EFTA01385408.pdf

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite IFigure 22: HCA Healthcare (HCA) HCA H6111thellit (HCA) rex,: Nava hurecon. Market Create Fr re Q3 03 % LTM Value LTM Qn Fa FY Sewn 2015 2016 09/016 C9/30/17 Change 09/30/17 al Debt 09/10/1) 12/31/17 8717 2018 Revenue 43.591 41.40 19270 14686 4.1% 42,693 42.693 11.239 43.291 49778 011TDA 7.915 8218 1.957 1.776 6077 8.077 2.136 4207 8643 Wettest 1.665 1.707 432 427 -1.2% 3.610 1.60 422 1479 1.60 Taxes 1.261 1378 273 246 AI% 1.362 1362 461 1326 1.597 Can. 2.375 2.703 712 729 2A% 2309 2.909 967 3,033 3,000 FCF Before Woctang capital and Other 2.614 2.373 540 372 7.037 2.097 483 2.162 7357 FCC as %Net Debt 8.6% 77% 4616 6.5% 65% 6.06 6.714 7.2% ONTDA % 198% 16.6% 16.9% 199% 20.8% 190% me% HaTDA/Inletest 4.8. 4.4 4.2. 41. UN 5* 4.94 51. Net Secured OebaBITDA 25. Ma 3.2. IAN 2.84 2.4. 2.6. 26 Total Delat/t8170.4 1% 12. 4.6. 4.0 4.1. 3.5. 4.6 18. Net Debt/E9ITCIA it 3.7x 4.54 1.5 404 3* 3,9x 3.8. Net Debt/C9170.4.9 4.3. 4.2x 44 Cash 741 646 718 718 7114 S40 SC 293 Avallabany 2.597 2.037 2.037 2037 2.017 2007 7.037 Utp.adoty 3343 2,755 2.756 2.755 2.577 2.577 2.330 Secured Debt 20.403 21.191 NA 23.201 23.201 23.201 23.177 23.177 21.030 53461 Debt 30.488 31.376 NA 32.963 34953 3;953 32.929 32,929 MAO Debt Structure 52030 mnRevONer 1.415009e 06/28/22 NA • NA - - 10) - - - - 0750 ran Asset I/0S Revolve. 1.15030ue 06/28/22 NA 1.920 NA 3325 3.325 103 3.325 1325 3325 3,325 $1933 rnm Term AS Loan 1.15040.06/10/20 NA 1.295 NA 1,243 1,243 KO 1.243 1.235 1.225 1.155 $15W mm Term 1163634 1.325 the 03/17/23 NA 1.493 NA 1.0432 1.482 1W 1.430 1.478 1.478 1.463 512W mm Term 30 LoanL.27 are 02/03/24 NA 5197 NA 1491 1.191 1W 1.191 1.188 1.103 1.176 515C0 innINA Ant Lien Bond due 03/15/19 NA 1.501 NA 1.910 1.5W WO 1.910 1.5W 1.500 1.501 5600mm 4.25% Ant LienSanddue 10/15/19 NA (CO NA 600 (CO 100 610 !CO 630 6C0 53003 non 6.515 hot Den Sad are 02/15/20 NA 3.03) NA 1.= 3000 10) 1.03) 350 1.033 1.010 51350 min 58X% Ars/Oen Bond doe 03/15/12 NA 1.350 NA 1350 1.350 100 1.350 1.350 1.350 1.350 51250mm 475% Ant Ina Bond due 05/01/23 NA 1.250 NA 1.250 1250 109 1250 1250 1.250 1.250 $20W mm 5% Ant seen Wad due 03/15/24 NA 2,00) NA 2.COD 7,003 WO 2.0:0 2,000 2.003 MO 514W mm 525% Ant pen Bondage 04/15/25 NA 1.433 NA 1.40> 1.409 3W 1.403 1.401 I.4:0 1.409 HMO non 5256 First Den Boni/due 06/15/26 NA 1.5W NA 1.5W 1= WO 1.503 1503 1.500 1.500 5L2COrnm 4.516 nest Oen Band clue 02/15/27 NA MT NA 1201 1.2% 1W 1.= 1.2W 1.260 1.2C0 5.150Ornm551.3Fast Lonlead due 06/15/47 NA NA 1503 1.933 100 1.501 1.501 1509 1= Other Secured Debt NA 593 NA 661 661 10D 661 661 661 661 Tool Secured Debt *403 21,291 NA *201 21101 23.201 23,177 23,177 23,(60 5501mm 8% Senior UnsecuredIced due ICV01/1/1 NA 5W NA - - 100 - - - • 51060mm 6294 Sens Unsecured Noddy< WW1 NA WV NA 1.020 LCCO 100 LOX 1.000 1.033 1.030 52030mm 7.5% Unice Unsecured Bond due CO/15/22 NA 2,0:0 NA 2.000 2.03) 109 2.000 2.000 2,033 MO SUS° mn 5 875% Senior Unsecured Bond Out 05/01/23 NA 1.210 NA 1.250 1.250 ICO 1.250 1.250 1.250 1.250 51.35 645mm 7.5% Hnottlesecute4 Bond due 12/15/13 NA 136 NA 136 136 KO 136 136 136 136 $193 rnm8.3691.5onsor Unsecured Bond due 04/15/24 NA 150 NA ISO 150 103 150 ISO ISO 150 $2630 nun 05375% Senor Unsecured Bond due 02/01/25 NA 2.603 NA MO 2.403 100 2.400 3.50 2.603 2.600 52914.46mm 7.69% Senor Unsecured Board due 06/15/25 NA 291 NA 291 291 103 291 291 291 291 WS awn 7.5= Senor Unsecured Bond due 03/15/23 NA 115 NA 125 125 103 125 125 125 1/5 MS03 mn 5 875% Sews. Unseated Bond due 01/15/16 NA 1303 NA 1500 1.55 10) 1500 1.5W 1.5(0 1.100 5150 mm 745% Seamy Unsecured Bond due 12/01/17 NA 150 NA ISO 150 100 150 150 150 150 5250 nun 7595 Smite Unsecured Sand due 11/06/13 NA 29) NA 750 250 109 250 250 250 293 $103sin 7.75% Senior Unsecured Bonddue 07/15/96 NA 109 NA 103 100 ICO 101 103 103 1.00 5200 rnm 7.5% Sensa Unsecured Bond dos 11/15/95 NA KO NA 200 KO ICO 200 200 833 20) Other Unwind Debt NA . NA - • 103 - • • . Net Debt Nsuarge Cost NA 11701 NA - 103 • %al Debt 34488 31.376 NA 32.953 32.953 32.953 32.929 32,929 AEU Preferred/ Other Basic Shares Out MA 305 NA 370 370 370 361 364 358 %we Price 5 67.63 5 7402 NA 5 87.84 5 87131 5 8784 $ 67.84 5 7402 $ 74.02 market Cap 28.012 28.473 NA PAIS 37,06 32.4% 31.986 26,954 26.532 1W 57.759 59.209 NA 64.721 64,721 64721 64.375 92343 5%071 TW/CBITO. 7.34 7.2x NA 9.I. I 40.1 AP 69. 7.2x 611. *gen Pate taan1 and C09/091Y Outten Deutsche Bank Securities Inc. Page 133 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086692 CONFIDENTIAL SDNY_GM_00232876 EFTA01385408