Investor Presentaiton
Proactive Capital and Liquidity Management
Bond portfolio WAC1
Balanced maturity schedule 5
$ in millions
4.7%
4.3%
4.3%
3.9%
3.5%
3.3%
3.3%
4.2%
3.9%
4.0%
3.3%
300
3.4%
3.4%
250
2.4%
330
593
2.1%
2.4%
500
500
400
400
250
170
2014
2015
2016
WAC With Hedges
2017
2018
2019
2020
2021
WAC Excluding Hedges
T
889
300
500
400
300
300
#
#
Н
2044
2048 2050
2060
■EUR Floating
2022 2023 2024 2025 2026 2027 2028 2029 2030
■USD Fixed ■USD Floating ■ EUR Fixed
Annualized Dividend Per Share
» Strong liquidity with $2.9B in cash and short-term investments,
and a $1.0B revolving credit facility²
$2.48
$2.24
$2.00
$1.76
1.1x net debt to adjusted operating income³
$1.48
$1.52
$1.36
» Leverage well below maximum 4.0x total debt / EBITDA
covenant4
2.
1. WAC = Weighted Average Coupon. 2014-2020 data as of year-end. 2021 data as of June 30, 2021.
As of June 30, 2021.
2015
2016
2017
2018
3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt.
4. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million.
5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of June 30, 2021.
Moody's | Better decisions
2019
2020
2021F2
2Q 2021 Investor Presentation 72View entire presentation