Evercore Investment Banking Pitch Book
Executive Summary
Transaction Economics
2.
3.
SIRE Common Unit Price
SIRE Units Outstanding¹
Total Equity Value - SIRE²
Noncontrolling Interest²
Total Equity Value - Sisecam Wyoming
Plus: Net Debt as of December 31, 2022
Consolidated Enterprise Value
Premium to Unaffected Price³
10-Day VWAP from Unaffected Date4
20-Day VWAP from Unaffected Date4
30-Day VWAP from Unaffected Date¹
4.
5.
6.
SIRE Consolidated EBITDA 5
2022E
2023E
2024E
Enterprise Value /SIRE Consolidated EBITDA
2022E
2023E
2024E
Value of Common Units Owned by Unaffiliated Unitholders
6
($ in millions, except per unit amounts,
Consideration
$25.00
Unit Price
$25.00
20.2
$505.0
485.2
$990.1
115.7
$1,105.8
5
39.3%
44.6%
43.0%
39.9%
Source: Partnership filings, FactSet, SIRE Financial Projections
1.
As of January 24, 2023; reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata
allocation of equity value to Common Units and Partnership GP, with no incremental allocation to Partnership GP attributable to IDRs
$152.0
154.0
143.5
7.3x
7.2
7.7
$131.2
SIRE's total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price
Based on a Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal
Based on a 10-day, 20-day and 30-day VWAP prices of $17.29, $17.48 and $17.87, respectively, from July 5, 2022, the last unaffected trading date before the Initial Proposal
Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A
As of January 24, 2023, Unaffiliated Unitholders owned 5,248,791 Common Units
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