PJT Partners Investment Banking Pitch Book
Lunar Financing Package Overview: $3,720mm of Funded Debt
with $4,570mm of Total Commitments
RC
TLA
TLB
Size
Pricing
Pricing Flex
Tenor
Financial Covenants
Amount
Pricing
Pricing Flex
Tenor
Call Protection
BRIDGE
Financial Covenants
Amount
Tenor
Call Protection
L+250 bps¹/no floor / 50 bps upfront
> 125 bps, Max 25 bps OID (on a four-year life)
5 years
>
$1,000mm ($150mm of which may be drawn at closing)
>
L+250 (¹)/ no floor / 50 bps upfront
> 125 bps, Max 25 bps OID (on a four-year life)
> 5 years
Net first lien leverage covenant with initial 35% cushion to management plan, subject to two step downs on 3/31/18 (tbd) and 3/31/17 to 4.5x
Interest coverage covenant with a cushion to management plan, with no step-ups; cushion to be set at a level to be agreed
> $1,000mm
>>
> None
> Same as revolver
>
Pricing
Pricing Flex
Financial Covenants
Amount
Tenor
Call Protection
Pricing
Structure Flex
WAM
WACD
Total Financing Fees
(1) Subject to leverage-based grid with two step downs of 25bps, the first occurring if plan is met by end of 2016.
(2) With one leverage-based stepdown.
Confidential
Lunar Final Proposal
> $1,900mm
>
7 years
101 soft call for 6 months
> L+375 bps) / Libor Floor: 0.75% / OID: 99.00
> 175 bps, step ups of 1) 25 bps if Closing Date not within 4 months of signing and 2) 25 bps if corporate rating less than B1/B+
> None
> $150mm (unsecured funded bridge facility), $520mm (unsecured regular-way bridge facility)
8 years
> None, / NC -3
Funded bridge facility: L+650 bps (no floor), no step ups/Unsecured regular-way bridge facility: 7.50% with step ups to bridge rate of 50 bps
per quarter, 10% cap. 9.50% plus 25 bps after 4/7 mos and if rating below B1/B+; 11.125% weighted average cap
> $250mm moved from TLA to TLB plus additional $250mm if ratings are below BB-/ Ba3; weighted average flex only between TLB and
unsecured bridge/bonds, with a maximum unsecured bond cap 11.125%
6.6 years
>
Base case: 4.79%
> Flex: 6.61%; Structure Flex: 6.95%
> $69.2mm
>
PJT Partners
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