Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Overview of Saturn Proposal
(Sin millions, except per share)
Price per Share
FD Shares (MM)
Equity Value
Plus Net Debt as of 12/31/04 (
Aggregate Value
Proposal
2004 PF EBITDA
2005 EBITDA
Agg Value / 2004 PF EBITDA
Agg Value / 2005 EBITDA
.
.
$36.00
304.2
$10,952
307
$11,260
Source: Management and Company fings.
(1) Pro forma for BRUT divestiture and acquisitions of OSSI, Infow, Vivista,
Integrity and RRI
$1,088
1,145
▸ Seven equity sponsors (including Saturn)
Approximately $3.5BN of equity
CREDIT FIRST
SUISSE BOSTON
10.3x
9.8x
Three lead financing sources: JPMorgan Chase,
Citigroup and Deutsche Bank
Approximately $8.0BN of debt
(Sin millions)
Preliminary Sources & Uses
SOURCES
Cash from Balance Sheet
Total New Debt
Rolled Debt
Total Debt
Sponsor Equity (¹)
Total Sources
USES
$310
7,500
500
8.000
3,513
$11,823
Purchase of Solar Equity
Refinance ST/LT Debt
Rolled Debt
Transaction Expenses
Total Uses
Note: Balance sheet data per management and Company Sings
Note: Assumes leverage of 7.2x pro forma (taking into account recent acquisitions
and divestitures) LTM EBITDA of $1,104 as of 3/31/2006.
(1) Management will rollover some portion of their existing options
$10,952
54
500
316
$11,823
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