EFTA01385412.pdf

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 26: Valeant Pharmaceuticals (VAX) Valeant Pharmaceuticals (VRX) vedrw.valeant cam Market Create Create FY 03 03 % LIM Value LIM 04 FY FY FY 5mm 2016 M/30116 03/3417 Cluny 0903/17 el Debt 0300/17 11/3%17 2017E 2010 2010 Revenue 9,574 2,480 2,219 -105% 8.964 8.960 2.157 8,718 8.232 EMMA 4,303 4163 951 -12.2% 3303 3.838 865 1628 1337 3,207 Interest 1,818 467 156 1.848 1.848 450 1.833 1.462 Tart. I 27) (113) 0.7031 14034% (2.6773 12.677) 25 (2.801) 103 Capon 235 53 50 179 179 50 175 KO KF Before%Odön$C1011il and 011ice 2.267 756 2.145 4.458 4.458 MI 4.425 1.216 FC3 as % Net Debt 7.7% NA 34.1% 17.7% 18.3% 64% 17.7% 51% 01104% 44.5% 46.9% 42.9% 415% 415% 40.1% 41.0% 33.0% 0104/Interest 2.4x 2.54 2.14 2.1). lix 19x 2.0 1.9 Net SewedDebt/491MA 2.34 NA IS 1.0 10 lax 2.0 ~I 2.% Total Debt/EMMA 69s NA 7.1x 7.14 6.9x 7.51 7.64 80 7.0 Net DebtalUTDA 69. NA 6.6c 66s (.4x 7.2x 69. 7.5x 7.3x Cash 542 NA 1.969 1.9% 1,969 1662 1.052 1.462 1.062 Mailability 625 NA 1,032 1.032 1.032 1.032 1,032 1.457 1,07 liquidity 1,167 NA 3,031 3.001 3,001 2.034 2.031 2.919 2.919 Secured Debt 10,646 NA 9.320 9.320 9.320 9272 9.272 8,847 8.847 Total Debt 29,806 NA 23141 27,141 26385 26,093 26.093 25368 24.912 Net Debt 29.»1 NA 25,172 25.172 24.416 25.011 25,041 24.3% 23.449 Debt Structure 51503mm Revoker L•37S due 01/20/18 875 NA 42$ 05 103.03 425 425 425 52246mm Terra tom 431.375 due 10/20/18 1.016 NA 103.M 51109 rnm Term tom 00211425 due 02/13/19 1.048 NA 103.03 $903 turn Term Loan BC2 1.493 due 12/11/19 805 NA 103.00 51000mm krm lem 410014375clue04101/20 658 NA • 100.40 52950mm Term tom 011340due 08/05/20 2.429 NA • 10330 $4150mm Term tom 0111.475 due 04/01/22 3,815 NA 5385 5.685 103.03 5.685 4,637 4.637 4.637 4637 51350mm 6.5% Secured bond due 03/15/22 NA 1.23$ 1.735 100.02 1.235 1.235 1235 1.236 1.235 52030mm 7% Seared Bond due 03/15124 NA 1975 1.975 10003 1,975 1,975 1975 1.975 1975 51003mm 5.5% Secured Bond due 11/01/25 NA 16060 1.000 100 1.030 1.003 Total Secured Debt 10,06 NA 9,320 9.320 9,320 9,272 9.272 8.847 8.847 51603mm 6.75% Bond due 03/15/18 1,593 NA • 10303 52093mm 5.375% Bond due 03/15/20 1,985 NA 1938 19% 103.03 1,988 1,969 1.938 190 1,988 5690 mm 7% Bond due 20/01/20 689 NA 680 689 103.0) 689 258 258 258 258 52KOmm 6375% bond due 10/15/20 2,231 NA 2,235 2.235, 103.03 2.235 1366 1.666 1666 1.666 51625 mm 7.5% Bond due 07/15/21 1.613 NA 1.615 1.61$ 10360 1.615 1,615 1,615 1.615 1.615 5650 mm 6.75% bond å.e04/0321 647 NA 617 647 10303 647 647 647 647 647 5903mm 5.625% Bond due 12/01/21 894 NA 895 89$ 98.25 879 895 835 835 879 5550mm 7.25% bond due 07/15/22 543 NA 544 544 10340 540 584 544 504 S44 51603mm 5.5% Bond due 03/01/23 992 NA 973 993 9230 914 993 933 993 914 5330mm 5275% DOnd due 05/15/23 3,220 NA 3,223 3,223 93.00 2,997 3,223 1223 1223 2.997 41930mm 43% Bond due 05/15/23 1.50 NA 3,757 1,757 49.88 1,579 1,757 1.757 4757 1,579 53750mm 6.123% Bond due 01/15/25 3.218 NA 3,221 3,221 92.0) 2,963 3.221 3.221 3.721 2.963 Other Unsecured Debt 12 NA 14 14 160.40 14 la 10 14 14 Total Debt 29,846 NA 27.141 27.141 26.385 26.093 26.033 25.08 24912 Preferred/ Other MK Shies Out 341 NA 350 350 350 350 350 350 350 Share Price $ 14.52 NA $ 21.67 $ 21.67 5 21.67 $ 21.67 $ 1452 5 14.52 5 14.52 Markel Cap 5,00 NA 7.9» 7,580 7,580 7,590 5.019 5.079 5.079 KV 34.347 NA 32,752 32,752 31.936 32,621 30.120 29.285 28,528 TD//ESIDA 8.04 NA 8.64 8.64 8.44. 9.44 8.3x1 9.1x 130 Satre &unmeant al Ccovelry Oacioetne Deutsche Bank Securities Inc. Page 137 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086696 CONFIDENTIAL SDNY_GM_00232880 EFTA01385412