Investor Presentaiton
LYRB
UIA TELECOMMUNICATIONS REVENUE BONDS, SERIES 2019
HISTORICAL FINANCIAL FORECAST AND ESTIMATED DEBT SERVICE COVERAGE ASSUMING NO GROWTH IN REVENUES FROM NEW
AREAS TO BE BUILT
FISCAL YEAR
2015
2016
2018
HISTORICAL AND PROJECTED DEBT SERVICE COVERAGE
2017
2019
2020
2021
2022
2023
2024
2025
UIA Network Revenues(1)
Service Contract (Lease Agreements)
702,769
Service Contract (CUE Agreements)
418,315
940,608
519,787
Service Provider Agreements
4,329,738
5,450,373
1,312,274
563,978
6,382,197
1,705,427
693,302
7,706,863
Installation
410,402
176,741
167,615
Miscellaneous
466,116
601,806
Total UIA Network Revenues: (1)
6,327,340
7,689,315
Plus: Franchise Tax Revenues(2)
5,151,152
5,151,152
Total Available Revenues
Less: O&M Expenses (1)(3)
Less: IRU Annual Payment(4)
11,478,492
528,463
655,000
12,840,467
Net Revenues
10,295,029
749,021
655,000
11,436,446
110,353
629,496 425,869
9,055,560 10,641,814 13,907,000
5,151,152 5,151,152 5,151,152
14,206,712 15,792,966
1,166,283
2,539,356
710,944
9,729,606
99,100
827,994
2,844,079
746,491
10,751,215
3,185,368
783,816
11,880,092
3,185,368
783,816
11,880,092
3,185,368
783,816
11,880,092
3,185,368
783,816
3,185,368
783,816
11,880,092
11,880,092
104,055
867,650
15,313,489
109,258
904,379
16,862,913
109,258
904,379
16,862,913
109,258
904,379
109,258
109,258
904,379
904,379
16,862,913 16,862,913 16,862,913
5,151,152
5,151,152
19,058,152
20,464,641
22,014,065
5,151,152 5,151,152 5,151,152 5,151,152
22,014,065 22,014,065 22,014,065 22,014,065
655,000
12,385,429
2,631,424
655,000
12,506,542
3,489,200
982,500
14,586,452
5,330,200
5,383,500
5,437,300
5,491,700 5,546,600 5,602,100
15,134,441
16,630,565
16,576,765
16,522,365 16,467,465 16,411,965
Debt Service
Series 2011A Bonds
1,117,680
1,117,680
1,117,680
1,1 17,680
Series 2011B Bonds
1,007,923
1,004,883
1,006, 123
Series 2013 Bonds
782,100
780,275
781,875
Series 2015 Bonds
1,597,098
Series 2017 Bonds
897,521
541,300
1,1 13,024
1,172,824
Series 2018 Bonds
6,237,125
867,543
5,781,575
1,676,088
Series 2019 Bonds(5)
Total Debt Service
2,907,703
2,902,838
4,502,775 4,842,349
7,104,668
7,457,663
5,775,125
1,677,838
978,225
8,431,188
5,751,600
1,678,088
3,228,825
10,658,513
5,752,400 5,743,125 5,533,750
1,676,838 1,674,088 1,674,713
3,226,950 3,231,575 3,227,575
10,656,188 10,648,788 10,436,038
Debt Service Coverage(5) (6)
3.54
3.94
2.75
2.58
2.05
2.03
1.97
1.56
1.55
1.55
1.57
Source: The Agency and the Municipal Advisor, based on the Agency's audited financial statement for the fiscal year ended June 30, 2018.
(I) Projected based on the Agency's preliminary financial statements for the fiscal year ended June 30, 2019. Does not include Available Franchise Tax Revenues.
(2) Pledged by the Contracting Members pursuant to the Service Contract.
(3) Excludes depreciation. The Agency's Operation and Maintenance Expenses primarily consist of the monthly fees it pays to UTOPIA pursuant to the UTOPIA Service Agreement.
(4) Pursuant to the IRU Agreement, which provides long-term rights to the Agency to connect the UIA Network to the UTOPIA Network. The IRU payments to UTOPIA were accelerated, and were paid in full in FY 2019.
(5) Preliminary, subject to change.
(6) Net Revenues divided by Debt Service on the Series 2017, 2018, and 2019 Bonds.
Additional bonds test is 1.50X comparing the last historical audit figures to debt including the new debt payment. This table shows the
inclusion of the Series 2019 Bonds without the resulting revenues/expenses.
UIA has paid its bond payments to the Trustee 6 months in advance. This is a result of better than expected revenues.
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