EFTA01385389.pdf

January 2018 HY Corporate Credit HY Mufti Sector.Media. Cable & Satellite [Figure 6: Valeant Phannaceuticals (VRX) Valtant Phannaceutkals (VRX) www.valeantcom Market Croate Create FY 03 03 % 1.TM Value 1.1M 04 FY FY FY 5 mm 2016 09/30/16 03/30/17 Change oravu of DeM 09/e17 12/31/17 2017E 2018E 20131 Revenue 9674 2433 2.219 .105% 8.96E 8.964 2.157 8,718 8232 1113Ø 4.303 /163 951 -182% 3.833 1803 865 3.628 3.337 3.207 Mterest 1,828 467 456 1348 1848 450 1.833 1.661 Taxes 127) 1113) I L7CCO 14304% (2.677) (2.677) 25 12.8041 100 Cedex 2.15 53 50 -53% 179 179 50 17$ ma 8CF Belon Wonung Capili and Otber 2.267 756 2.145 4.458 4.458 341 4.425 1.246 (CF as %Net Debt 7.7% NA MA% 17.7% 18.3% 5.4% 17.7% 5.1% E8Ø% 443% 469% 42.9% 42.5% 42.5% 101% 41.6% 39.0% 1.8170.4/Intereu 2.4x 2.54 2.1x 2.1x Lb L94 10x 191 Net Secured Deb1/03ITDA Lb NA 1.9x 1.9x 1.5% 2.44 23e Lb 2.3x Total Debt/t81704 694 NA 7.1x 7.1x 6.4 7.54 7.2e 8.0x Nel 046i/1000A 6.8x NA 6.6x 6.6x 6.4e 7.26 69e 7.5x 7.34 Cash 542 NA 1,969 1.969 1.969 1.052 1,052 1.462 1.462 Availablity 625 NA 1.032 1.032 1.012 1.032 1.032 1.457 1.457 ugulehlY 1.167 NA 3801 3801 1C01 2.08 2.084 2.919 2.919 Secured Debt 10.646 NA 9.320 9.320 9.320 9.272 9.272 3,847 8.847 Total 00131 29.846 NA 27.141 27.141 26.335 26803 28033 e€68 26912 Nel Pelat 29.301 NA 25.172 25.172 24.416 25.041 25.041 24.336 23.449 Debt Stnxture $1503mm Revolver L•375 due 04/2W18 875 NA 425 425 103.00 425 425 425 $2/46mm Term 'ban 931.375 due 10/20/18 1,016 NA 10310 $1109 man Terni Lean 81)2 1.•425 due 02/13/19 1.048 NA - 10100 $990 non Term Joan 8C2 OMOdue 12/11/19 305 NA • 10380 51000mm Yen, Løn A40014375 due 04/0//20 668 NA . . 101.00 $2960 mm Term ban 6111.M5Odue 08/05/20 2.479 NA • 103.00 - - - • - 54150mm Term løn BF1L4475 due 04/01/22 3.815 NA 5.685 5.685 100.00 sas 4,637 4437 4,637 4.637 51250mm 6.5% Secured ticnd due03/15/22 NA 1.235 1.1.35 10380 1.225 1.235 1.235 1,735 1.235 $2000 mm 7% Secured Bond due 03/15/24 NA 1.975 1,975 10100 1975 4975 1.975 1.975 1.975 51070mm 5.5% Secured Bond due 11/01/15 NA • 103.03 1.003 1.000 1.030 1.033 Total Sensed Debt 10.646 NA 9.320 9.320 9,320 9272 9.272 3447 8347 $16COmm 6.75% Bond due 08/15/18 1.591 NA • 103.01 52000mm 5.375% Bond due 03/15110 1916 NA 1.988 1.988 103.00 1988 1988 Lus 1988 1.988 5690 mm 2% Bøhdue 10/01/20 680 NA E89 tao Koto 639 258 258 258 258 52250 mrn 6375% Bond due 10/15/20 2.231 NA 2.235 2.235 103.00 2.235 1.666 1.666 1666 1.666 $1615 nue 7.5% Bond due 07/15/21 1,613 NA 1.615 1.615 10380 1.615 1.615 LUS 1.615 1415 $660 mm 6.75% Bond due 08/15/21 647 NA 647 647 103.00 647 647 647 647 647 $9Mmm 5.625% Bond due 12/01/21 894 NA 835 805 98.25 879 895 395 895 879 $560 mm 7.25% MM due 07/15/22 543 NA 544 544 103.00 514 544 544 544 544 $1003 mm 5.5% Sand due 03/01/23 992 NA 911 911 910 914 993 993 933 914 53250mm 5875% Oend due (6/15/23 3.220 NA 3.223 3.223 9100 2.997 1123 3.223 3.223 2.997 U500 mm 4.5% Bord due 06/15/23 1.563 NA 1.757 1.757 89.88 1.579 1757 1.757 1.757 1.579 53250mm 6.125% Bond dø0415/25 1218 NA 3,221 3.221 92.0) 2.963 3,221 3.221 3,111 2.963 Othe, Unsecured Deb1 12 NA 14 14 103.00 14 14 14 14 14 Total Debi 29,846 NA 17,141 27.141 26385 26.033 24,073 25668 26912 Preberred/Other Ilanc Shaw' Out 347 NA 350 350 350 350 350 350 350 Mare Price 5 14.52 NA $ 21.67 S 2167 $ 21.67 5 21.67 $ 14.52 S 14.52 $ 14.52 Market Ce 5.043 NA 7,580 7.580 7.583 7.580 5.079 5,079 5079 11V 34.347 NA 32.752 32.752 31.996 32.621 30.120 29.285 28528 TV/EMMA 8.0€ NA 8.6x 8.6x 8.4x .. 9.44 834 91x 8.5% Sexe Deass Sint ird tempes/ Cluateenis Page 114 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086673 CONFIDENTIAL SDNY_GM_00232857 EFTA01385389