Lecta
06/30/2019
|
EBITDA Multiple
|
|||||||
---|---|---|---|---|---|---|---|---|
(EUR in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||
€65M Super Senior RCF
|
35.0
|
|
35.0
|
2022
|
4.000%
|
|
||
Total Super Senior Secured Debt
|
35.0
|
35.0
|
0.3x
|
0.3x
|
||||
€225M Senior Secured Notes
|
225.0
|
34.4
|
77.4
|
2022-08
|
E + 6.375%
|
|
||
€375M Senior Secured Notes
|
375.0
|
30.0
|
112.5
|
2023-08
|
6.500%
|
|
||
Total Senior Secured Debt
|
600.0
|
189.9
|
6.1x
|
2.1x
|
||||
Polyedra Loans
|
3.0
|
|
3.0
|
2022-06
|
E + 1.550%
|
|
||
Cartiere del Garda Debt
|
4.9
|
|
4.9
|
|
|
|
||
Co-generation loans (Alto Garda Power + Torraspapel)
|
7.8
|
|
7.8
|
|
|
|
||
Total OpCo Debt
|
15.7
|
15.7
|
6.2x
|
2.3x
|
||||
Bank Overdrafts
|
26.2
|
|
26.2
|
|
|
|
||
Total Other Debt
|
26.2
|
26.2
|
6.5x
|
2.5x
|
||||
Total Debt
|
676.9
|
266.8
|
6.5x
|
2.5x
|
||||
Less: Cash and Equivalents
|
(78.9)
|
(78.9)
|
||||||
Net Debt
|
598.0
|
187.9
|
5.7x
|
1.8x
|
||||
Operating Metrics
|
||||||||
LTM Reported EBITDA
|
104.7
|
|||||||
|
||||||||
Liquidity
|
||||||||
RCF Commitments
|
65.0
|
|||||||
Less: Drawn
|
(35.0)
|
|||||||
Plus: Cash and Equivalents
|
78.9
|
|||||||
Total Liquidity
|
108.9
|
|||||||
Credit Metrics
|
||||||||
Gross Leverage
|
6.5x
|
|||||||
Net Leverage
|
5.7x
|
|||||||
Notes: Pricing data as of Sep. 2 2019. RCF fully drawn as of Sep. Gross debt excludes leases (€24.8M as of Jan. 1, 2019) and non-recourse factoring lines (€53.5M of trade receivables assigned at the end of 2018). |
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