3Q 2020 Investor Presentation
Proactive Capital and Liquidity Management
Bond portfolio WAC1
Balanced maturity schedule5
$ in millions
4.7%
4.3%
4.3%
3.9%
3.5%
3.3%
4.2%
3.9%
4.0%
3.3%
300
3.4%
3.4%
250
330
586
2.1%
2.4%
500
500
400
400
250
170
2014
2015
2016
2017
2018
2019
2020
WAC With Hedges
WAC Excluding Hedges
» Strong liquidity with $2.6B in cash and short-term investments,
and a $1.0B revolving credit facility²
>> 1.4x net debt to adjusted operating income³
» Leverage well below maximum 4.5x net debt/EBITDA covenant4
879
600
500
400
300
Н
#
2044 2048 2050
2060
EUR Fixed
EUR Floating
2022 2023 2024 2025 2026 2027 2028 2029 2030
■USD Fixed ■USD Floating
Annualized Dividend Per Share
$2.24
$2.00
$1.76
$1.48
$1.52
$1.36
1.
WAC = Weighted Average Coupon. 2014-2019 data as of year-end. 2020 data as of September 30, 2020.
2. As of September 30, 2020.
2015
2016
2017
2018
2019
2020F2
3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt.
4. Total Debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x, but elevated to 4.5x for three quarters after an acquisition >$500 million.
5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR converted to USD as of September 30, 2020.
MOODY'S
3Q 2020 Investor Presentation - November 11, 2020
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