americOLD Global Market Leadership and Growth Strategy
Flexible Balance Sheet Positioned for Growth
Capitalization
($ in millions)
Share Price (as of 5/12/2020)
Fully Diluted Shares Outstanding
Equity Market Capitalization
Debt
As of
3/31/20
Debt Profile
Investment grade ratings: Baa3 (Moody's), BBB (Fitch / DBRS Morningstar)
$33.32
205.161
$6,836
Senior Unsecured Revolver ($800mm Capacity)
$-
Senior Unsecured Term Loan A-1
425
Debt Type
$459
Secured
23%
Rate Type (4)
$277
Floating
14%
Senior Unsecured Term Loan A-2
177
Series A 4.68% Unsecured Notes due 2026
200
Series B 4.86% Unsecured Notes due 2029
400
77%
86%
Series C 4.10% Unsecured Notes due 2030
350
$1,552
2013 Mortgage Loans
282
Unsecured
Sale Leaseback Financing Obligations
115
$1,734
Fixed
Capitalized Lease Obligations
Total Debt
Less: Cash and Cash Equivalents
Net Debt
Total Enterprise Value ("TEV")
Leverage Metrics
Net Debt/PF LTM Core EBITDA (1)
62
$2,011
Debt Maturity
(5)
(263)
$1,748
% of
Debt
15%
33%
11%
22% 19%
$8,584
Maturing
Net Debt / TEV
4.2x
20.4%
Undrawn Revolver (6)
Unsecured Term Loan A-2
Liquidity
Significant Liquidity: ~$1.2bn (2)
$800mm Undrawn Senior
Unsecured Revolving Credit
Facility
Interest Rate: L + 85 bps
Unsecured Term Loan A-1
$800
Cash
$263
Series A 4.68% Unsecured Notes
22%
Series B 4.86% Unsecured Notes
TOTAL
LIQUIDITY
$1.2bn 11%
66%
2018
Forward
Proceeds (3)
$135
Series C 4.10% Unsecured Notes
$177
2013 Mortgage Loans
Minimal near-term debt maturities
Revolver
Availability
$777
$282
$425
$200
$400
$350
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029 Thereafter
Note: Dollars in millions except per share figures. Figures based on company filings as of March 31, 2020. Capitalization excludes net proceeds from forward equity issued in September 2018 with an outstanding settlement date of no later than
September 2020. The Company may settle the forward shares by issuing new shares or may instead elect to cash settle or net share settle all or a portion of the forward shares. Figures may not sum due to rounding
(1)
(2)
(3)
(4)
(5)
Figures pro forma for the acquisition of Cloverleaf and Lanier, including 11 months of COLD ownership and 1 months of prior ownership, the acquisition of MHW Group, including 4.5 months of COLD ownership and 7.5 months of prior
ownership and the acquisition of Nova Cold Logistics and Newport Cold Storage, including 3 months of COLD ownership and 9 months of prior ownership
Figure reflects cash, forward proceeds and the capacity available under the Senior Unsecured Revolving Credit Facility less ~$23mm in letters of credit
Assumes the issuance of "6mm common shares upon the full physical settlement of the 2018 forward sale agreement
Reflects impact of swap agreement effective January 31, 2019 on $100mm of the Unsecured Term Loan principal at a rate of 2.48% and swap agreement effective August 15, 2019 on $225mm of the Unsecured Term Loan principal at a rate of 1.30%
Reflects the principal due each period and does not adjust for amortization of principal balances
(6) Revolver maturity date assumes the exercise of two six month extension options
americOLD.
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