Evercore Investment Banking Pitch Book
SIRE Situation Analysis
SIRE Financial Projections - Assumptions
Revenue
Expenses
SIRE-Level G&A
Capital
Expenditures
Credit Facility
Assumptions
Distribution
Coverage /
Total Leverage
Confidential - Preliminary and Subject to Change
Long-term domestic / export revenue breakout of 50% / 50%
► Domestic and export pricing based on SIRE management's forecast
Export revenue is broken out into ANSAC and direct export projects with no sales attributable to ANSAC in 2023E+
Source: SIRE Financial Projections
EVERCORE
Expenses based on historical costs per unit, the majority of which are projected to increase 5.8% in 2023E and 2.2% in
2024E and each year thereafter
►
Costs per unit for domestic freight and personnel are projected to increase 5.8% in 2023E and 3.0% in 2024E and
each year thereafter
►
Energy costs per unit are expected to increase 5.8% in 2023E, then decline in 2024E to a level which is 2.2%
greater than 2022E and increase at a 2.2% annual rate thereafter
Annual cash G&A incurred at the Partnership level after distributions received from Sisecam Wyoming equal to $2.9
million in 2022E and $4.0 million each year thereafter
Deducted from Sisecam Wyoming EBITDA to arrive at SIRE Consolidated EBITDA
► Deducted from SIRE's 51% share of Sisecam Wyoming EBITDA to arrive at EBITDA Attributable to SIRE
Maintenance capital expenditures of $25.0 million in 2022E are projected to increase 2.2% annually thereafter
No growth capital expenditures contemplated in the forecast
► Detailed engineering work on Unit 8 Expansion completed, but SIRE management has stated that the project was
postponed due to COVID-19 market conditions and is not currently contemplated given SIRE management's view
of global demand as well as increased projected capital costs for the project
■ Sisecam Wyoming's existing $225 million revolving credit facility includes an accordion provision to increase the
commitment to $475 million subject to certain lender approvals
$105 million drawn as of June 30, 2022
2.05% interest rate
Sisecam Wyoming to maintain a distribution coverage ratio of 1.50x in 2022E, 1.25x in 2023E and 2024E, and 1.10x
thereafter
SIRE to distribute 100% of distributions received from Sisecam Wyoming less G&A incurred at the Partnership
■ Sisecam Wyoming to use all remaining cash flow to pay down debt
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