Glatfelter's Strategic Transformation
19
Balance Sheet and Liquidity
Higher leverage of 4.6x as of December
31, 2021 versus 1.7x as of December 31,
2020 driven by Mount Holly acquisition
in Q2 2021 for $172 million and
Spunlace acquisition for $304 million
in Q4 2021
~
Executed $500 million bond issuance in
Oct. 2021 and renewed 5-year revolver
December 2019 cash includes ~ $53.4
million related to pension settlement
Available liquidity of ~$260 million
(in millions)
Cash
Debt
Current portion of long term debt
31-Dec-19
$126.2
31-Dec-20
31-Dec-21
$99.6
$138.4
22.9
25.1
26.4
Short term debt
22.8
$500 million 4.75% bond
500.0
Term Loans 1.3% -2.4% due 2022 - 2025
Revolving credit agreement
255.1
253.5
239.5
84.3
36.8
10.0
Unamortized deferred financing costs
Total Debt
(2.4)
(1.9)
(11.4)
359.9
313.5
787.4
Net Debt
$233.7
$213.9
$648.9
Shareholders' Equity
$556.0
$577.9
$542.8
TTM Adj. EBITDA (*)
110.3
125.3
140.0
Net Leverage
2.1x
1.7x
Available Liquidity
$200.4
$274.8
4.6x (*)
$258.0
Notes:
(*) TTM Pro forma Adjusted EBITDA as of December 31, 2021, includes $2.0 million of Mount Holly EBITDA for 4.5 months and $18.3
million of Spunlace segment for 10 months not under Glatfelter ownership; EBITDA calculation modified to add back share-based
compensation consistent with the newly amended credit agreement; Debt covenant compliance ratio of 3.8x includes additional
add backs permitted under credit agreement
The above calculation is not intended to be used for purposes of calculating debt covenant compliance.
The sum of individual amounts set forth above may not agree to the column totals due to rounding.
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