Better Food. Better Future.
UNFI
Capital Structure
7
Capital structure
FUTURE
Q2 net debt decrease driven by cash generated from operations
($'s in Millions)
Secured term loan B-1
(1)
(1)
$2.1B ABL revolver
Senior unsecured notes
Finance leases
Equipment loans
Original issue discount / deferred finance fees
Total Debt and Finance Leases (GAAP)
Balance sheet cash
Net Debt (GAAP)
LTM Adjusted EBITDA
Net Debt / Adjusted EBITDA
Available Liquidity
(4)
(3)
UNFL fuel the
FUTURE
Maturity
October 2025
Rate
Q2 FY21
Q3 FY21
Q4 FY21
Q1 FY22
Q2 FY22
(2)
L+ 3.25%
$
1,015 $
1,002 $
1,002 $
994 $
844
October 2023
October 2028
L+ 1.25% / Prime + 0.25%
6.75%
885
839
701
910
990
500
500
500
500
500
Various
Various
Various
147
144
142
139
138
Various
43
40
37
34
30
(56)
(54)
(52)
(48)
(41)
$
2,534 $
2,471 $
2,330 $
2,529 $
2,461
(41)
(40)
$
2,493 $
2,431 $
(41)
2,289 $
(46)
(45)
2,483 $
2,416
785 $
743 $
746 $
776 $
771
3.2x
3.3x
3.1x
3.2x
3.1x
$
1,158 $
1,182 $
1,321 $
1,112 $
1,036
(1) Paid $150M on the secured term loan B-1 in each of Q2 FY21 and Q2 FY22 with borrowings on the ABL revolver.
(2) Reduced the LIBOR margin on the secured term loan B-1 from 4.25% to 3.50% in Q3 FY21. In Q2 FY22, further reduced the LIBOR margin to 3.25%.
(3) Net debt, as shown, divided by Adjusted EBITDA. See appendix for reconcilation of Adjusted EBITDA.
(4) Balance sheet cash plus unused capacity under the $2.1B revolving ABL facility.View entire presentation