PJT Partners Investment Banking Pitch Book
Pro Forma Capitalization Table
PRO FORMA CAPITALIZATION
(US$ mm)
Cash
Existing Debt (2)
New Debt Issued for Transaction
Total Debt
PF CY2016A Adj. EBITDA (pre-SBC, incl. equity income) (2)
Gross Debt / PF CY2016A Adj. EBITDA (pre-SBC, incl. equity income)
PF CY2017E Adj. EBITDA (pre-SBC, incl. equity income) (2)
Gross Debt / PF CY2017E Adj. EBITDA (pre-SBC, incl. equity income)
PF CY2016A Adj. EBITDA (pre-SBC, incl. equity income)(²)
Gross Debt/PF CY2016A Adj. EBITDA (pre-SBC, incl. equity income)
PF CY2017E Adj. EBITDA (pre-SBC, incl. equity income) (2)
Gross Debt / PF CY2017E Adj. EBITDA (pre-SBC, incl. equity income)
As of 12/31/16
Lunar
$55
867
$867
$392 (3)
2.2x
$396 (3)
2.2x
$207
4.2x
$239
3.6x
Solar
$10
994
$994
$490
2.0x
$543
1.8x
$490
2.0x
$543
1.8x
Debt
Retirement
($3,548)
(1,737)
Note: Assumes transaction closes 12/31/16.
(1) Includes $63mm of Solar capital leases.
(2) Adj. EBITDA (pre-SBC, incl. equity income) used for financing purposes. Pro forma Adj. EBITDA Includes $52mm of run-rate cost synergies.
(3) Based on normalized Lunar Adj. EBITDA (post-SBC, excl. equity income) of $250mm plus SBC and equity income. Refer to page 17 for further details.
Issue
$3,720
1,737
1,983
Confidential
Pro Forma
12/31/16
$238
1,860
1,983
$3,843
$934
4.1x
$991
3.9x
$749
5.1x
$834
4.6x
PJT Partners
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