EFTA01373000.pdf

Restructuring: Waste Management Company Financing Team led restructuring of a portfolio investment's financing terms, achieving an accretive result Company Summary • The company owns, operates and develops energy projects that deliver stable long-term cash flows • Portfolio comprised of more than 20 landfill gas-to-energy ("LFG") projects across 10+ states that generate baseload electricity or deliver pipeline quality renewable natural gas ("RNGD or medium Btu gas to customers • Significant majority of owned projects operate under long-term off-take agreements • Portfolio is contracted long-term with IG counterparties (A2 / A) for a remaining MWe weighted average life of 18 years Situation Overview Restructuring Outcome Operational and financial underperformance, combined with credit • Team led successful negotiations with the agent, sponsor, and the agreement breaches lending group achieving a credit accretive outcome: The company suffered from lower merchant power prices, lower gas • Received a $25m loan pay-down production volumes, higher G&A expenses, higher maintenance • Reduction in parri passu revolver capacity expenses, and one time issues such as start-up delays at various facilities • Higher excess cash flow sweep thresholds There were also credit agreement breaches, including 1) failure to • Increase in loan margin by 50bps deliver audited financials as scheduled in the credit agreement: and 2) unauthorized equity distributions • More detailed quarterly and annual reporting Source: Deutsche AM_ As of July 21. 2016. The photographs depicted above and on subsequent pages are not intended to be representative of all assets in the portfolio. For more information on all assets. including those not shown herein. please contact us. Past performance is not indicative of future results. Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity March 2018 52 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0066963 CONFIDENTIAL SDNY_GM_00213147 EFTA01373000