Stonegate Pub Company
04/12/2020
|
EBITDA Multiple
|
|||
---|---|---|---|---|
(GBP in Millions)
|
Amount
|
Maturity
|
Rate
|
Book
|
|
||||
£250M Super Senior Revolving Credit Facility 1
|
200.0
|
Sep-2024
|
|
|
Total Super Senior Secured Debt
|
200.0
|
0.4x
|
||
£950M New Senior Secured Fixed Rate Notes
|
950.0
|
2025
|
|
|
€300M New Senior Secured Floating Rate Notes
|
275.0
|
2025
|
|
|
£500M Existing Senior Secured Notes
|
500.0
|
2025
|
8.000%
|
|
Senior Term Facilities 2
|
175.0
|
2027
|
|
|
Total Senior Secured Debt
|
1,900.0
|
4.3x
|
||
Second Lien Facility
|
400.0
|
2027
|
L + 8.500%
|
|
Total Second Lien Debt
|
400.0
|
5.1x
|
||
Unique Securitized Notes 3
|
678.0
|
|
|
|
Total Securitization
|
678.0
|
6.4x
|
||
Total Debt
|
3,178.0
|
6.4x
|
||
Less: Cash and Equivalents
|
(353.0)
|
|||
Plus: Restricted Cash
|
75.0
|
|||
Net Debt
|
2,900.0
|
5.9x
|
||
Operating Metrics
|
||||
LTM Reported EBITDA
|
494.0
|
|||
|
||||
Liquidity
|
||||
RCF Commitments
|
250.0
|
|||
Less: Drawn
|
(200.0)
|
|||
Plus: Cash and Equivalents
|
353.0
|
|||
Less: Restricted Cash
|
(75.0)
|
|||
Total Liquidity
|
328.0
|
|||
Credit Metrics
|
||||
Gross Leverage
|
6.4x
|
|||
Net Leverage
|
5.9x
|
|||
Notes: Pro forma capital structure which excludes the impact of IFRS 16 and £325M of holdco PIK notes due in Sept. 2028. EBITDA is pro forma adjusted EBITDA including synergies and is as of Jan. 19, 2020. 1. £50M only available for 23 months from July 2020. Initial margin of 3% and is subject to change based on leverage ratio 2. Margin will change on primary syndication when the Senior Term Facilities will be redenominated into euro. Margin also subject to leverage raito. 3. Includes £263M 5.659% Class A notes due to June 2027, £225M 7.395% Class M notes due from June 2021 to March 2024, and £190M 6.464% Class N notes due from Sept. 2027 to March 2032. |
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