private equity portfolio overview
TRANSCRIPT
-
8/10/2019 Private Equity Portfolio Overview
1/21
July 18, 2012
KKR Portfolio OverviewPaul E. Raether
CONFIDENTIAL
-
8/10/2019 Private Equity Portfolio Overview
2/21
2
KKRs Approach to Value Creation
KKR brings a multitude of resources to our companies to create value:
Deal Team Work with company management day in and day out and have in-depthknowledge and relationships around their respective industries
KKR Capstone Drive operational changes at our companies, focusing on 2-3 keyoperating issues at a time (both growth and cost)
PortfolioManagementCommittee
Responsible for working with our deal teams from the investment datethrough exit in order to ensure that strategic and operational objectivesare established and pursued, and that the performance of the investmentis closely monitored
Capital Markets Provide capital markets and financing advice to our portfolio companies
and deal teams and has access to a deep network of banking and investorrelationships
Senior Advisors Group of approximately 20 senior executives around the globe, serve as
proprietary resources for KKR, and provide strategic and operatingguidance to our companies
Public Policy &Affairs Team
Focuses on stakeholder & regulatory management at our portfoliocompanies
Note: KKR Capstone is owned and controlled by its senior management and not KKR.
-
8/10/2019 Private Equity Portfolio Overview
3/21
3
Disciplined and structuredapproach to valuecreation
Delineates operationalissues to be addressedimmediately afteracquisition
100-Day Plan KKR Capstone
Captive relationship Experienced team of
senior operators Focused on results-
oriented execution
Portfolio ManagementCommittee
Allows KKR portfoliocompanies to benefit fromaccumulated experienceof committee members
High Quality Resources and Processes Focused on Value Creation
A Structured Approach to Operational Improvements
Strategy Development Optimize OrganizationOperational Excellence
Product/market strategies Regional strategies Partnership strategies Acquisition strategies Positioning for exit
Secure, retain, andincentivize top and middle
management Optimize organizational
structure Train and motivate broad
employee base
Top-line improvement(e.g., sales force, pricing)
Cost reduction Working/operational
capital reduction IT master plan R&D master plan
Sustainable Industrial Value Creation
KKRs Approach to Value Creation (ctd)
Note: KKR Capstone is owned and controlled by its senior management and not KKR.
-
8/10/2019 Private Equity Portfolio Overview
4/21
4
26%
70%
4%
0%
20%
40%
60%
80%
E BI TD A G rowth De lev er ag ing /Cash Paid Out
Multiple Expansion
Approach to Value Creation
We pride ourselves on achieving investment returns through a focus on operational improvementsin the businesses we acquire. This approach is designed to seek consistent performance even inchallenging economic periods
When modelling investment returns, we generally assume lower multiples at exit than at the timeof making the acquisition as illustrated below
We do not allow multiple expansion to drive investment decisions. We believe that most of ourreturns come from partnering with strong management teams, improving earnings and payingdown debt as illustrated below
Sources of Value Creation (2)Assumed Exit Multiple (1)
Note: Figures may not add due to rounding.(1) Based on count of investments announced or completed from 2006 through March 31, 2012. Excludes Accelerated Oil Technologies, El Paso Midstream,
Harman International, Hilcorp Resources, RPM Energy, Texas Crude Energy, Inc., and Weld North due to nature of transactions and sourcing ofinvestments. Please see Important Information for additional details and risk factor disclosures. Past performance is no guarantee of future results.
(2) As of March 31, 2012. Includes all realized and partially realized investments made by the Millennium Fund and all private equity funds raised thereafter(i.e. 2002 through March 31, 2012). Tianrui and China Modern Dairy financials are as of latest publically available (Q4 2011). Multiple expansion databased on differences between entry multiple and final multiple in the case of fully realized investments and current multiple in the case of partially realized
or unrealized investments. Past performance is no guarantee of future results.
Same ExitMultiple As
EntryAssumed
7%
Lower ExitMultiple
Than EntryAssumed
77%
Greater ExitMultiple
Than EntryAssumed
16%
-
8/10/2019 Private Equity Portfolio Overview
5/21
5
Introduction to the PMC
The PMC serves as an early warning system to identify issues in individual portfoliocompanies and then address them (this is the primary objective of the PMC)
The PMC aims to be efficient, not bureaucratic. Issues need to be identified early and resolvedbefore they become difficult problems
The PMC brings rigorous discipline to the process of reviewing all portfolio investments Discipline to get the information in the monthly/quarterly/annual reports to the Committee members
on time
Discipline to review the information promptly, and
Discipline to identify issues and then to ensure that they are corrected as quickly as possible
The PMC process is interactive follow-up occurs not just at formal presentations but alsoas necessary or required
As an example, if an acquisition opportunity presents itself between reports, the KKR deal teamengages the PMC in a dialogue about their thoughts and plans as well as presenting to theInvestment Committee if additional equity is required
The PMC also serves a crucial ongoing advisory function
For the PMC to be effective, it needs to engage the deal teams in a continuous dialogue PMC members are matched with KKR deal teams to provide more concentrated oversight every
portfolio company is assigned to a PMC member
KKR deal teams are encouraged to come to the PMC for advice
What should we do about a CEO?
What should we do about a marketing issue?
What is the right exit strategy?
-
8/10/2019 Private Equity Portfolio Overview
6/21
6
Portfolio Management Committee
Current Members of theNorth American PMC:
Current Members of theEuropean PMC:
Current Members of theAsian PMC:
Henry Kravis Member, KKR
George Roberts Member, KKR
Paul Raether Member & Chairman ofPMC, KKR
Mike Michelson Member, KKR
Alex Navab Member, KKR
Dean Nelson Founder, KKR Capstone
Clint Johnstone Senior Advisor, FormerDirector and CFO of Bechtel Group
George Fisher Senior Advisor, FormerChairman and CEO of Eastman KodakCompany and Motorola Corporation
Joe Forehand Senior Advisor, FormerChairman and CEO of Accenture
Dave Cote Senior Advisor, Chairmanand CEO of Honeywell
Ken Freeman Senior Advisor, FormerMember of KKR, Dean of School ofManagement at Boston University
Jim Owens Senior Advisor, FormerChairman and CEO of Caterpillar
Henry Kravis Member, KKR
George Roberts Member, KKR
Paul Raether Member & Chairman ofPMC, KKR
Johannes Huth Member, KKR
Reinhard Gorenflos Member, KKR
Dominic Murphy, Member, KKR
John Empson, Member, KKR CapitalMarkets
Bill Cornog Head of KKR CapstoneEurope
George Fisher Senior Advisor, FormerChairman and CEO of Eastman KodakCompany and Motorola Corporation
Roger Carr Senior Advisor, Chairmanof Centrica plc
Ken Freeman Senior Advisor, FormerMember of KKR, Dean of School ofManagement at Boston University
Tony DeNunzio Senior Advisor,Former President of Asda / Walmart andExecutive Chairman of Maxeda
Paul E. Raether Member &Chairman of PMC, KKR
Joseph Y. Bae Member, KKR
David H. Liu Member, KKR
Sanjay Nayar Member, KKR
Ming Lu Member, KKR
Justin C. Reizes Member, KKR
Shusaku Minoda ManagingDirector, KKR
Scott Bookmyer Member, KKRCapstone
D.S. Brar Senior Advisor, Chairmanof GVK Biosciences and Former CEOof Ranbaxy
Leigh Clifford Senior Advisor,Chairman of Qantas Airways Limited
and Former CEO of Rio Tinto George M.C. Fisher Senior Advisor,
Former Chairman and CEO ofEastman Kodak Company andMotorola Corporation
Masakatsu Mori Industry Advisor,Former President of Accenture Japan
Note: As of March 2012.
-
8/10/2019 Private Equity Portfolio Overview
7/217
Key Focus Areas of the PMC
Heavy Focus on the Initial Stages of an Investment Immediately after the acquisition and hopefully before
Review of the 100 Day Plan Key priorities include: i) management, ii) cash generation to pay down debt, and iii) cost
reduction in order to maintain or expand margins
Emphasis on Building Long-Term Value Growth initiatives organic growth and growth by acquisition Process re-engineering to lower costs and produce better quality products Customer satisfaction
Focus on new products and services to help create the organic growth
Capital Structure Monitoring & Refinancing Solutions Proactive monitoring of portfolio company liquidity, covenant levels, and counterparty risk Partnership with KCM in refinancings, structurings, and all other capital structure related issues Examples include: Sealy refinancing, Nielsen amend / extend, Rockwood amend / extend, Toys
R Us amend / extend Assessing exits, recapitalizations, and other monetization opportunities
Portfolio-wide Monitoring and Risk Management PortfolioCentral , the firms proprietary internal database & analytics platform, provides the PMC
with real-time insights into company and portfolio-level performance, leverage, liquidity andoperational risk
Enables PMC to engage in more rigorous monitoring and risk management across the portfolioto enhance value
Also enables the PMC to leverage portfolio data (aggregated across nearly 70 companies withover $200 billion in revenue) to glean valuable economic and sector-specific trends
-
8/10/2019 Private Equity Portfolio Overview
8/218
PMC Process
Monthly/quarterly reports are typically due the first week of each month
Financials are submitted electronically by the deal teams (and by the portfolio companiesthemselves) via PortfolioCentral
Monthly reports are limited to financials and a brief overview email; quarterly reports include
a more thorough write-up (4-8 pages) to give the committee periodic insights into the
business
The PMC meets telephonically each month to review the portfolio company reports received fromthe deal teams
The Committee also meets monthly in person to review one of our 9 industry groups including all of
the investments in that vertical
Each Company being reviewed that month submits a short presentation for discussion with
the PMC (no more than 10 pages)
In these meetings, the PMC also reviews the 100 Day Plans for each new investment
Companies on the Watch List are reviewed quarterly
-
8/10/2019 Private Equity Portfolio Overview
9/219
Current Portfolio Overview
-
8/10/2019 Private Equity Portfolio Overview
10/2110
Current Global Private Equity Portfolio (1) Strong portfolio of high quality franchises across all active private equity funds 77 currently held portfolio companies in our private equity funds with more than $200 billion of annual revenues and nearly 900,000
employees
Well diversified by industry: no industry greater than 20% of remaining portfolio value Well diversified by geography
North America represents 53% of remaining portfolio value, Europe 36%, and Asia 11%
Outside of the U.S., no country has more than 11% of the remaining portfolio value
Note: The specific companies identified are not representative of all of the companies in KKRs current or historical Nort h American private equity portfolio, and it should not be assumed that aninvestment in the companies identified was or will be profitable. At the time of investment and currently from a KKR monitoring standpoint, Aricent and Avago are classified as North Americaninvestments based on specific criteria; given the companies however have significant operations in Asia we also include the companies in our Asian private equity portfolio.
(1) As of March 31, 2012. Excludes transactions closed after that date.
* KKR announced its exit from El Paso Midstream in April 2012.
North America
Asia
Europe
KKR DebtInvestors
HilcorpResources
Texas CrudeEnergy
SamsonResources
ChinaOutfitters
Novo HoldcoLimited
*
http://masangroup.com/en/businesses/fmcg/masan-consumer-overviewhttp://www.dalmiacement.com/http://en.wikipedia.org/wiki/File:Sino-ocean.pnghttp://www.inaer.com/homehttp://www.ambea.com/http://www.bmgrights.com/http://www.petsathome.co.uk/http://www.tdc.com/http://www.kiongroup.com/en/home.htmhttp://www.nxp.com/http://www.pagesjaunes.fr/http://www.gruener-punkt.de/http://www.avagotech.com/http://www.toysrus.com/shop/index.jsp?categoryId=2255956http://www.sungard.com/http://www.kodak.com/eknec/documents/d9/0900688a80a24cd9/kodakextColor.jpghttp://www.accellent.com/http://www.inte.co.jp/index.html -
8/10/2019 Private Equity Portfolio Overview
11/2111
Differentiated Investment Sourcing We expect many firms will find sourcing transactions away from the club deal and auction
models to be challenging
We believe that successful managers will need to source deals through proprietary methods industry themes, macro trends, etc.
As seen below, this has been KKRs predominant approach and has been successful in findingnew opportunities
AVRBIS CleanawayCapsugelDynamit NobelInaerIpreoKION
LegrandNXPOriental BreweryPagesJaunesPanAmSatTASCU.S. Foods
Auction 16%
Note: Data in the chart above represents all private equity transactions publicly announced or completed from inception of Millennium Fund (2002) throughApril 30, 2012; percentages are based on number of transactions.
(1) Limited Process is defined as three or fewer parties, including KKR.
(2) Proprietary transaction that became a Limited Process transaction.
AcademyAccellentAOTAmbeaAricentATUAvagoBharti (2)BiometCapital SafetyCICCDollar GeneralEl Paso MidstreamGo DaddyHilcorp Resources
IntelligenceITCMagmaMaxedaMMIMTUPets at HomeProSiebenSat.1Samson ResourcesSealyTarkettTDCTexas GencoToys R Us U.N. RoRoUnisteel
Limited Process (1) 34%
Alliance BootsBMGCapmarkChina Cord Blood
China OutfittersCoffee Day ResortsDalmia CementDSDEast ResourcesEastman KodakEFH (f.k.a. TXU)Far East HorizonFirst DataFL SeleniaHarman International
HCAJazz PharmaceuticalsKKR Debt InvestorsKSLLaureate EducationLegg MasonMasan
MasoniteModern FarmingNielsen CompanyNorthgate
NovoRockwoodRundongSBS BroadcastingSantander ConsumerSeven MediaSino OceanSunGardTCEITianruiTVS Logistics Services
United EnvirotechVATSVersatelVisantVisma (2)Weld NorthWild FlavorsYageo
Proprietary 50%
-
8/10/2019 Private Equity Portfolio Overview
12/21
12
Refinancing Strategy
-
8/10/2019 Private Equity Portfolio Overview
13/21
13
Refinancing Overview Following the 2008 credit crisis, markets have improved opening the door to new deals and portfolio exits. During 2010-2012
YTD, the capital markets have generally remained open for refinancing activities
Issuance volumes continued recent strength, driven by record high yield issuance volume
o Q1 2012 leveraged loan issuance of $102 billion vs. Q1 2011 volume of $85 billion (1)
o Q1 2012 high yield issuance of $99 billion vs. Q1 2011 volume of $78 billion (1)
Fund flows remain strong with record inflows in high yield during Q1 2012
o Leveraged loan funds experienced net inflows of $520 million during Q1 2012; high-yield funds saw net inflows of~$15 billion (2)
Trading performance rallied during Q1 2012 driven by modest volatility and positive investor sentiment:
o S&P/LSTA Leveraged Loan index: Return of 3.76% (3)
o JPMorgan Global High-Yield Index: Return of 5.87% (4)
Portfolio liquidity and refinancing strategy remain top priorities across KKR
KKR formed an internal team, led by KKR Capital Markets, to spearhead our refinancing efforts
Over the past several years we have made significant progress in proactively addressing our portfolio maturities
Aggressively took advantage of re-opening credit markets to refinance over $14 billion of debt at our North Americanportfolio companies in 2009
In 2010, refinanced over $28 billion of North American portfolio company debt In 2011, refinanced over $45 billion of North American portfolio company debt
During Q1 2012, refinanced over $9 billion of North American portfolio company debt
Success resulted from strong performance of our portfolio companies and the proactive, integrated, and systematicapproach of our deal teams and KKR Capital Markets
Note: All data as of March 31, 2012.(1) Source: Leveraged Commentary & Data (LCD). Loan volume excludes repricing. (2) Source: Lipper FMI.(3) Source: S&P/Loan Syndications and Trading Association (S&P/LSTA). (4) Source: J.P.Morgan North American High Yield Research.
-
8/10/2019 Private Equity Portfolio Overview
14/21
14
Accellent Completed Refinancing of Existing TL B and Revolver; Offerings include $315 million SeniorSubordinated Notes
Refinanced existing TL B maturing at the end of 2012 with $400 million senior secured notes due 2017
Refinanced existing revolver due at the end of 2011 with asset-based revolver due in 2015
Completed $315 million senior subordinated notes offering due 2017 to repay existing subordinated notesdue 2013
Following these transactions, Accellent will face no debt maturities until the revolver comes due in 2015(currently undrawn), and the remaining debt matures in 2017
Aricent Completed Refinancing of Credit Facility, PIK Note Repayment and PIK Note Extension
Refinanced existing Credit Facility maturing in 2013 with $460 million Credit Facility due 2016
Put in place new $75 million revolver due 2016, increasing borrowing capacity and extending maturities
Repaid $110 million of PIK note and extending the maturity from 2015 to 2016 of the remaining $532million
Following these transactions, Aricent will face no debt maturities until 2015
Dollar General Completed Amendment & Extension of Credit Facility (March 2012) Completed Amendment to existing Credit Facility (via a 50.1% vote) included:
Allow for the repayment of Senior Subordinated Notes with Senior Unsecured Notes
Increase restricted payment capacity for loans and advances to pa rent entities, dividends, etc.
Allow the Company to direct voluntary prepayments to any class of term loans
Completed extension of existing tranche B term loans due 2014
Extended $880 million 2014 term loans to 2017 (3-years)
Remaining 2014 maturity reduced by over 40% to ~$1.1 billion from ~$2.0 billion
Refinancing NA Portfolio Company Update
Note: As of March 31, 2012.
-
8/10/2019 Private Equity Portfolio Overview
15/21
-
8/10/2019 Private Equity Portfolio Overview
16/21
16
First Data Corporation 2010: Completed Amendment and Exchange Offer; Offerings include $500 million 1 st Lien Notes Completed Amendment to existing Credit Facility included:
The ability to issue additional 1 st lien debt with 100% of the net proceeds used to pay existingterm loans
The ability to exchange term loans for new 1 st lien bonds with longer maturities
The addition of amend and extend mechanics in the Companys credit agreement, which will allowFirst Data to extend term loans opportunistically without paying additional amendment fees
The ability to issue up to $3.5 billion of new 2 nd lien debt to refinance existing senior andsubordinated bonds via repayment or exchange
Completed $500 million 1 st lien notes offering due 2020 to repay a portion of term debt due 2014
Completed exchange of $6 billion of senior unsecured bonds into $2 billion of 2 nd lien notes due 2021, $1billion of 2 nd lien PIK toggle notes due 2022, and $3 billion of unsecured notes due 2021
2011: Completed Amend & Extend Transaction; Included $750 million Senior Secured Notes Completed Amendment to existing Credit Facility included:
The amendment permits reductions of Extended Revolver commitments of 20% on a non pro-ratabasis (via a 50.1% vote) The Extended Revolver includes a springing maturity clause spr inging 90 days before maturity of
2015 Senior Notes and 2016 Senior Subordinated Notes Completed Extension to existing Credit Facility included:
Extending $5.4 billion of term loans from 2014 to 2018 Extending $1.2 billion of revolver (prior to 20% commitment reduction) from 2013 to 2016
Completed $750 million senior secured notes offering due 2019 to pay down extended and non-extendedterm loans (included in $5.4 billion extension figure above) to make the Amend & Extend effective
2012: Completed Amend & Extend Transaction; Included $845 million Senior Secured Notes
Completed Amendment to existing Credit Facility included:
The amendment permits the Company to direct voluntary prepayments to repay lender who electto extend their term loan holdings (via a 50.1% vote) Completed Extension to existing Credit Facility included:
Extending $3.2 billion of term loans from 2014 to 2017 (2.5 years)
Completed $845 million add-on senior secured notes offering due 2019 to pay down extending term loanslenders who elected to receive proceeds fro m the bond offering and make the Amend & Extend effective
Refinancing NA Portfolio Company Update (contd)
Note: As of March 31, 2012.
-
8/10/2019 Private Equity Portfolio Overview
17/21
-
8/10/2019 Private Equity Portfolio Overview
18/21
18
Nielsen Completed Amendment and Extension; Offerings include $830 million Senior Unsecured Notes;$500 million Secured Loan, and $750 million and $330 million Senior Unsecured Notes
Completed two notes offerings totaling $830 million due 2014-2016 to fully repay May 2010 debt maturities,opportunistically repurchase debt trading at discounts to par value and partially paydown revolver
Extended $1.25 billion of existing TLs from August 2013 to May 2016; concurrently completed $500 millionoffering of fixed-rate, bond-equivalent secured loans due 2017 to repay bank TLs due 2013
Extended $1.5 billion of existing TLs from August 2013 to May 2016
These three transactions together bring the total amount of term debt due in 2013 down from $5.1billion to $1.8 billion
Completed $750 million and $330 million senior unsecured notes offerings due October 2018 to repayexisting notes due August 2014
Rockwood Completed Refinancing of Existing Credit Facility Raised new $1.03 billion senior secured credit facility comprised of:
5-year $180 million revolving credit facility (existing revolver due July 2012)
7-year $850 million TL B (existing term loan due May 2014)
Sealy Completed Recapitalization Refinanced entire existing credit facility consisting of a $125 million revolver due April 2010, $266 million TL
A due August 2011 and $107 million TL E due August 2012 with:
$100 million 4-year ABL
$350 million 1 st lien bonds due 2016
$177 million convertible PIK notes due 2016 issued through a rights offering backstopped by KKRfunds
The new capital structure provides Sealy with an a ttractive long-term financing solution:
Extends maturities until 2013 and beyond
Eliminates quarterly maintenance-based covenants
Eliminates scheduled amortization payments
Increases Sealys liquidity and flexibility with an undrawn revolver and additional cash on thebalance sheet
Refinancing NA Portfolio Company Update (contd)
Note: As of March 31, 2012.
-
8/10/2019 Private Equity Portfolio Overview
19/21
19
SunGard 2011: Completed Amendment and Extension; Completed Refinancing of $1.6 billion Senior Unsecured Notes Reduced existing $1 billion revolver commitment to $750 million and extended $570 million from August 2011 to May
2013
Extended $2.5 billion of $4.2 billion original TL B from February 2014 to February 2016 Amended the credit agreement to i) allow for the issuance of new debt to repay existing term loan and ii) smoothened
maintenance covenant step-downs to provide increased operating and strategic flexibility
Completed $1.6 billion Senior Unsecured Notes offering comprised of two tranches ($900 million due 2018 and $700million due 2020) to repay existing notes due August 2013\
2012: Completed Amendment & Extension of Term Loans due 2014; Renewed its Revolving Credit Facility
Extended $908 million of 2014 term loans by 3-years to 2017
Completed amendment of existing credit facility to allow for potential spin- off of SunGards Availability Services segment
Renewal of the existing $880 million Revolving Credit Facility due May 2013 by 3.5-years to November 2016
TASC2011: Completed Amendment & Refinancing of Existing Credit Facility
Refinanced $675 million senior secured credit facility:
$180 million of new $575 million TL B was used to refinance TL A, with significant scheduled amortization priorto ultimate maturity of 2015
New TL B has minimal amortization (1%)
Amendment resulted in enhanced flexibility to refinance mezzanine notes as well as removing step-downs in leverageratio maintenance covenant
2012: Completed Partial Senior Subordinated Notes Refinancing
Refinanced a portion of the 12.375% Senior Subordinated Notes with $75 million incremental Term Loan B
The transaction reduced the Companys interest expense, further enhancing its overall credit profile
Pro Forma for the refinancing, the Company will have less than $200 million of Mezzanine financing outstanding
Refinancing NA Portfolio Company Update (contd)
Note: As of March 31, 2012.
-
8/10/2019 Private Equity Portfolio Overview
20/21
20
Toys R Us 2009 & 2010: Completed ABL Revolver Extension; Offerings include $950 million Senior Unsecured Notes; $725million Senior Secured Notes; $700 million Senior Secured TL; $350 million Senior Secured Notes
Used proceeds from a $950 million senior unsecured notes offering due 2017, along with cash on hand, to repay itsexisting $1.3 billion unsecured PropCo facility maturing in December 2010
Used proceeds from a $725 million senior secured notes offering due 2017, along with cash on hand, to repay itsexisting $800 million CMBS maturing in August 2010
Extended $1.63 billion U.S. ABL revolver from May 2012 to August 2015; upsized the facility from $1.63 billion to $1.85billion
Refinanced an existing $800 million senior secured TL due July 2012 and $181 million senior unsecured TL due January2013 by issuing a combination of a $700 million senior secured TL due 2016 and $350 million senior secured notes due2016
2011: Completed Refinancing of Existing HoldCo Senior Notes; $400 million Secured TL B
Used proceeds from $400 million TL B due 2018, along with cash on hand, to repay its existing $500 million holdcosenior notes maturing in 2011
2012: Completed Term Loan Add-On
Issued $225 million add-on to the B-3 term loan tranche
US Foodservice Completed Refinancing of Existing Senior Notes; Offerings include $400 million Senior Unsecured Notes; $425million Senior Secured TL; Amended Senior ABL Facility Refinanced $1.0 billion of senior notes due 2015
$400 million senior unsecured notes due 2019
$425 million TL due 2017
$75 million drawn on $1.1 billion ABL, extended from 2013 to 2016 as part of transaction
Cash from balance sheet
Visant Completed Amendment and Extension; $2.175 billion Dividend Recapitalization Extended $100 million of existing $250 million revolver from October 2009 to September 2011
Completed $2.175 billion dividend recapitalization to repay $1.45 billion of outstanding debt and pay dividend to existingshareholders
$175 million revolving credit facility
$1.25 billion TL due 2016
$750 million notes due 2017
$517 million dividend
Refinancing NA Portfolio Company Update (contd)
Note: As of March 31, 2012.
-
8/10/2019 Private Equity Portfolio Overview
21/21
21
Q & A