Evercore Investment Banking Pitch Book
GLIB Preferred Stock Rollover Considerations
($ in millions)
A rollover of GLIB Preferred Stock into an instrument with the same economic terms of LBRD may be
beneficial to Preferred Stockholders as the pro forma company has a healthier scale, liquidity, credit
profile and has a greater proportion of its value in highly liquid tradable securities
Equity Value
Debt / Capitalization²
$7,336
1
$569
GLIB
Pro forma LBRD
Cash & Cash Equivalents (3/31/20)
$588
$26,094
GLIB
Source: FactSet (6/22/20), company fings
Pro forma LBRD
Note: Pro forma LBRD assumes 0.575 exchange ratio for GLIB acquisition
(1) Equity value as of 6/22/20
(2) Includes GLIB preferred shares and values senior exchangeable debentures at book value of $477mm and treated as debt as of 3/31/2020
EVERCORE
9
32%
GLIB
27%
GLIB
14%
Net Debt / Capitalization²
Confidential
Pro forma LBRD
12%
Pro forma LBRD
GCI
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