PJT Partners Investment Banking Pitch Book
Existing Capital Structure
Based upon 2017 projected EBITDA, the Company is levered 15x through its secured debt and 18x on a
consolidated basis.
($ in millions)
$150mm RBL (¹)
1.5 Lien Notes
1.75 Lien Term Loan
2nd Lien Term Loan
Total Secured Debt
7.5% Unsecured Notes
8.5% Unsecured Notes
Total Debt
Less: Cash & Equivalents(4)
2017
Net Debt
Market Capitalization as of 10.17.2017 ($1.26/share)
Total Enterprise Value
Debt Maturity Schedule
$800
$600
$400
$200
$0
$258
Maturity Coupon
Jul-18
Mar-22
Oct-20
Oct-20
2018
Sep-18
Apr-22
2019
L+225-325
11% PIK(2)
15% PIK(2)
12.500%
7.500%
8.500%
$726
2020
Face
Amount Leverage(3)
$127
317
709
17
1,170
132
70
1,372
(82)
1,289
29
$1,318
2021
Source: CapIQ, Markit, Bloomberg, Company filings,
Note: Data as of 10/17/17. RBL and cash balance shown pro forma for revolver draws post 9/7/17.
14.6x
17.1x
16.1x
16.5x
$387
2022
Price
N/A
73.3
66.5
N/A
25.9
22.8
Market
Value
$127
232
471
17
848
34
16
898
(82)
815
29
$845
Cash Debt
Service
(1) RBL amount outstanding does not include LCs outstanding. Including LCs, the total balance is $150mm.
(2) Cash interest rates are 8% and 12.5% for 1.5 Lien and 1.75 Lien, respectively. Company also has the option to pay the PIK rate in shares at the trailing 20-day VWAP.
(3) Based on 2017E EBITDA of $80mm.
(4) As of 9/29/17.
$4
2
6
10
6
22
22
19
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