Credit Suisse Investment Banking Pitch Book
Preliminary Osprey standalone financial summary
Cash flow assumptions per Osprey management as of September 2017
Approximately $25mm minimum unrestricted cash assumed per Osprey management; excess cash used to pay down debt or
distributed to stockholders
Distributions subject to permitted payments basket, per indenture for Osprey high-yield senior unsecured notes
- $380mm principal balance as of 6/30/17A; repaid by Q1'19E per Osprey management estimates
Quarter ending,
Q2:17A Q3'17E Q4'17E Q1'18E Q2'18E Q3'18E Q4'18E Q1'19E Q2'19E Q3'19E Q4'19E Q1'20E Q2 20E Q3'20E Q4'20E
($in millions)
Permitted payments basket
Beginning balance
+) 50% of adjusted net income
(+) Change in new availability
(-) Total distributed cash flow
Ending balance
(1)
Memo: Adjusted net income
Net income
1
$27
6
$26
$4
8
I $12
$26
5
(1)
Source: Osprey management as of September 2017,
Note: "N/A denotes not applicable.
(1)
$30
$5
5
$30
5
$10
12
$34
$6
5
$34
5
5
$11
(13)
$31
$4
7
$31
6
$10
(13)
$24
$6
7
$13
$24
7
(13)
$18
$9
6
$18
7
$15
(13)
$12
$10
5
$15
$12
7
5
$23
$9
5
PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION
$14
N/A
$8
7
$15
Includes dividends and share repurchases.
Based on Osprey senior unsecured notes ($380mm principal balance as of 6/30/17), per Osprey public filings and management.
N/A
$4
18
$22
N/A
$10
4
$14
N/A
$10
5
$15
Adjustments
Adjusted net income
■ Distributions to stockholders also subject to provisions in indenture of FSIC warrants
Share repurchases subject to provision that stipulates beneficial owner of warrants cannot represent > 25% ownership of Osprey
shares outstanding (including warrants); Osprey management assumes $30mm and $50mm of share repurchases in 2017E and
2018E, respectively
N/A
$10
5
N/A
$15
$11
6
- Underlying number of warrants outstanding and weighted average exercise price of warrants subject to adjustment for other
distributions
- $0.02 quarterly dividends per share in Osprey management forecast
$16
N/A
$10
5
$16
Confidential
25
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