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ValueCo Corporation
Financing Structure: Operating Scenario: Structure 1 Base
Transaction Summary
Sources of Funds Amount Revolving Credit Facility Term Loan A Term Loan B Term Loan C 2nd Lien Senior Notes Senior Subordinated Notes Equity Contribution Rollover Equity Cash on Hand Total Sources % of Total Sources -% -% -% -% -% -% -% -% -% -% -% Multiple of EBITDA 9/30/2008 Cumulative -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x -x Pricing NA NA NA NA NA NA NA Uses of Funds Amount Purchase ValueCo Equity Repay Existing Debt Tender / Call Premiums Financing Fees Other Fees and Expenses % of Total Uses Purchase Price Offer Price per Share Fully Diluted Shares % Equity Purchase Price % Plus: Existing Net Debt % Enterprise Value % Transaction Multiples % Exit Year Entry Multiple Exit Multiple IRR Cash Return Options Financing Structure - x Operating Scenario - x Cash Flow Sweep Cash Balance - x Average Interest - x Financing Fees 1 1 1 1 1 1 Return Analysis 2013 -x -x NA NM
Total Uses
Enterprise Value / Sales LTM 9/30/2008 2008E Enterprise Value / EBITDA LTM 9/30/2008 2008E -%
Capitalization
Cash Revolving Credit Facility Term Loan A Term Loan B Term Loan C Existing Term Loan 2nd Lien Other Debt Total Senior Secured Debt Senior Notes Total Senior Debt Senior Subordinated Notes Total Debt Shareholders' Equity Total Capitalization % of Bank Debt Repaid -
Credit Statistics
% Debt / Total Capitalization EBITDA / Cash Interest Expense (EBITDA - Capex) / Cash Interest Expense EBITDA / Total Interest Expense (EBITDA - Capex) / Total Interest Expense Senior Secured Debt / EBITDA Senior Debt / EBITDA Total Debt / EBITDA Net Debt / EBITDA -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM -x -x -x -x -x -x -x NM
Income Statement
Historical Period 2005 Sales % growth Cost of Goods Sold Gross Profit % margin Selling, General & Administrative % sales Other Expense / (Income) EBITDA % margin Depreciation & Amortization EBIT % margin Interest Expense Revolving Credit Facility Term Loan A Term Loan B Term Loan C Existing Term Loan 2nd Lien Senior Notes Senior Subordinated Notes Commitment Fee on Unused Revolver Administrative Agent Fee Cash Interest Expense Amortization of Deferred Financing Fees Total Interest Expense Interest Income Net Interest Expense Earnings Before Taxes Income Tax Expense Net Income % margin Income Statement Assumptions Sales (% YoY growth) Cost of Goods Sold (% margin) SG&A (% sales) Other Expense / (Income) (% of sales) Depreciation & Amortization (% of sales) Interest Income Tax Rate NA 2006 2007 LTM 9/30/2008 NA Pro forma 2008 Year 1 2009 Year 2 2010 Year 3 2011 Year 4 2012 Projection Period Year 5 Year 6 2013 2014 Year 7 2015 Year 8 2016 Year 9 2017 Year 10 2018 -
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Balance Sheet
Opening 2008 0.000 Adjustments + Pro Forma 2008 0.000 Year 1 2009 0.000 Year 2 2010 0.000 Year 3 2011 0.000 Year 4 2012 0.000 Projection Period Year 5 Year 6 2013 2014 0.000 0.000 Year 7 2015 0.000 Year 8 2016 0.000 Year 9 2017 0.000 Year 10 2018 0.000 -
Cash and Cash Equivalents Accounts Receivable Inventories Prepaids and Other Current Assets Total Current Assets Property, Plant and Equipment, net Goodwill and Intangible Assets Other Assets Deferred Financing Fees Total Assets Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities Revolving Credit Facility Term Loan A Term Loan B Term Loan C Existing Term Loan 2nd Lien Senior Notes Senior Subordinated Notes Other Debt Other Long-Term Liabilities Total Liabilities Noncontrolling Interest Shareholders' Equity Total Shareholders' Equity Total Liabilities and Equity Balance Check Net Working Capital (Increase) / Decrease in Net Working Capital Balance Sheet Assumptions Current Assets Days Sales Outstanding (DSO) Days Inventory Held (DIH) Prepaid and Other Current Assets (% of sales) Current Liabilities Days Payable Outstanding (DPO) Accrued Liabilities (% of sales) Other Current Liabilities (% of sales)
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Debt Schedule
Pro forma 2008 -% Year 1 2009 -% Year 2 2010 -% Year 3 2011 -% Year 4 2012 -% Projection Period Year 5 Year 6 2013 2014 -% -% Year 7 2015 -% Year 8 2016 -% Year 9 2017 -% Year 10 2018 -%
Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Available for Debt Repayment Total Mandatory Repayments MinCash Cash From Balance Sheet Cash Available for Optional Debt Repayment Revolving Credit Facility Revolving Credit Facility Size Spread Term Commitment Fee on Unused Portion Beginning Balance Drawdown/(Repayment) Ending Balance Interest Rate Average Interest Expense Commitment Fee Term Loan B Facility Size Spread Term Repayment Schedule Beginning Balance Mandatory Repayments Optional Repayments Ending Balance Interest Rate Interest Expense Senior Subordinated Notes Size Coupon Term Beginning Balance Repayment Ending Balance Interest Expense
-% 0 years -% -
-% 0 years -
Returns Analysis
Pro forma 2008 Entry EBITDA Multiple Initial Equity Investment EBITDA Exit EBITDA Multiple Enterprise Value at Exit Less: Net Debt Revolving Credit Facility Term Loan A Term Loan B Term Loan C Existing Term Loan 2nd Lien Senior Notes Senior Subordinated Notes Other Debt Total Debt Less: Cash and Cash Equivalents Net Debt Equity Value at Exit Cash Return NM Year 1 2009 Initial Equity Investment Equity Proceeds -x -x Year 1 2009 Year 2 2010 Year 3 2011 Year 4 2012 Projection Period Year 5 Year 6 2013 2014 Year 7 2015 Year 8 2016 Year 9 2017 Year 10 2018
NM Year 2 2010
NM Year 3 2011 -
NM Year 4 2012 -
NM Year 5 2013 -
NM Year 6 2014 -
NM Year 7 2015 -
NM Year 8 2016 -
NM Year 9 2017 -
NM Year 10 2018 NA
IRR
NA
NA
NA
NA
NA
NA
NA
NA
NA
-1.0x NA NA NA NA NA
0.5x NA NA NA NA NA
1.0x NA NA NA NA NA
Exit Multiple
-2 NA NA NA NA NA
1 NA NA NA NA NA
2 NA NA NA NA NA
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($ in millions)
Sources of Funds Revolving Credit Facility Size Revolving Credit Facility Draw Term Loan A Term Loan B Term Loan C 2nd Lien Senior Notes Senior Subordinated Notes Equity Contribution Rollover Equity Cash on Hand Total Sources of Funds Uses of Funds Equity Purchase Price Repay Existing Bank Debt Tender / Call Premiums Financing Fees Other Fees and Expenses Total Uses of Funds Financing Fees
Calculation of Fully Diluted Shares Outstanding Offer Price per Share Basic Shares Outstanding Plus: Shares from In-the-Money Options Less: Shares Repurchased Net New Shares from Options Plus: Shares from Convertible Securities Fully Diluted Shares Outstanding -
Options/Warrants Tranche Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Total Convertible Securities Amount Issue 1 Issue 2 Issue 3 Issue 4 Issue 5 Total Conversion Price Conversion Ratio New Shares Number of Shares Exercise Price In-the-Money Shares Proceeds -
Fees Structure 1 Revolving Credit Facility Size Term Loan A Term Loan B Term Loan C 2nd Lien Senior Notes Senior Subordinated Notes Senior Bridge Facility Senior Subordinated Bridge Facility Other Financing Fees & Expenses Total Financing Fees Amortization of Financing Fees Term Revolving Credit Facility Size Term Loan A Term Loan B Term Loan C 2nd Lien Senior Notes Senior Subordinated Notes Senior Bridge Facility Senior Subordinated Bridge Facility Other Financing Fees & Expenses Annual Amortization Administrative Agent Fee Year 1 2009 Year 2 2010 Year 3 2011 Year 4 2012 Year 5 2013 Size (%) ($) -
Year 6 2014 -
Year 7 2015 -
Year 8 2016 -
Year 9 2017 -
Year 10 2018 -
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