Fiscal 2022 1st Quarter Supplemental Slides
UNFI
Capital Structure
7
FUTURE
FUTURE
UNFL fuel the
Capital structure reflects ~ $250M of net debt reduction in last 12 months
Q1 net debt increase driven by seasonal working capital needs
($'s in Millions)
(1)
Secured term loan B-1
$2.1B ABL revolver (¹)
Senior unsecured notes
Finance leases
Equipment loans
Original issue discount /deferred finance fees
Total Debt and Finance Leases (GAAP)
(3)
Balance sheet cash
Net Debt (GAAP)
Adjusted EBITDA (last four quarters)
Net Debt / Adjusted EBITDA
(5)
(4)
Maturity
October 2025
October 2023
October 2028
Various
Various
Rate
L +3.25%
L + 1.25% / Prime + 0.25%
6.75%
Various
Various
(2)
Q1 FY21
1,165
987
500
150
46
(64)
2,784 $
(49)
2,735 $
$
$
$
$
Q2 FY21 Q3 FY21 Q4 FY21
$ 1,015 $ 1,002 $ 1,002
839
885
701
500
500
500
147
144
142
43
40
37
(56)
(54)
(52)
2,471 $ 2,330 $
2,534 $
(41)
2,493 $
(40)
2,431 $
(41)
2,289 $
(3) Includes cash of Discontinued Operations. There is no debt in Discontinued Operations
(4) Net debt, as shown, divided by Adjusted EBITDA (last four quarters). See appendix for reconcilation of Adjusted EBITDA
(5) Balance sheet cash plus unused capacity under the $2.1B revolving ABL facility
710 $
3.9x
785 $
3.2x
743 $
3.3x
Q1 FY22
3.1x
$
746 $
994
910
500
139
34
(48)
2,529
Available Liquidty
$
1,058 $ 1,158 $
1,182 $ 1,321 $
(1) Paid $150M on the secured term loan B-1 in Q2 FY21 with borrowings on the ABL revolver. Subsequent to Q1 FY22, further reduced the balance by $150M with borrowings on the ABL revolver
(2) Reduced the LIBOR margin on the secured term loan B-1 from 4.25% to 3.50% in Q3 FY21. Subsequent to Q1 FY22, further reduced the LIBOR margin to 3.25% effective 11/10/21
(46)
2,483
776
3.2x
1,112View entire presentation