Branded Spirits Acquisition of Penelope Bourbon
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STRONG BALANCE SHEET, CASH FLOW, AND EXCELLENT
ACCESS TO CAPITAL
⚫ MGP has seen strong, consistent improvement in adjusted EBITDA¹
less capital expenditures ("CapEx")
MGP's library of aging whiskey inventory is expected to increase in
market value as it matures, resulting in sustainable contributions to
cash flow in the coming years
Adjusted EBITDA¹ less CapEx as a percentage of adjusted EBITDA¹
remains at a healthy level inclusive of recent elevated capital
expenditure investments
⚫ The Branded Spirits' platform has driven improved cash flows and
provides for long-term growth opportunities
Access to capital remains robust
•
.
$400 million capacity on Credit Agreement
$250 million of Senior Secured Notes that may be issued under
the Note Purchase Agreement
As of December 31, 2022, net leverage ratio was 1.1x
MGP
Adjusted EBITDA less CapEx and Conversion 1
Adjusted EBITDA less CapEx
Adjusted EBTIDA less CapEx as a percentage of
Adjusted EBITDA
$93.6
$51.0
$42.1
$124.0
71.6%
72.1%
73.2%
66.4%
2021
2022
2019
0.6x
$58.8
$37.8
2020
Net Debt to Adjusted EBITDA 1
$211.8
$182.4
$169.3
$141.0
0.3x
1.5x
1.1x
$70.7
27
2019
$18.2
2020
2021
2022
Net Debt
Adj EBITDA
Source: Company filings
Note: $ in millions; Net debt is defined as debt less cash
1 Non-GAAP measure; See appendix for GAAP to Non-GAAP ReconciliationView entire presentation