Evercore Investment Banking Pitch Book
Discussion Materials
Illustrative Value Creation to MFW Shareholders
Net Cash Proceeds from Sale
Assames RemainCo trades at 7.0Ad EBITDA
Gross Proceeds
Estimated Tax Benefit/(Leakage)
Estimated Re-fi Costs
Net Cash Proceeds from Sale
$1,500
$1,500
4
$1,483
HC Purchase Price
$1,600 $1,700
$1,800
$1,600 $1,700 $1,800
(74)
(35)
(19)
(113)
(16)
$1,609 $1,672
(17)
$1,546
6.00x
PF Value per MFW RemainCo Share
7.00%
8.00x
$1,500
$19.46
23,80
28.14
HC Purchase Price
$1,600
$1,700
$25.91
30.25
SQ HC Total Debt
Less: Net Proceeds
Less: Cash from from MFW B/S
Pro Forma Total Debt
Less: Balance Sheet Cash
PF Net Debt
Total Debt / PF EBITDA
Net Debt / PF EBITDA
$22.68
4
27.03
31.37
34.60
Soutte FactSet, Montana Projections-Updated Cate
Note: Last Four Quarters (LFQ) as of 6/30/11
(1) Assumes that MFW will use all of the cash on its balance sheet in the te-financing post-sale other than $75 million, which remains a cash
Includes allocation of divisional and corporate expense based on poo tata share of M&F Worldonde vence
EVERCORE PARTNERS
Preliminary Draft - Confidential
($ in millions, except per share amounts)
Pro Forma Capital Structure
$1,800
$29.14
33.48
37.83
$1,500
$2,237
(1,483)
(153)
$601
(75)
$526
4.3x
HC Purchase Price
$1,600 $1,700 $1,800
$2,237 $2,237
(1,546) (1,609)
(153)
(153)
8538
(75)
$463
3.8x
3.3x
$475
(75)
$400
3.4x
2.8x
$2,237
(1,672)
(153)
$413
(75)
$338
2.9xView entire presentation