Investor Presentaiton
20
Strong Credit Metrics Support Investment Grade Rating
8.0x
Circle K
Acquisition
2,453 stores acquired
No Transformational Acquisition
1,017 stores acquired
Strong credit metrics for several years
7.0x
K
Rapid deleveraging
after
$804 MM
6.0x
Acquisition
transformational
acquisition
Adj. Net Debt / Adj. EBITDAR
5.0x
4.2x
4.0x
3.0x
2.0x
1.0x
T
T
3.2x
3.2x
3.0x
2.9x
2.7x
2.5x
2.1x
2.1x
Leverage
post SFR
acquisition
lower than
Circle K
$3.6 B
Acquisition
3.6x
The
SFR Acquisition
Pantry
Acq.
2,299 stores acquired
1,567
stores
acquired
$1.7 B
Acquisition
3.05x
2.44x
2.37x
1.71x
0.0x
F2004
F2005
F2006
F2007
F2008
F2009
F2010
F2011
F2012
Pro forma
F2013
F2014
Q3 F2015
After
acquisition
April 2015
Track record of deleveraging after acquisition
Company Privileged and Confidential
Investors Presentation
22
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