EFTA01385404.pdf

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite IFigure 18: Pharmaceutical Comps Pharma Comps Company Amag Concordia Endo Horizon Mallinckrodt Valeant Ticker AMAG CXRCN ENDP HZNP MNK' VRX 1st Llen Bond Coupon 9.000% 5.875% 5.500% 7.000% Maturity 04/01/22 10/15/24 04/15/25 03/15/22 Rating CCC- BB- BB- BB- Price $ 85.75 $ 101.53 $ 82.72 $ 107.75 Y1W 13.46% 5.48% 8.72% 4.81% STT 1,128 330 631 288 Unsecured Bond Coupon 7.875% 7.000% 6.000% 8.750% 4.750% 6.125% Maturity 09/01/23 04/15/23 02/01/25 11/01/24 04/15/23 04/15/25 Rating BB- 0 CCC+ B- B B- Price $ 97.50 $ 9.50 $ 78.00 $ 105.88 $ 80.03 $ 92.13 Y1W 8.43% 99.97% 10.42% 7.31% 9.59% 7.53% STT 612 9,769 801 506 731 512 Revenue 603 646 3,942 1,092 3,259 8,964 EBITDA 242 325 1,777 424 1,436 3,808 Interest 71 317 473 124 369 1,848 Taxes (136) (50) (156) (71) (233) (2,677) Capex 9 (7) 138 5 217 179 FCF Before Working Capital and Other 298 65 1,322 366 1,083 4,458 FCF as % Net Debt 60.3% 2.0% 17.5% 28.8% 19.8% 17.7% EBIMA % 40.1% 50.3% 45.1% 38.8% 44.1% 42.5% EBITDA/Interest 3.4x 1.0x 3.8x 3.4x 3.9x 2.1x Net 1st Uen Debt/EBITDA NA 5.3x 1.6x 0.5x 1.1x 1.9x Net 2nd Uen Debt/EBITDA 2 NA NA NA NA 3.2x NA Total Debt/EBITDA 3.1x 11.0x 4.7x 4.5x 4.1x 7.1x Net Debt/EBITDA 2.0x 10.0x 4.2x 3.0x 3.8x 6.6x Cash 260 341 738 625 372 1,969 Availability 996 877 1.032 Uquidity 260 341 1,734 625 1,249 3.001 Total 1st Uen Debt NA 2,069 3,663 848 2,021 9,320 Total 2nd Uen Debt (Cumulative) NA NA NA NA 5,014 NA Total Debt (Cumulative) 755 3,590 8,281 1,898 5,836 27,141 Preferred / Other Basic Shares Out 35 51 223 163 97 350 Share Price $ 14.15 $ 0.64 $ 8.00 $ 15.06 $ 23.57 $ 21.67 Market Cap 500 33 1,786 2,462 2,279 7,580 TEV 994 3,282 9,329 3,734 7,743 32,752 TEV/EBIT0A 4.1x 10.1x 5.2x 8.8x 5.4x 8.6x 1. The 5.5% Notes due 2025 are guaranteed by the subsidiaries and the parent. The 4.75% Notes due 2023 are ONLY guaranteed by the parent. 2. For MNK this represents Net Subsidiary Guranteed Debt/EBITDA Sant Concise Sent at CoTary Psobswes Deutsche Bank Securities Inc. Page 129 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086688 CONFIDENTIAL SDNY_GM_00232872 EFTA01385404