Atalian Global Services
09/30/2022
|
EBITDA Multiple
|
|||
---|---|---|---|---|
(EUR in Millions)
|
Amount
|
Maturity
|
Rate
|
Book
|
|
||||
Recourse Factoring Loans 1
|
-
|
Sep-2023
|
2.500%
|
|
€103M RCF due 2023 2
|
103.0
|
Apr-22-2023
|
EURIBOR + 2.250%
|
|
Total Secured Debt
|
103.0
|
0.6x
|
||
€625M 4% Senior Notes due 2024 3
|
625.0
|
May-15-2024
|
4.000%
|
|
€350M 5.125% Senior Notes due 2025
|
350.0
|
May-15-2025
|
5.125%
|
|
£225M 6.625% Senior Notes due 2025 4
|
262.2
|
May-15-2025
|
6.625%
|
|
Total Senior Debt
|
1,237.2
|
7.8x
|
||
Other Debt
|
6.3
|
|
|
|
Total Other Debt
|
6.3
|
7.9x
|
||
Lease Liabilities
|
109.7
|
|
|
|
Total Leases
|
109.7
|
8.5x
|
||
Total Debt
|
1,456.2
|
8.5x
|
||
Less: Cash and Equivalents
|
(135.6)
|
|||
Net Debt
|
1,320.6
|
7.7x
|
||
Operating Metrics
|
||||
LTM Revenue
|
3,107.8
|
|||
LTM Reported EBITDA
|
171.2
|
|||
|
||||
Liquidity
|
||||
RCF Commitments
|
103.0
|
|||
Less: Drawn
|
(103.0)
|
|||
Other Liquidity
|
54.2
|
|||
Plus: Cash and Equivalents
|
135.6
|
|||
Total Liquidity
|
189.8
|
|||
Credit Metrics
|
||||
Gross Leverage
|
8.5x
|
|||
Net Leverage
|
7.7x
|
|||
Notes: Capital structure presented on a post-IFRS 16 basis. Other liquidity includes factoring facility headroom. Atalian announced on December 16th 2022 that Clayton Dubilier & Rice will acquire the operations of Atalian in the United Kingdom, Ireland and Asia, including Aktrion. The transaction is expected to close in the first quarter of 2023 with proceeds being used for full repayment of the RCF and partial redemption of the €625M notes due 2024. Enterprise value of operations is stated to be €750M. 1. €220 million factoring with CAL&F (extended to September 2023). 2. Expected to be fully repaid following the completion of the CD&R transaction. Subject to secured leverage ratio covenant (shall not exceed 1.75x and tested every June 30 and December 31 closings). 3. Management confirmed that these notes will be partially redeemed upon the closing of the acquisition of Atalian's United Kingdom, Ireland and Asia operations by CD&R. Expected close date is Q1 4. Calculated as the difference between the €1.237 billion bonds outstanding reported on the balance sheet and the €350 million and €325 million notes nominal amount. |
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