DISTRESSED WATCHLIST

OVERVIEW

The Debtwire Middle Market Watchlist highlights bonds and loans of levered borrowers that are either engaged in

balance sheet restructurings or face imminent pressure to reduce debt.

The Debtwire Middle Market universe covers credits with funded debt of USD 150m or less and overall total debt

load of USD 300m if the debt, includes a revolver. The names that appears on this list—which include companies

with bonds or loans—may have slightly higher debt loads then this criteria.

The companies with bonds and loans are in different lists and are currently trading at 80% face value or below. Ac-

companying each security are recent trading lists and metrics indicating credit quality. Links to the latest Debtwire

intelligence and headlines on the assigned borrowers are provided for insight into specific risk factor.

24 JULY 2017

MIDDLE MARKET RESEARCH — NORTH AMERICA

Alex Federbusch Credit Analyst 212-500-7554 Alex.Federbusch@debtwire.com Amol Shinde Credit Analyst 022-6235 -1532 Amol.Shinde@debtwire.com

Suneet Chandvani Head of Mid-Market Research 646.378.3170 Suneet.Chandvani@debtwire.com

Jon Berke

Middle Market Editor 212.686.2741 Jon.Berke@debtwire.com

DISTRESSED WATCHLIST DISTRESSED BONDS | 24 JULY 2017

ADDITIONS: Amyris Vitamin Shoppe

DEPARTURES: None

DISTRESSED WATCHLIST DISTRESSED BONDS | 24 JULY 2017

NOTABLE GAINS: Lonestar Resources 8.75% senior unsecured note due 2019 (7.9%) PTC Therapeutics 3% senior unsecured note due 2022 (4.9%)

NOTABLE LOSSES: SAExploration 10.0% second lien notes due 2019 (-4.1%)

Company Name ResearchCoupon

(%)

Outstanding

(USDm)Maturity Ranking Moody's S&P

Current

Price

Current

YTM

Previous

Price

Previous

YTMPrice % Δ

LTM EBITDA

(USDm)

Net Debt

(USDm)Net Leverage

LTM FCF

(USD m)

Advanced Lighting Technologies 10.5 4 1-Jun-19 1st lien - - 25.0 99.0 25.0 99.0 0.0% 19 180 9.7 -

Amyris Available 9.5 55 15-Apr-19 Sr Unsecured - - 70.3 31.1 70.3 31.1 0.0% (78) 299 - (38)

Amyris Available 6.5 75 15-May-19 Sr Unsecured - - 65.0 31.3 65.0 31.3 0.0% (78) 299 - (38)

Avid Technology 2.0 125 15-Jun-20 Sr Unsecured - - 73.3 13.0 74.4 12.1 -1.5% 67 147 2.2 5

Cinedigm Available 5.5 51 15-Apr-35 Sr Unsecured - - 20.0 27.5 20.0 27.5 0.0% 43 144 3.4 42

ION Geophysical Available 9.1 1 15-Dec-21 2nd lien - B- 77.8 16.2 74.3 17.3 4.7% 32 113 3.5 56

ION Geophysical Available 8.1 28 15-May-18 2nd lien Ca CCC 96.0 12.5 96.0 12.5 0.0% 32 113 3.5 56

ION Geophysical Available 9.1 121 15-Dec-21 2nd lien - B- - - - - - 32 113 3.5 56

Lonestar Resources Available 8.8 152 15-Apr-19 Sr Unsecured Caa3 NR 95.5 11.5 88.5 15.7 7.9% 31 213 6.8 (8)

Pernix Therapeutics Holdings Available 4.3 130 1-Apr-21 Sr Unsecured - - 29.0 43.9 29.0 43.9 0.0% 2 298 166.8 20

PetroQuest Energy Available 7.9 252 15-Feb-21 2nd lien - CCC - - - - - 23 269 11.7 (29)

Primero Mining Corp 5.8 75 28-Feb-20 Subordinated - - 60.9 26.9 - - - 32 91 2.9 66

PTC Therapeutics 3.0 150 15-Aug-22 Sr Unsecured - - 70.3 10.6 67.0 11.5 4.9% (115) 96 - (52)

River Rock Entertainment Authority 9.0 72 1-Nov-18 1st lien - - 26.5 30.0 26.5 30.0 0.0% 60 157 2.6 -

SAExploration 10.0 69 24-Sep-19 2nd lien - - 76.1 25.8 79.4 23.1 -4.1% 32 107 3.4 7

SAExploration 10.0 2 15-Jul-19 1st lien WR NR - - - - - 32 107 3.4 7

Solazyme 6.0 62 1-Feb-18 Sr Subordinated - - 64.9 79.3 64.9 79.3 0.0% (53) 128 - (21)

Solazyme 5.0 150 1-Oct-19 Sr Subordinated - - 42.0 46.9 42.0 46.9 0.0% (53) 128 - (21)

Sunshine Oilsands 10.0 200 1-Aug-17 Secured - - - - - - - CAD -20 CAD 254 - CAD -25

Tunica-Biloxi Gaming Authority (dba Paragon Casino Resort)9.0 150 15-Nov-15 Sr Unsecured WR NR 35.0 - 35.0 - 0.0% - - 10.0 -

Vitamin Shoppe Available 9.1 121 15-Dec-21 Sr Unsecured - B- - - - - - 109 122 1.1 32

VIVUS Inc 4.5 80 1-May-20 Sr Unsecured - - 68.4 19.1 66.0 19.3 3.6% 68 212 3.1 30

Distressed Bonds Watchlist

DISTRESSED WATCHLIST DISTRESSED LOANS | 24 JULY 2017

ADDITIONS: F+W Media Nomacorc Things Remembered

DEPARTURES: None

DISTRESSED WATCHLIST DISTRESSED LOANS | 24 JULY 2017

NOTABLE GAINS: Answers Corporation L+9.0% second lien term loan due 2022(24.3%)

NOTABLE LOSSES: F+W Media L+7.50% first lien term loan due 2019(-21.2%)

Company Name Research LCDIX (Markit ID) Priority FacilityInitial Libor

Spread (bps)

Outstanding

(USD m)Maturity Current Bid

Current

Offer

Previous

Bid

Previous

OfferPrice % Δ

LTM

EBITDA

(USDm)

Net Debt

(USDm)

Leverag

e

LTM FCF

(USD m)

Answers Corporation LX141201 Second Lien TL 900 180 3-Oct-22 2 6 1 4 24.3% - - - -Answers Corporation LX141195 First Lien RC 525 40 3-Oct-19 71 73 71 73 0.0% - - - -

Answers Corporation LX141193 First Lien TL 525 325 1-Oct-21 50 53 50 53 0.0% - - - -

Birch Communications LX137923 First Lien TL 675 450 17-Jul-20 72 77 79 84 -8.4% - - - - 4.0 - -

Birch Communications LX133252 First Lien RC - 60 27-Sep-17 68 73 75 80 -8.8% - - - - 4.0 - -

Birch Communications LX137924 First Lien RC 675 50 18-Jul-19 68 73 75 80 -8.8% - - - - 4.0 - -

Charming Charlie Inc LX134561 First Lien TLB 800 150 24-Dec-19 50 52 50 52 0.0% - - 4.7 -

F+W Media LX130208 First Lien TLB 750 160 30-Jun-19 55 75 80 85 -21.2% - - - -

F+W Media LX130209 First Lien RC 650 10 30-Jun-18 54 74 54 74 0.0% - - - -

Jason Industries LX137123 Second Lien TL 800 110 30-Jun-22 75 79 75 80 -0.4% 64 397 6.2 33

Nomacorc LX142936 First Lien RC 450 20 5-Jan-20 78 83 - - - - - - -

SONIFI LX142844 First Lien TLA 1500 161 28-Mar-18 45 53 45 53 0.0% 40 375 9.4 -

Targus Group International LX119274 First Lien TLB 950 185 24-May-16 72 74 72 74 0.0% - - - - - - -

Things Remembered LX154941 First Lien RC 800 20 28-Feb-19 27 47 27 47 0.0% - - - -

Distressed Loan Watchlist

DISTRESSED WATCHLIST

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