Refinish Business Review
Debt and Liquidity Summary
($ in millions)
Cash and Cash Equivalents
Capitalization
Revolver ($550 million capacity)
First Lien Term Loan (USD)
Total Senior Secured Debt
Senior Unsecured Notes (EUR)
Senior Unsecured Notes (USD)
Senior Unsecured Notes (USD)
Other Borrowings and Finance Leases
Total Debt
Total Net Debt
(1)
LTM Adjusted EBITDA
Total Net Leverage (2)
Interest Coverage Ratio
(3)
($ in billions)
Prior
Term Loan
$2.0
$1.0
Interest @ 12/31/2022
Maturity
645
Variable
2026
Variable
1,967
2029
1,967
Fixed
476
2025
Fixed
494
2027
Fixed
692
2029
75
55
3,704
3,059
811
3.8x
5.8x
Debt Maturity Profile
Refinanced
Term Loan
Senior
Senior
Notes
Senior
Revolver
Notes
Notes
(EUR) (Undrawn)
(USD)
(USD)
Commentary
Total liquidity remains strong
Nearly $1.2 billion available at December 31, 2022
including $529 million of available capacity under our
undrawn revolver
Improved balance sheet and capital allocation
ā
Total net leverage of 3.8x at December 31, 2022
improved from 4.1x at September 30, 2022
Long term debt pay down of $47 million in Q4 2022
Completed refinance of First Lien Term Loan
Extended maturity to December 2029
$0.0
(1) Total Net Debt = Total Debt minus Cash and Cash Equivalents
(2) Total Net Leverage = Total Net Debt / LTM Adjusted EBITDA
2023
2024
2025
2026
2027
2028
2029
(3) Interest Coverage Ratio = LTM Adjusted EBITDA / LTM Interest Expense
15
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