.9 | $423.2 | $856.5 | $1,306.6 | ||||
| Revolving Credit Facility | ||||||||||||||
| Revolving Credit Facility Size | $250.0 | |||||||||||||
| Spread | 4.250% | |||||||||||||
| LIBOR Floor | 1.250% | |||||||||||||
| Term | 6 years | |||||||||||||
| Commitment Fee on Unused Portion | 0.50% | |||||||||||||
| Beginning Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Drawdown/(Repayment) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Interest Rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.75% | 6.00% | 6.25% | 6.50% | 6.75% | ||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Commitment Fee | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | ||||
| Administrative Agent Fee | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||
| Term Loan A Facility | ||||||||||||||
| Size | -0 | |||||||||||||
| Spread | – % | |||||||||||||
| Term | 0 years | |||||||||||||
| Repayment Schedule | – % | – % | – % | – % | – % | 100.0% | ||||||||
| Beginning Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Mandatory Repayments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Optional Repayments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Interest Rate | 0.35% | 0.50% | 0.75% | 1.00% | 1.25% | 1.50% | 1.75% | 2.00% | 2.25% | 2.50% | ||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Term Loan B Facility | ||||||||||||||
| Size | $2,150.0 | |||||||||||||
| Spread | 4.500% | |||||||||||||
| LIBOR Floor | 1.250% | |||||||||||||
| Term | 7 years | |||||||||||||
| Repayment Schedule | 1.0% | Per Annum, Bullet at Maturity | ||||||||||||
| Beginning Balance | $2,150.0 | $1,945.4 | $1,702.0 | $1,423.3 | $1,110.5 | $765.3 | $394.6 | -0 | -0 | -0 | ||||
| Mandatory Repayments | (21.5) | (21.5) | (21.5) | (21.5) | (21.5) | (21.5) | (21.5) | -0 | -0 | -0 | ||||
| Optional Repayments | (183.1) | (221.8) | (257.2) | (291.4) | (323.7) | (349.2) | (373.1) | -0 | -0 | -0 | ||||
| Ending Balance | $1,945.4 | $1,702.0 | $1,423.3 | $1,110.5 | $765.3 | $394.6 | -0 | -0 | -0 | -0 | ||||
| Interest Rate | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 6.00% | 6.25% | 6.50% | 6.75% | 7.00% | ||||
| Interest Expense | 117.7 | 104.9 | 89.9 | 72.8 | 53.9 | 34.8 | 12.3 | -0 | -0 | -0 | ||||
| Term Loan C Facility | ||||||||||||||
| Size | -0 | |||||||||||||
| Spread | – % | |||||||||||||
| LIBOR Floor | – % | |||||||||||||
| Term | 0 years | |||||||||||||
| Repayment Schedule | – % | Per Annum, Bullet at Maturity | ||||||||||||
| Beginning Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Mandatory Repayments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Optional Repayments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Interest Rate | 0.35% | 0.50% | 0.75% | 1.00% | 1.25% | 1.50% | 1.75% | 2.00% | 2.25% | 2.50% | ||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Existing Term Loan Facility | ||||||||||||||
| Size | -0 | |||||||||||||
| Spread | – % | |||||||||||||
| LIBOR Floor | – % | |||||||||||||
| Remaining Term | 0 years | |||||||||||||
| Repayment Schedule | – % | Per Annum, Bullet at Maturity | ||||||||||||
| Beginning Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Mandatory Repayments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Optional Repayments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Interest Rate | 0.35% | 0.50% | 0.75% | 1.00% | 1.25% | 1.50% | 1.75% | 2.00% | 2.25% | 2.50% | ||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| 2nd Lien | ||||||||||||||
| Size | -0 | |||||||||||||
| Spread | – % | |||||||||||||
| LIBOR Floor | – % | |||||||||||||
| Term | 0 years | |||||||||||||
| Beginning Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Repayment | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Interest Rate | 0.35% | 0.50% | 0.75% | 1.00% | 1.25% | 1.50% | 1.75% | 2.00% | 2.25% | 2.50% | ||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Senior Notes | ||||||||||||||
| Size | $1,500.0 | |||||||||||||
| Coupon | 8.500% | |||||||||||||
| Term | 8 years | |||||||||||||
| Beginning Balance | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | ||||
| Repayment | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | ||||
| Interest Expense | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | 127.5 | ||||
| Senior Subordinated Notes | ||||||||||||||
| Size | -0 | |||||||||||||
| Coupon | – % | |||||||||||||
| Term | 0 years | |||||||||||||
| Beginning Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Repayment | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Ending Balance | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
RA
| ($ in millions, fiscal year ending December 31) | |||||||||||||||
| Returns Analysis | |||||||||||||||
| Projection Period | |||||||||||||||
| Pro forma | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
| Entry EBITDA Multiple | 8.0x | ||||||||||||||
| Initial Equity Investment | $2,100.0 | ||||||||||||||
| EBITDA | $779.4 | $826.1 | $867.4 | $902.1 | $929.2 | $957.1 | $985.8 | $1,015.4 | $1,045.8 | $1,077.2 | |||||
| Exit EBITDA Multiple | 8.0x | ||||||||||||||
| Enterprise Value at Exit | $6,235.0 | $6,609.1 | $6,939.6 | $7,217.1 | $7,433.7 | $7,656.7 | $7,886.4 | $8,123.0 | $8,366.6 | $8,617.6 | |||||
| Less: Net Debt | |||||||||||||||
| Revolving Credit Facility | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Term Loan A | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Term Loan B | 1,945.4 | 1,702.0 | 1,423.3 | 1,110.5 | 765.3 | 394.6 | -0 | -0 | -0 | -0 | |||||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Existing Term Loan | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Senior Notes | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | |||||
| Senior Subordinated Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Other Debt | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| Total Debt | $3,445.4 | $3,202.0 | $2,923.3 | $2,610.5 | $2,265.3 | $1,894.6 | $1,500.0 | $1,500.0 | $1,500.0 | $1,500.0 | |||||
| Less: Cash and Cash Equivalents | -0 | -0 | -0 | -0 | -0 | -0 | 3.8 | 423.2 | 856.5 | 1,306.6 | |||||
| Net Debt | $3,445.4 | $3,202.0 | $2,923.3 | $2,610.5 | $2,265.3 | $1,894.6 | $1,496.2 | $1,076.8 | $643.5 | $193.4 | |||||
| Equity Value at Exit | $2,789.6 | $3,407.1 | $4,016.2 | $4,606.7 | $5,168.4 | $5,762.0 | $6,390.2 | $7,046.2 | $7,723.2 | $8,424.2 | |||||
| Cash Return | 1.3x | 1.6x | 1.9x | 2.2x | 2.5x | 2.7x | 3.0x | 3.4x | 3.7x | 4.0x | |||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | ||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||
| Initial Equity Investment | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | ($2,100.0) | |||||
| Equity Proceeds | $2,789.6 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||
| $3,407.1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||
| $4,016.2 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||||
| $4,606.7 | -0 | -0 | -0 | -0 | -0 | -0 | |||||||||
| $5,168.4 | -0 | -0 | -0 | -0 | -0 | ||||||||||
| $5,762.0 | -0 | -0 | -0 | -0 | |||||||||||
| $6,390.2 | -0 | -0 | -0 | ||||||||||||
| $7,046.2 | -0 | -0 | |||||||||||||
| $7,723.2 | -0 | ||||||||||||||
| $8,424.2 | |||||||||||||||
| IRR | 32.8% | 27.4% | 24.1% | 21.7% | 19.7% | 18.3% | 17.2% | 16.3% | 15.6% | 14.9% | |||||
| IRR – Assuming Exit in 2017E | IRR – Assuming 8.0x Entry Multiple | ||||||||||||||
| Exit Multiple | Exit Year | ||||||||||||||
| 19.7% | 7.0x | 7.5x | 8.0x | 8.5x | 9.0x | 2015 | 2016 | 2017 | 2018 | 2019 | |||||
| 6.0x | 43.4% | 46.4% | 49.2% | 51.7% | 54.2% | 24.1% | 21.7% | 19.7% | 18.3% | 17.2% | |||||
| 7.0x | 24.8% | 27.4% | 29.9% | 32.1% | 34.2% | 7.0x | 14.5% | 15.2% | 15.1% | 14.8% | 14.5% | ||||
| Entry | 7.5x | 19.4% | 21.9% | 24.2% | 26.3% | 28.4% | Exit | 7.5x | 19.5% | 18.6% | 17.5% | 16.6% | 15.9% | ||
| Multiple | 8.0x | 15.1% | 17.5% | 19.7% | 21.8% | 23.8% | Multiple | 8.0x | 24.1% | 21.7% | 19.7% | 18.3% | 17.2% | ||
| 8.5x | 11.6% | 13.9% | 16.1% | 18.1% | 20.0% | 8.5x | 28.4% | 24.6% | 21.8% | 19.9% | 18.5% | ||||
| 9.0x | 8.6% | 10.9% | 13.0% | 15.0% | 16.8% | 9.0x | 32.5% | 27.3% | 23.8% | 21.4% | 19.7% | ||||
| IRR – Assuming Exit in 2017E | |||||||||||||||
| Exit Multiple | |||||||||||||||
| 19.7% | 7.00x | 7.25x | 7.50x | 7.75x | 8.00x | 8.25x | 8.50x | ||||||||
| 7.00x | 24.8% | 26.1% | 27.4% | 28.7% | 29.9% | 31.0% | 32.1% | ||||||||
| 7.25x | 21.9% | 23.2% | 24.5% | 25.7% | 26.8% | 27.9% | 29.0% | ||||||||
| 7.50x | 19.4% | 20.6% | 21.9% | 23.0% | 24.2% | 25.3% | 26.3% | ||||||||
| Entry | 7.75x | 17.1% | 18.4% | 19.6% | 20.7% | 21.8% | 22.9% | 24.0% | |||||||
| Multiple | 8.00x | 15.1% | 16.3% | 17.5% | 18.6% | 19.7% | 20.8% | 21.8% | |||||||
| 8.25x | 13.3% | 14.5% | 15.6% | 16.8% | 17.8% | 18.9% | 19.9% | ||||||||
| 8.50x | 11.6% | 12.8% | 13.9% | 15.0% | 16.1% | 17.1% | 18.1% |
A1
| Assumptions Page 1 – Income Statement and Cash Flow Statement | ||||||||||||||
| Projection Period | ||||||||||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
| Income Statement Assumptions | ||||||||||||||
| Sales (% growth) | 7.5% | 6.0% | 5.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | ||||
| Base | 1 | 7.5% | 6.0% | 5.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | |||
| Sponsor | 2 | 10.0% | 8.0% | 6.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | |||
| Management | 3 | 12.0% | 10.0% | 8.0% | 6.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | |||
| Downside 1 | 4 | 5.0% | 4.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | |||
| Downside 2 | 5 | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |||
| Cost of Goods Sold (% sales) | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | ||||
| Base | 1 | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | |||
| Sponsor | 2 | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% | |||
| Management | 3 | 59.0% | 59.0% | 59.0% | 59.0% | 59.0% | 59.0% | 59.0% | 59.0% | 59.0% | 59.0% | |||
| Downside 1 | 4 | 61.0% | 61.0% | 61.0% | 61.0% | 61.0% | 61.0% | 61.0% | 61.0% | 61.0% | 61.0% | |||
| Downside 2 | 5 | 62.0% | 62.0% | 62.0% | 62.0% | 62.0% | 62.0% | 62.0% | 62.0% | 62.0% | 62.0% | |||
| SG&A (% sales) | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | ||||
| Base | 1 | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% | |||
| Sponsor | 2 | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | |||
| Management | 3 | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | |||
| Downside 1 | 4 | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | |||
| Downside 2 | 5 | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | |||
| Other Expense / (Income) (% of sales) | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | ||||
| Base | 1 | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | |||
| Sponsor | 2 | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | |||
| Management | 3 | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | |||
| Downside 1 | 4 | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | |||
| Downside 2 | 5 | – % | – % | – % | – % | – % | – % | – % | – % | – % | – % | |||
| Depreciation (% sales) | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | ||||
| Base | 1 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Sponsor | 2 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Management | 3 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Downside 1 | 4 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Downside 2 | 5 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Amortization (% sales) | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | ||||
| Base | 1 | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||
| Sponsor | 2 | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||
| Management | 3 | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||
| Downside 1 | 4 | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||
| Downside 2 | 5 | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||
| Interest Income | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | ||||
| Base | 1 | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | |||
| Sponsor | 2 | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | |||
| Management | 3 | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | |||
| Downside 1 | 4 | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | |||
| Downside 2 | 5 | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | |||
| Cash Flow Statement Assumptions | ||||||||||||||
| Capital Expenditures (% sales) | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | ||||
| Base | 1 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Sponsor | 2 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Management | 3 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | |||
| Downside 1 | 4 | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | |||
| Downside 2 | 5 | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
A2
| Assumptions Page 2 – Balance Sheet | ||||||||||||||
| Projection Period | ||||||||||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||
| Current Assets | ||||||||||||||
| Days Sales Outstanding (DSO) | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | ||||
| Base | 1 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | |||
| Sponsor | 2 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | |||
| Management | 3 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | 47.6 | |||
| Downside 1 | 4 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | |||
| Downside 2 | 5 | 55.0 | 55.0 | 55.0 | 55.0 | 55.0 | 55.0 | 55.0 | 55.0 | 55.0 | 55.0 | |||
| Days Inventory Held (DIH) | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | ||||
| Base | 1 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | |||
| Sponsor | 2 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | |||
| Management | 3 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | 105.8 | |||
| Downside 1 | 4 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | 110.0 | |||
| Downside 2 | 5 | 115.0 | 115.0 | 115.0 | 115.0 | 115.0 | 115.0 | 115.0 | 115.0 | 115.0 | 115.0 | |||
| Prepaids and Other Current Assets (% sales) | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | ||||
| Base | 1 | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |||
| Sponsor | 2 | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |||
| Management | 3 | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |||
| Downside 1 | 4 | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |||
| Downside 2 | 5 | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |||
| Current Liabilities | ||||||||||||||
| Days Payable Outstanding (DPO) | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | ||||
| Base | 1 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | |||
| Sponsor | 2 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | |||
| Management | 3 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | 37.9 | |||
| Downside 1 | 4 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | |||
| Downside 2 | 5 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | |||
| Accrued Liabilities (% sales) | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | ||||
| Base | 1 | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | |||
| Sponsor | 2 | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | |||
| Management | 3 | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | |||
| Downside 1 | 4 | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | |||
| Downside 2 | 5 | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% | |||
| Other Current Liabilities (% sales) | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | ||||
| Base | 1 | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | |||
| Sponsor | 2 | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | |||
| Management | 3 | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | |||
| Downside 1 | 4 | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | |||
| Downside 2 | 5 | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
A3
| ($ in millions, fiscal year ending December 31) | |||||||||||||
| Assumptions Page 3 – Financing Structures and Fees | |||||||||||||
| Financing Structures | Purchase Price | ||||||||||||
| Structure | Public / Private Target | 2 | |||||||||||
| 1 | 2 | 3 | 4 | 5 | |||||||||
| Sources of Funds | Structure 1 | Structure 2 | Structure 3 | Structure 4 | Status Quo | Entry EBITDA Multiple | 8.0x | ||||||
| Revolving Credit Facility Size | $250.0 | $250.0 | $250.0 | $250.0 | -0 | LTM 9/30/2012 EBITDA | 700.0 | ||||||
| Revolving Credit Facility Draw | -0 | -0 | -0 | -0 | -0 | Enterprise Value | $5,600.0 | ||||||
| Term Loan A | -0 | 500.0 | -0 | -0 | -0 | ||||||||
| Term Loan B | 2,150.0 | 1,650.0 | 2,100.0 | 1,750.0 | -0 | Less: Total Debt | (1,500.0) | ||||||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | Less: Preferred Stock | -0 | ||||||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | Less: Noncontrolling Interest | -0 | ||||||
| Senior Notes | 1,500.0 | 1,500.0 | 700.0 | 1,000.0 | -0 | Plus: Cash and Cash Equivalents | 250.0 | ||||||
| Senior Subordinated Notes | -0 | -0 | 700.0 | 1,000.0 | -0 | Equity Purchase Price | $4,350.0 | ||||||
| Equity Contribution | 2,100.0 | 2,100.0 | 2,250.0 | 2,250.0 | -0 | ||||||||
| Rollover Equity | -0 | -0 | -0 | -0 | -0 | Calculation of Fully Diluted Shares Outstanding | |||||||
| Cash on Hand | 250.0 | 250.0 | 250.0 | -0 | -0 | Offer Price per Share | -0 | ||||||
| -0 | -0 | -0 | -0 | -0 | |||||||||
| Total Sources of Funds | $6,000.0 | $6,000.0 | $6,000.0 | $6,000.0 | -0 | Basic Shares Outstanding | -0 | ||||||
| Plus: Shares from In-the-Money Options | -0 | ||||||||||||
| Uses of Funds | Less: Shares Repurchased | -0 | |||||||||||
| Equity Purchase Price | $4,350.0 | $4,350.0 | $4,350.0 | $4,350.0 | -0 | Net New Shares from Options | -0 | ||||||
| Repay Existing Bank Debt | 1,500.0 | 1,500.0 | 1,500.0 | 1,500.0 | -0 | Plus: Shares from Convertible Securities | -0 | ||||||
| Tender / Call Premiums | 20.0 | 20.0 | 20.0 | 20.0 | -0 | Fully Diluted Shares Outstanding | -0 | ||||||
| Financing Fees | 90.0 | 90.0 | 90.0 | 90.0 | -0 | ||||||||
| Other Fees and Expenses | 40.0 | 40.0 | 40.0 | 40.0 | -0 | Options/Warrants | |||||||
| – | -0 | -0 | -0 | -0 | -0 | Number of | Exercise | In-the-Money | |||||
| – | -0 | -0 | -0 | -0 | -0 | Tranche | Shares | Price | Shares | Proceeds | |||
| Total Uses of Funds | $6,000.0 | $6,000.0 | $6,000.0 | $6,000.0 | -0 | Tranche 1 | -0 | -0 | -0 | -0 | |||
| Tranche 2 | -0 | -0 | -0 | -0 | |||||||||
| Financing Fees | Tranche 3 | -0 | -0 | -0 | -0 | ||||||||
| Fees | Tranche 4 | -0 | -0 | -0 | -0 | ||||||||
| Structure 1 | Size | (%) | ($) | Tranche 5 | -0 | -0 | -0 | -0 | |||||
| Revolving Credit Facility Size | $250.0 | 1.500% | $3.8 | Total | -0 | -0 | -0 | ||||||
| Term Loan A | -0 | 1.500% | -0 | ||||||||||
| Term Loan B | 2,150.0 | 1.500% | 32.3 | Convertible Securities | |||||||||
| Term Loan C | -0 | 1.500% | -0 | Conversion | Conversion | New | |||||||
| 2nd Lien | -0 | 2.250% | -0 | Amount | Price | Ratio | Shares | ||||||
| Senior Notes | 1,500.0 | 2.250% | 33.8 | Issue 1 | -0 | -0 | -0 | -0 | |||||
| Senior Subordinated Notes | -0 | 2.250% | -0 | Issue 2 | -0 | -0 | -0 | -0 | |||||
| Senior Bridge Facility | 1,500.0 | 1.000% | 15.0 | Issue 3 | -0 | -0 | -0 | -0 | |||||
| Senior Subordinated Bridge Facility | -0 | 1.000% | -0 | Issue 4 | -0 | -0 | -0 | -0 | |||||
| Other Financing Fees & Expenses | 5.3 | Issue 5 | -0 | -0 | -0 | -0 | |||||||
| Total Financing Fees | $90.0 | Total | -0 | ||||||||||
| Amortization of Financing Fees | |||||||||||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | ||||
| Term | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||
| Revolving Credit Facility Size | 6 | $0.6 | $0.6 | $0.6 | $0.6 | $0.6 | $0.6 | -0 | -0 | -0 | -0 | ||
| Term Loan A | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||
| Term Loan B | 7 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | -0 | -0 | -0 | ||
| Term Loan C | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||
| 2nd Lien | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||
| Senior Notes | 8 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | -0 | -0 | ||
| Senior Subordinated Notes | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||
| Senior Bridge Facility | 8 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | -0 | -0 | ||
| Senior Subordinated Bridge Facility | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||
| Other Financing Fees & Expenses | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||
| Annual Amortization | $11.3 | $11.3 |
