Citi Investment Banking Pitch Book
Financing Alternatives Scorecard
22
Pro Forma 6/30/04 (a)
Total Debt
Total EBITDA (LQA) (b)
Debt / EBITDA
Annual Interest Expense
Estimated Credit Rating
At Closing (2004)
In 2 Years (2006)
Asset Sale Flexibility
Papa Assets
Charlie Assets
Ongoing Public Disdosure
Ability to Isolate Papa Assets
Ability to Offer Equity
Charlie
$15,265
2.427
6.3x
$955
BB
888-
Financing Entity
Yes
Yes
Likely
Yes
At Charlie
(a) Represents debt at Papa as of 3/31/04.
(b) Total EBITDA for Papa represents 2004 E, per Company Projections.
Papa
$16,928
3,245
5.2x
$1111..
BB+
888
Yes
Yes
Yes
No
At Papa
DRAFT
29-Jun-04
◆ Financing at Papa trades the potential for
investment grade ratings against ongoing
disclosure at Papa and greater financial
risk
◆ However, an intermediate solution may
be possible is Papa is willing to use its
balance sheet but prefers not to become
a public filer
◆ Intermediate solution can be structured in
a variety of ways, involving temporary
guarantees, asset sales and / or bank
debt
Citigroup]View entire presentation