EFTA01378219.pdf

SRLP102 Alpha Group Capital Airvana: Summary Transaction Overview at Entry Overview Transaction Structure Business ■ Leading provider of 3G mobile data software Description solutions in North America Holding Company ■ Acquisition: April 9, 2010 Lenders Closing Date ■ Exit: Bond sale - September 5, 2013 eft,/ Flow sweep 100.0% ■ Exit Call sale - September 4, 2015 Capital ■ Total Equity & Debt: $305 mm • Total Equity: $136 mm I iii Structure at Total Debt $169 mm p Entry Acquisition Debt ■ Saltily Advisors • Rosemont Solebury Capital 100.0% Co-Investors ■ GSO • ZM Capital ■ Company Founders Fetntocell Executive ■ Merle Gilmore, Michael Seedman, Rod Randall ("Call Option") (S2itre. nt of cash on balance sheet Partners to fund lashes) Entry Valuation & Liquidity/I el erage Entry Summary Financials (n December 2009A) • 'ID/w / PI 2009A Bond EBITDA: 2.8x EV-DO lemtucell Valuation (Bond) (Call Option) °the:tin Billings ■ $28 mm of cash on balance sheet at close to fund Revenue(♦) $145 S7 $152 Liquidity/ potential Call Option business losses 1.et tirage PF EBITDA(s) $97 ($55) ($8) S34 ■ Net Debt 2) / PF 2009A Bond EBITDA: 1.7x % Margin 66.7% NM NM 22.7% Now Phut. um Appondie-Rttwx•C and "Sins Disclaimer and "Casa Studios" for ungonan information additional consulareasons and definition. In The Call Option division ♦ported negative ENTDA at the time of sugusition huts included the crab WI on the Kelsey Mtet to fund the Call Option !Summon Innis m the lEV closlaion and 'bandit-400w TEV by the bey Bond division F.&TOA to aseivo atb purchase multiple. Total Entorpeata Val ("IT.V") • ROSA mm totalJan • $1?shOrnm total outlay • $29.1 mm transaction o.panu • S7.5 mm minium% cash . SIA.0 wen / 996.9 mm PT 2O09A Bond ERMA • IR. ( 2) Na Debt • Steal, min tail dabtOrcluchns management preform. punyGIRO menl $7.3mm minenurn tesh • Slott mm run Jan / PM* rum Pt RNA Rood EMMA • 1.7‘. IA The Company intoned SIO mm capon* rot allmated lotto butanosa unste 019 ram ♦lain] to arcelt crenponsation and $2 mm Mated to the Sas I acquisition of nirvana% 141 Cornofideted company Oncluding Ftentocell) Billings and ERITITA excludes S22 mm of Billingsthat wen invoiced in 200.1 but stayed ars part of the ?Conti hankniptcy. The company, public filhrhgs irelude the $22 mm rts • •Sims CmsaOL.- pan of 2009 Balmer. 151 Pro roma EllfTDA for Bond only consideran in porches, multiple whereby Cell Clinton reported negative ERMA 56 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075380 CONFIDENTIAL SDNY_GM_00221564 EFTA01378219