Venator Business Overview and Cost Savings Initiatives
Additional Financial Information (as of 31-Mar-23) VENATOR
ABL Borrowing Base and Amount Outstanding ($m)
Loans from Treasury Co to Material Subsidiaries ($m)
Eligible AR
111
Entity
Lending Entity
Balance
(x) Advance Rate
85%
TiO2 (with intercompany loans)
TreasuryCo
(59)
Available AR (Pre-Addbacks)
94
(+) Addbacks (IG AR and Past Due/Extended Terms)
12
Encumbered vs. Unencumbered Assets ($m) Avg. '23-27E EBITDA Pledged AR / Inv.
Available AR
106
Eligible Raw Materials
Fully Encumbered
97
(x) Effective Advance Rate (1)
52%
TiO2
PA
Available Raw Materials
51
Eligible WIP
Total Encumbered Facilities
213
52
53
92
18
(1)
(x) Effective Advance Rate
0
Unencumbered
Available WIP
8
TiO2 (without intercompany loans)
Eligible Finished Goods
159
TiO2 (with intercompany loans)
(x) Effective Advance Rate
(1)
69%
TiO2 Other (3)
Available Finished Goods
110
PA (EU)
Available Inventory
169
PA (US)
Total Unencumbered Facilities
Available Collateral, before Reserves
274
2259
43
31
21
22
26
18
119
22
23
70
Total Reserves
112
North American Selling Entities
Borrowing Base (Post-Reserves)
163
North American Selling Entities
93(4)
Memo: ABL Loans Outstanding
85
35
Memo: Letters of Credit Outstanding
Germany
(2)
Borrowing Base (Post-Reserves)
Reserves
Memo: ABL Borrowings (incl. LCs)
41
45
32
442
Assets which are functionally unencumbered due to the lack of a perfected security interest in shares and assets
Approximately 50% is attributable to the Lake Charles facility, with the other 50% attributable to other sites around the
(1)
55
Effective Advance Rate following application of formula that calculates available inventory based on the minimum of
(i) the book value of eligible inventory multiplied by a 70% advance rate and (ii) the NOLV of the inventory multiplied
by an 85% advance rate
(3)
(4)
world
(2)
Germany's May-23 net contribution to ABL Borrowing Base estimated at c.$70mView entire presentation