Investor Presentaiton
Leverage Strong Balance Sheet
Capitalization
Cash and Cash Equivalents
(1)
Restricted Investment
Total
As of 12/31/2017
Adjusted For
$300M Note Issue
Adjusted For
$315M G-P
Acquisition
$88
$382
$62
71
71
$159
$453
71
$133
Bank Revolver ($550M)
(2)
Bank Term Loan A
$0
$0
$0
375
375
375
Industrial Revenue Bonds
Senior Unsecured Notes
Total debt
80
80
80
0
300
300
$455
$755
$755
Net Debt
$296
$302
$622
(3),(4)
LTM Adjusted EBITDA
$243
$243
$285
Total Debt/ LTM Adjusted EBITDA
1.9x
3.1x
2.7x
Net Debt/ LTM Adjusted EBITDA
1.2x
1.2x
2.2x
69
Note: Dollars in U.S. millions. LTM as of 12/31/17. Assumes note proceeds of $294 million and acquisition cost of $320 million (both including fees)
Restricted Investment designated to pay Capital Lease Obligations due in 2027
(1)
(2)
Excludes $1.8 million of Letters of Credit as of December 31, 2017
(3)
Please see appendices included at the end of this presentation for Ingevity's use of non-GAAP financial measures, definitions of those financial measures as well
as the reconciliation to the nearest GAAP financial measure
(4) Represents Ingevity LTM 12/31/17 Adjusted EBITDA of $243 million plus GP's Pine Chemicals Business LTM 12/31/17 Adjusted EBITDA of $31 million plus $11
million of anticipated net "run rate" Acquisition synergies ($6 million of lower transportation costs and warehousing optimization and $5 million of manufacturing
optimization).
IngevityView entire presentation