EFTA01385407.pdf

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 21: WO Finance LLC (ENMC) WO Finance LLC (ENMC) www.dlaalobal.corm Market Create FY FY 03 03 % LTM Value LIM 04 FY FY 5 mrn 2015 2016 09/30/16 09/30/17 Change 09/30/17 of Debt 09/30/17 12/31/17 2017 2018 Revenue 1,114 1.155 287 291 1.3% 1,167 1,167 298 1,172 1.196 481TDA 240 235 63 67 5.6% 280 280 68 256 281 Interest 172 170 43 44 2.4% 171 171 44 In 174 Taxes 12 (71 2 2 40694 On (Ill - 7 - Capex 44 51 9 11 20.5% 42 42 11 45 50 FCS Before Working Capital aid Other 11 21 9 10 78 78 13 31 57 FCF as % Net Debt 05% 09% 1.8% 33% 34% 2.3% 1.3% 2.5% 48130A % 21.5% 20.4% 22.1% 23.0% 24.0% 2•014 22.9% 21.8% 23.5% 481MA/interest 1.44 1.44 134 L54 1.64 1.64 1.64 1.54 1.64 Net 1st lien Debt/48130A 4.64 194 3.7x 334 3.84 4.04 3.64 Net 2nd lien Debt/13311VA 814 7.6x 7.34 7.14 7.54 804 7.14 Net 3rd Uen Debt/EBITDA 10.1x 8.84 at &Ix 864 9.24 8.24 Total Debt/EBITDA 924 10.h 894 834 8.24 874 9.34 8.54 Net Debt/EB1TDA 9.64 1014 WM &44 &Ix 864 9.34 &I« Cash 49 35 46 39 39 39 43 43 74 Availability 63 81 90 90 90 90 90 90 Liquidity 99 127 129 129 129 133 133 164 1st Uen Debt 1,110 NA 3078 1,078 1,078 1,078 1,078 1.078 2nd Uen Debt 2,111 NA 2,031 2,031 2.018 2,081 2,081 2,081 3rd hen Debt 2,403 NA 2,397 2,387 2,300 2,387 2,387 2,387 Total Debt 2,355 2,403 NA 2387 2,387 2,300 2,387 2,387 2387 Net Debt 2.306 2.368 NA 2.348 2.348 2.261 2.345 2345 2.313 Debt Structure 5150mm Asset Based Revolver 1+225 due 06/07/20 NA ao NA 54 54 100 54 54 54 54 51044.5 mm Term loan L+325 due 0407/20 NA 1.030 NA 1.024 1.024 100 1.024 1,024 1,024 IOU Total Secured Debt 1.110 NA 1,078 1,078 1,078 1,078 1,078 1.078 51015 mm 8.125% Bond due OW 15/21 NA 1,001 NA 1.003 1,0)3 94 940 1,003 1,003 1,003 5298.5 mm 10.75% Bond due 04/15/20 NA 292 NA 293 293 92 268 293 293 293 Other Unsecured Debt NA NA 13 13 100 13 13 13 13 Total Debt 2,355 2,403 NA 2,387 2.387 2,300 Z387 Z387 2,387 Profe/red / Other Basic Shares Out NA NA NA NA NA NA NA NA NA NA NA Share Price NA NA NA NA NA NA NA NA NA NA NA Market Cap NA NA NA NA NA NA NA NA NA NA NA TEV NA NA NA NA NA NA NA NA NA NA NA TFWEBITDA NA NA NA NA MAC NA NAC NAl NA NA NA *on Oands• ant •-•:( Conan, Oucienten Page 132 Deutsche Bank Securities Inc CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086691 CONFIDENTIAL SDNY_GM_00232875 EFTA01385407