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Leverage and purchase price multiples for leveraged buyouts, from Standard & Poor's. Posted at www.peHUB.com.
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Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Page 1
Average Pro Forma Adjusted Credit Statistics of Leveraged Buyout Loans
for Issuers with More than $50M of EBITDA 1997 – 2Q07
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash Interest EBITDA - Mainten.Capex/Cash Interest
EBITDA -Capex/Cash Interest
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1H07 2Q07
Excludes Media and Telecom Loans
Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Page 2
Average Pro Forma Adjusted Credit Statistics of Leveraged Buyout Loans
for Issuers with $50M or Less of EBITDA 1997 – 2Q07
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash Interest EBITDA - Mainten.Capex/Cash Interest
EBITDA -Capex/Cash Interest
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1H07 2Q07
Excludes Media and Telecom Loans
Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Page 3
Average Sources of Proceeds for Leveraged Buyouts by Company EBITDA of More Than $50M
2Q07
Sr Debt61.2%
Sub Debt3.9%
Equity32.2%
Other2.7%
Bank Debt 51.55%Sr Secured 2.36%Sr Unsec Debt 7.27%Public/144a High Yield 2.29%Bridge Loan 0.37%Mezzanine 1.22%HoldCo Debt / Seller Note 0.52%Preferred Equity 0.00%Common Equity 29.29%Rollover Equity 2.41%Other 2.72%
Total Equity 32.22%Total Sr Debt 61.18%Total Sub Debt 3.88%
Average Loan Size ($M): 833.6$ Average Sources ($M): 2,869.8$ Observations: 55
Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Page 4
Average Sources of Proceeds for Leveraged Buyouts by Company EBITDA of $50M or Less
2Q07
Sr Debt58%
Sub Debt7%
Equity34%
Other1%
Bank Debt 51.37%Sr Secured 7.16%Sr Unsec Debt 0.00%Public/144a High Yield 7.15%Bridge Loan 0.00%Mezzanine 0.00%HoldCo Debt / Seller Note 0.00%Preferred Equity 0.00%Common Equity 30.38%Rollover Equity 3.34%Other 0.59%
Total Equity 33.73%Total Sr Debt 58.53%Total Sub Debt 7.15%
Average Loan Size ($M): 85.4$ Average Sources ($M): 290.1$ Observations: 12
Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Page 5
7.9x 8.1x7.7x
6.3x 6.1x6.5x
7.1x 7.4x
8.2x8.6x
9.8x
10.8x
.0x
6.0x
12.0x
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
1H072Q07
Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others
15%
25%
35%
45%
19971998199920002001200220032004200520061H072Q07
Purchase Price Breakdown Equity Contribution
Average Purchase Price and Equity Contribution by Sponsors for Deals With EBITDA of More than $50M
•Excludes Media, Telecom, Energy and Utility Deals
Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. Page 6
7.6x 7.5x7.1x 6.9x
5.9x
6.7x7.2x
8.5x8.1x
9.3x9.7x
7.0x
.0x
6.0x
12.0x
1997
1998
1999
2000
2001
2002
2003
2004
2005
20061H072Q07
Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others
15%
25%
35%
45%
19971998199920002001200220032004200520061H072Q07
Equity Contribution
* Excludes Media, Telecom, Energy and Utility Deals
Average Purchase Price and Equity Contribution by Sponsors for Deals With EBITDA of $50M or less
Purchase Price Breakdown
