Fitch Ratings: Capital Structure Diagrams Debt Document Summaries of 50 Largest US Leveraged Credits 2011-07-30

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Fitch Ratings: Capital Structure Diagrams Debt Document Summaries of 50 Largest US Leveraged Credits 2011-07-30

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fitchfifty capital structure diagrams debt document summaries for fifty of the largest u.s leveraged credits july 20 2011

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corporates leveraged finance u.s special report analysts ruchira dabas +1 212 908-0244 ruchira.dabas@fitchratings.com fitch 50 structural profiles of 50 leveraged credits summary fitch 50 introduced fitch ratings presents the first edition of its recurring structurefocused special report series in this special report fitch profiles 50 of the largest u.s leveraged names the fitch 50 this report is designed to serve as a compendium of organizational structure diagrams and credit agreement/indenture summaries it parses information extracted from more than 300 debt documents that reveals key structural features of the debt at the fitch 50 the most relevant structural features of interest include the seniority of each debt instrument in the capital structure the attached collateral and guarantee package the attendant restrictive covenants including carveouts such as limitations on debt incurrence liens asset sales and restricted payments and cross-default and other notable provisions fitch has made the following general observations in conducting its analysis market multiples and asset coverage remain strong current market multiples for the fitch 50 are broadly in line with their sector-level valuation multiples see enterprise value table on page 6 arguably asset coverage for most issuers as deduced by contrasting sectorlevel historical 10-year public market valuation lows against company-specific secured leverage multiples is ample with a few exceptions shifts in debt maturity profile fitch 50 march 2011 march 2010 bil mike simonton cfa +1 312 368-3138 mike.simonton@fitchratings.com mark oline +1 312 368-2073 mark.oline@fitchratings.com related research for more information visit www.fitchratings.com/usleveragedfinance u.s leveraged market quarterly july 20 2011 fitch u.s high yield default insight june 2011 july 13 2011 u.s corporates equity and credit indicators unveil potential risks for bondholders july 6 2011 selective labor inflation a lurking threat july 5 2011 global economic outlook soft patch in global recovery june 28 2011 liquidity and covenant analysis for u.s leveraged issuers large june 23 2011 u.s tax reform impact on corporate issuers june 22 2011 u.s leveraged finance stats quarterly first-quarter 2011 june 7 2011 fitch crude oil spike scenario poses risks for multiple u.s industries feb 28 2011 commodity inflation in a multi-speed world corporate winners and losers feb 22 2011 120 80 40 0 2011 2012 2013 maturity year 2014 2015 source fitch ratings and company filings surmounting the refinancing cliff proactive maturity management has materially flattened the contour of the refinancing cliff see the chart above for the fitch 50 since 2010 the companies comprising the fitch 50 have successfully redistributed 39 of debt originally maturing in the crowded 20112014 refinancing window to beyond 2014 adding to their overall financial flexibility the maturing debt has been absorbed by a combination of the following refinancing strong refinancing activity both in the leveraged loan and high-yield market has been the primary contributor toward taking out a significant amount of near to intermediate-term debt bond-for-loan takeouts have also accelerated as a result of the record-setting run of the high-yield market for example takeouts of www.fitchratings.com july 20 2011

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corporates first data corp clear channel communications inc dean foods company calpine corporation and mylan laboratories inc amend and extend a&e and debt exchanges a&e activity remained a viable option for several companies though it began to slow in the second half of 2010 as the primary market opened up recent select transactions include energy future holdings corp efh realogy corp and first data in conjunction with a&es other preemptive actions such as debt exchanges for bonds have proved an effective tool for these companies as well prepayments mandatory and voluntary prepayments with existing cash on hand as well as asset sales and equity sweeps have been another factor however fitch believes the resultant decline in loan balances to be less than 10 per year equity issuance the resurgence in equity markets has provided another viable source of capital to bolster liquidity and repay debt thus far in 2011 hca inc 3.8 billion and freescale semiconductor holding i ltd 783 million each have issued equity bankruptcy restructuring rationalization of debt via chapter 11 reorganization has helped ameliorate maturity walls for lyondell chemical company charter communications inc general motors company gm and delta air lines upcoming maturities overhang the combined corrective actions have allayed refinancing risks for most of the fitch 50 meanwhile ford motor company hca inc sprint nextel corp delta las vegas sands and cablevision systems corporation in that order continue to have the largest near-term refinancing concentrations for 20122013 these companies are also the most imminent candidates to access the debt capital markets in the near future refer to the liquidity and maturity summary table shown on page 7 liquidity and free cash flow fcf remain strong in general near-term liquidity cash and credit facility availability remains adequate to cover maturities through 2013 for 78 39 of these large issuers liquidity issues if any are likely to be compounded further for realogy and level 3 financing inc that currently also burn fcf on an ltm basis nonetheless the ability to cover obligations at maturity will depend on fcf levels in subsequent years also see the summary data for last 12 months table on page 8 simplification of the capital structure the focus toward simplifying the capital structure continued during the 20102011 period though each action was motivated by strategic considerations unique to that issuer trends toward replacing unsecured subsidiary debt or project debt with holding company debt are apparent in the case of calpine charter communications inc and intelsat s.a further the capital structure of leveraged buyout lbo issuers that include pre-lbo legacy notes providing no covenant protection against additional liens or subsidiary guarantees reflect the eventual descent of such notes further down the capital structure examples include aramark corporation clear channel and caesars entertainment corporation preponderance of non cov-lite only 17 of the fitch 50 are truly covenant light that is they are not governed by maintenance financial covenants this percentage was determined after adjusting for the two companies dish dbs corp and pultegroup inc that do not have any credit facility and an additional five that either have financial covenants that come into effect only when liquidity/availability falls below a certain threshold tenet healthcare corp or have significant maintenance liquidity floors gm and ford see the sector mix rated/nonrated mix and issuer default ratings mix charts on page 10 2 fitch 50 july 20 2011

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corporates adequate covenant cushion covenant headroom remains adequate for most of these large issuers twelve companies 24 are in a position in which a 20 or less decline in ebitda would trip their tightest covenant with mgm resorts international the least covered at 10 see the covenant analysis estimated percentage decline in ebitda to breach tightest covenant table on page 9 disclaimers the covenant summaries reflect fitch s interpretation and synopsis of information contained in publicly available documents identified in the document date and location section of each covenant summary table fitch cannot ensure that the information contained in such documents is either accurate or complete or that the covenant summaries or any particular covenant summary accurately or completely reflect the key terms of any such document the information presented in the covenant summaries is provided as is without any representation or warranty and is not a substitute for information provided to investors by an issuer and its agents in connection with a sale of securities the selection of the fitch 50 is based on parameters that seek to accommodate a representative mix of ratings and industry sectors among the large leveraged issuers and is subject to change in subsequent editions of this report fitch 50 july 20 2011 3

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corporates table of contents summary 1 enterprise value multiples 6 liquidity and maturity summary 7 summary data for last 12 months 8 covenant analysis 9 sector mix rated/nonrated mix and issuer default ratings mix 10 company pages energy future holdings corp 11 hca inc 22 first data corp 32 clear channel communications inc 42 aes corporation 55 caesars entertainment corp 60 sprint nextel corp 69 ford motor company 77 intelsat sa 82 delta air lines inc 90 cablevision systems corporation 93 charter communications inc 103 mgm resorts international 111 calpine corporation 120 las vegas sands corp 126 univision communications inc 138 community health systems inc 145 frontier communications corporation 150 sungard data systems inc 161 freescale semiconductor holdings i ltd 169 windstream corporation 174 level 3 communications inc 186 supervalu inc 195 crown castle international corp 202 realogy corporation 209 dish network corporation 216 rite aid corporation 221 lyondellbasell industries n.v 228 biomet inc 234 aramark corporation 243 4 fitch 50 july 20 2011

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corporates table of contents continued toys r us inc 249 the goodyear tire rubber company 257 mylan inc 262 weyerhaeuser company 270 boston scientific corporation 276 tenet healthcare corp 283 masco corporation 290 dean foods company 304 sears holdings corporation 310 r.r donnelley and sons company 316 pultegroup inc 321 dollar general 326 constellation brands inc 332 health management associates inc 338 limited brands inc 344 oshkosh corporation 350 general motors company 355 edison mission energy 358 hd supply inc 364 houghton mifflin harcourt publishers inc 370 fitch 50 july 20 2011 5

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corporates enterprise value multiples ltm ebitda multiplesa sector distressed sector transaction asset market multiple x company-specific multiple coverage current market secured 10-year 10-year ratio x multiple x [ii leverage x [iii low [iv current [v low [vi [vii iv iii n.a 9.14 5.60 7.22 2.86 0.6 5.60 7.22 2.86 0.7 12.44 8.30 n.a 10.74 n.a n.a n.a 13.31 18.00 n.a 17.08 8.11 6.73 6.37 n.a 4.38 8.69 n.a 4.69 7.42 n.a 7.66 n.a 7.10 8.07 10.77 7.48 9.23 5.81 n.a 7.49 n.a 9.02 7.72 4.61 20.59 11.68 2.48 8.02 8.48 3.55 4.91 8.93 4.41 15.04 15.27 5.64 17.18 11.26 7.91 7.90 9.70 7.66 5.50 4.22 5.20 4.50 4.40 3.96 2.53 3.43 3.60 3.65 3.60 2.93 3.45 3.33 3.41 2.95 2.29 2.36 2.34 1.86 2.04 1.67 1.90 1.68 1.26 1.25 1.28 1.20 0.91 1.20 1.07 0.50 0.40 0.24 0.10 0.08 0.01 6.20 6.20 7.67 7.93 6.77 5.77 7.67 6.77 6.98 6.30 4.48 6.20 6.77 6.92 6.92 5.77 6.92 6.92 7.93 6.92 5.61 6.98 6.98 6.30 6.92 5.77 6.98 6.98 5.77 6.26 6.95 6.98 5.77 7.67 6.92 6.95 6.95 6.92 6.95 6.98 6.98 6.98 6.09 5.61 5.60 5.61 5.77 11.79 11.79 9.95 10.28 9.45 6.70 9.95 9.45 10.64 7.82 8.85 11.79 9.45 8.08 8.08 6.70 7.61 8.08 10.28 8.08 34.05 10.64 10.64 7.82 8.08 6.70 10.64 10.64 6.70 7.98 8.17 10.64 6.70 9.95 8.08 8.17 8.17 8.08 8.17 10.64 10.64 10.64 8.93 34.05 7.22 34.05 6.70 3.23 3.23 5.54 5.53 9.42 4.38 5.54 9.42 7.42 6.16 4.69 3.23 9.42 9.58 9.58 4.38 1.85 9.58 5.53 9.58 5.49 7.42 7.42 6.16 9.58 4.38 7.42 7.42 4.38 6.24 5.88 7.42 4.38 5.54 9.58 5.88 5.88 9.58 5.88 7.42 7.42 7.42 6.05 5.49 2.86 5.49 4.38 0.8 0.8 0.8 1.0 1.2 1.4 1.5 1.5 1.6 1.6 1.8 1.8 1.9 1.9 1.9 2.0 2.0 2.1 2.3 2.3 2.5 3.0 3.0 3.4 3.4 3.5 3.7 4.2 4.6 5.0 5.4 5.8 6.3 6.4 6.5 13.9 17.4 28.8 69.5 85.1 high company name univision communications inc clear channel communications inc energy future holdings corp formerly txu corp calpine corporation caesars entertainment corporation realogy corporation first data corp rite aid corporation mgm resorts international freescale semiconductor holdings i ltd crown castle international corp dean foods company edison mission energyb aes corporation sungard data systems inc health management associates inc biomet inc toys r us inc.c delta air lines community health systems inc aramark corporation hca inc hd supply inc charter communications inc cablevision systems corporation constellation brands inc tenet healthcare corp sears holdings corporation level 3 communications inc intelsat s.a dollar general corporation lyondellbasell industries n.v goodyear tire rubber company the windstream corporation supervalu inc las vegas sands corp mylan inc oshkosh corporation ford motor company boston scientific corporation general motors company sprint nextel corp frontier communications corporation dish network weyerhaeuser co masco corporation r.r donnelley sons co pultegroup inc limited brands inc sector media and entertainment media and entertainment utilities utilities gaming lodging and leisure business services technology retail gaming lodging and leisure technology telecommunications food beverage and tobacco energy utilities technology healthcare and pharmaceuticals healthcare and pharmaceuticals retail transportation healthcare and pharmaceuticals business services healthcare and pharmaceuticals building and materials telecommunications telecommunications food beverage and tobacco healthcare and pharmaceuticals retail telecommunications telecommunications retail chemicals automobiles telecommunications retail gaming lodging and leisure healthcare and pharmaceuticals automobiles automobiles healthcare and pharmaceuticals automobiles telecommunications telecommunications telecommunications paper and forest products building and materials media and entertainment building and materials retail enterprise value mil [i n.a 20,059 n.a 16,081 n.a n.a n.a 7,048 18,075 n.a 19,337 5,728 24,565 30,241 n.a 9,127 14,630 n.a 19,614 12,793 n.a 43,419 n.a 18,099 22,325 8,488 7,856 12,068 8,141 n.a 5,557 n.a 13,792 13,956 8,392 39,741 14,845 3,943 123,442 15,317 42,600 28,418 16,100 13,897 16,842 7,652 7,066 4,921 7,518 a ltm ebitda refers to last 12 months of ebitda bev and market multiple is for edison international csecured leverage pro forma $400 million incremental term loan closed in may 2011 n.a not available source company filings fitch 6 fitch 50 july 20 2011

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corporates liquidity and maturity summary mil data as of first-quarter 2011 credit facilities committed available 3,119.0 1,713.0 4,000.0 3,917.0 1,519.0 1,500.0 2,000.0 45.9 800.0 772.0 1,230.0 1,103.6 2,100.0 800.0 8,086.0 6,893.0 500.0 462.2 1,200.0 1,200.0 2,067.5 989.5 1,300.0 957.0 1,700.0 826.0 2,841.0 227.0 2,080.0 1,458.2 463.0 296.3 750.0 668.1 940.0 750.0 880.0 850.0 425.0 425.0 1,250.0 690.2 0.0 0.0 1,700.0 1,188.0 400.0 293.0 652.0 517.0 0.0 0.0 1,175.0 1,004.3 1,750.0 1,388.0 727.8 718.4 665.0 507.8 2,388.0 1,361.0 2,176.0 1,425.0 750.0 694.0 1,000.0 1,000.0 2,000.0 2,000.0 800.0 590.0 1,250.0 984.0 2,100.0 1,319.2 4,075.0 3,324.0 1,750.0 1,602.6 200.0 47.0 1,031.0 967.1 842.0 753.2 500.0 450.5 800.0 773.0 550.0 467.0 5,000.0 5,000.0 1,064.0 981.0 300.0 300.0 total liquidity 2,668.0 4,470.0 1,835.5 1,556.7 1,318.0 1,531.9 4,798.0 28,259.0 734.3 5,039.0 1,599.6 983.0 1,100.0 1,507.0 4,592.1 370.6 938.8 1,109.4 1,626.0 1,423.2 726.0 1,079.0 1,360.0 375.3 610.0 3,413.7 1,095.4 6,327.0 1,058.8 597.0 1,857.0 3,640.0 1,333.0 2,463.0 2,595.0 860.0 2,489.0 1,427.8 4,276.0 2,001.9 1,339.9 1,569.6 762.4 678.2 2,330.0 883.7 3,4593.0 2,164.0 592.0 maturity schedule 2012 2013 2014 46.0 852.0 4,267.0 1,347.0 3,141.0 1,695.0 30.2 28.1 6,500.0 260.8 484.7 3,648.4 704.0 961.0 2,354.0 0.0 125.8 279.2 2,250.0 1,773.0 1,351.0 482.0 4,480.0 366.0 32.5 942.9 1,038.5 1,865.0 1,568.0 2,345.0 1,247.3 1,231.1 1,399.2 1,100.0 513.0 2,200.0 545.5 1,384.2 3,463.0 80.0 0.0 213.0 1,480.3 1,408.7 1,544.8 0.0 0.0 1,091.9 56.9 54.1 4,416.6 180.4 709.9 600.5 8.0 47.0 2,482.0 29.0 29.0 29.0 43.8 1,248.2 10.8 299.0 406.0 2,494.0 556.0 340.0 514.0 21.9 129.9 23.0 6.0 623.0 113.0 28.1 528.7 1,030.7 114.0 193.8 1,044.7 10.0 1.0 0.0 34.1 34.1 34.1 267.8 15.5 1,882.2 338.0 1,216.0 42.0 399.0 113.0 1,208.0 731.8 131.8 1,200.7 717.0 409.0 15.0 50.0 700.0 600.0 60.0 217.0 60.0 791.0 200.0 0.0 275.0 231.8 1,360.6 235.0 329.0 58.0 158.6 110.0 599.4 223.3 645.6 644.1 0.0 0.0 1,963.5 471.1 468.7 650.3 28.3 28.7 2,537.7 58.0 0.0 216.0 65.5 65.4 65.7 752.0 400.0 132.0 58.0 566.0 260.0 46.0 46.0 3,364.0 no 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 company name energy future holdings corp formerly txu corp hca inc first data corp clear channel communications inc aes corporation caesars entertainment corporation sprint nextel corp ford motor company intelsat s.a delta air lines cablevision systems corporation charter communications inc mgm resorts international calpine corporationa las vegas sands corp univision communications inc community health systems inc frontier communications corporation sungard data systems inc freescale semiconductor holdings i ltd windstream corporation level 3 communications inc supervalu inc.b crown castle international corp realogy corporation dish network rite aid corporation lyondellbasell industries n.v biomet inc aramark corporation toys r us inc goodyear tire rubber company the mylan inc weyerhaeuser co boston scientific corporation tenet healthcare corp masco corporation dean foods company sears holdings corporation r.r donnelley sons co pultegroup inc dollar general corporation constellation brands inc health management associates inc limited brands inc oshkosh corporation general motors company edison mission energy hd supply inc.c ltm fcf 737.0 1,228.0 560.0 176.7 921.0 231.9 2538.0 4,795.0 172.7 1,300.0 755.7 573.0 384.9 361.0 98.5 284.2 382.2 258.1 394.0 133.0 135.5 122.0 492.0 382.0 269.0 1,232.3 233.6 1,670.0 198.3 20.6 36.0 719.0 236.0 442.0 239.7 41.0 177.0 204.5 514.0 218.4 274.3 539.9 530.2 255.7 160 25.3 1,632.0 400.0 502.0 cash 955.0 553.0 335.5 1,510.8 546.0 428.3 3,998.0 21,366.0 272.1 3,839.0 610.0 26.0 274.0 1,280.0 3,133.9 74.3 270.7 359.4 776.0 998.2 35.8 1,079.0 172.0 82.3 93.0 3,413.7 91.1 4,383.0 340.4 89.2 496.0 2,215.0 639.0 1,463.0 595.0 270.0 1,505.0 108.6 952.0 399.3 1,292.9 602.5 9.2 227.7 1,557.0 416.7 29,593.0 1,183.0 292.0 2011 440.0 94.0 200.0 182.7 2,672.0 0.0 0.0 1,908.0 16.3 1,340.0 654.1 33.0 130.5 0.0 726.3 7.4 47.4 279.0 10.0 34.0 136.8 446.0 338.0 18.6 169.0 1,027.6 5.2 46.0 8.9 51.6 68.0 426.0 0.0 33.0 0.0 68.0 66.0 88.8 297.0 0.0 104.7 0.0 10.3 26.8 0.0 65.3 1,606.0 48.0 10.0 2015 3,343.0 974.0 1,511.9 253.4 1,647.0 6,545.7 2,637.0 1,093.0 857.9 1,425.0 1,236.6 30.0 2,025.0 145.0 3,249.7 0.0 2,802.6 800.5 1,522.0 29.0 1,568.6 832.0 649.0 890.3 187.0 783.5 977.6 1.0 3,317.6 1,783.7 75.0 423.0 575.0 0.0 1,250.0 1,188.0 500.0 10.5 160.0 499.7 467.3 893.3 146.2 0.2 0.0 48.8 128.0 70.0 1,597.0 a includes cash sweeps under project debt bthe year-end maturity schedule has been adjusted for the amend-and-extend transaction completed in april 2011 whereby $250 million of the $500 million term loan b-1 due june 2012 was repaid the $500 million of term loan b-2 due october 2015 was increased by $81 million and the company entered into a new $452 million term loan b-3 maturing in april 2018 in addition the $281 million term loan a was repaid upon maturity in june 2011 cdata as of jan 30 2011 fcf free cash flow source company filings fitch fitch 50 july 20 2011 7

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corporates summary data for last 12 months mil data as of first-quarter 2011 financial ratios x company name energy future holdings corp formerly txu corp hca inc first data corp clear channel communications inc aes corporationb caesars entertainment corporation sprint nextel corp ford motor company intelsat s.a delta air lines cablevision systems corporation charter communications inc mgm resorts international calpine corporation las vegas sands corp univision communications inc community health systems inc frontier communications corporation sungard data systems inc freescale semiconductor holdings i ltd windstream corporation level 3 communications inc supervalu inc crown castle international corp realogy corporation dish network rite aid corporation lyondellbasell industries n.v biomet inc aramark corporation toys r us inc goodyear tire rubber company the mylan inc weyerhaeuser co boston scientific corporation tenet healthcare corp masco corporation dean foods company sears holdings corporation r.r donnelley sons co pultegroup inc dollar general corporation constellation brands inc health management associates inc limited brands inc oshkosh corporation general motors company edison mission energy hd supply inc.d houghton mifflin harcourte idr ccc b b ccc b ccc bb bb nr b bb bb ccc b nr b b bb b ccc bb b b bb nr bb b nr nr b b b nr bb bb b bb b b bb bb nr bb bb bb nr bb b nr b r/nra yyyyyyyynyyyyynyyyyyyyyynyynnyyynyyyyyyyynyyynyyny outlook watch stable stable stable stable stable stable negative positive positive stable stable positive stable stable positive stable stable positive stable positive negative stable stable stable stable stable stable negative positive positive stable stable negative stable stable positive stable stable stable negative stable ebitda revenues 7,977 31,194 10,523 5,923 16,799 8,809 32,791 121,424 2,564 32,654 7,400 7,094 6,067 6,505 7,630 2,273 13,231 4,625 4,953 4,632 3,887 3,670 37,534 1,933 4,102 12,807 25,215 43,600 2,720 12,865 13,892 19,964 5,607 6,711 7,771 9,372 7,512 12,200 42,985 10,187 4,242 13,375 3,332 5,264 9,898 7,991 139,734 2,322 7,477 n.a ebitda 3,066 5,916 2,165 1,746 4,765 1,805 5,892 10,952 1,939 3,962 2,629 2,625 1,065 1,297 2,375 870 1,785 2,160 1,290 1,096 1,899 880 1,936 1,217 514 3,320 859 4,800 941 1,039 1,065 1,489 1,360 1,008 2,050 1,153 747 718 1,212 1,280 219 1,564 656 780 1,682 1,040 11,696 677 409 n.a margin 38.4 19.0 20.6 29.5 28.4 20.5 18.0 9.0 75.6 12.1 35.5 37.0 17.5 19.9 31.1 38.3 13.5 46.7 26.0 23.7 48.9 24.0 5.2 63.0 12.5 25.9 3.4 17.0 34.6 8.1 7.7 7.5 24.3 15.0 26.4 12.3 9.9 5.9 2.8 12.6 5.2 11.7 19.7 14.8 17.0 13.0 8.4 29.2 5.5 n.a free cash flow fcf fcf margin 388 4.9 1,228 3.9 560 5.3 177 3.0 921 5.5 23 0.3 2,538 7.7 4,795 3.9 173 6.7 1,300 4.0 756 10.2 573 8.1 385 6.3 361 5.5 99 1.3 284 12.5 382 2.9 258 5.6 394 8.0 133 2.9 136 3.5 122 3.3 492 1.3 382 19.8 269 6.6 1,232 9.6 234 0.9 1,670 1.6 198 7.3 21 0.2 36 0.3 719 3.6 236 4.2 442 6.6 240 3.1 41 0.4 177 2.4 204 1.7 514 1.2 218 2.1 274 6.5 540 4.0 530 15.9 256 4.9 160 1.6 25 0.3 1,632 1.2 400 17.2 502 6.7 n.a n.a total debt 35,477 25,366 22,786 20,404 21,502 18,751 18,538 16,825 15,741 15,169 13,101 12,554 12,081 10,250 10,103 9,161 8,860 8,266 8,078 7,609 7,423 7,067 6,751 6,732 6,837 6,506 6,220 6,100 5,982 5,739 5,428 5,284 5,162 5,058 4,950 4,263 4,096 3,989 3,130 3,518 3,381 3,264 3,236 3,023 3,510 1,137 5,011 6,295 5,239 n.a interest coverage 1.30 2.80 1.20 1.20 3.21 0.90 3.74 7.20 1.30 4.40 3.23 2.90 1.00 1.65 5.70 1.59 2.66 3.60 2.10 1.80 3.47 1.50 3.50 2.45 0.85c 7.05 1.57 3.26c 1.90 2.45 2.03 4.30 3.85 2.25 5.47 2.64 2.90 2.80 3.75 5.69 0.90 5.84 3.30 3.73 8.33 7.50 12.90 1.40 0.66 n.a leverage 11.57 4.29 10.50 11.70 4.08 10.40 3.15 1.50 8.12 3.80 4.98 4.78 11.30 7.90 4.30 10.53 4.96 3.83 6.30 6.90 3.91 8.00 3.49 5.53 13.30 1.96 7.24 1.27 6.40 5.52 5.10 3.55 3.80 5.02 2.41 3.70 5.50 5.55 2.58 2.75 15.40 2.09 4.93 3.88 2.09 1.10 0.40 9.30 12.81 n.a a means not rated but a surveilled credit opinion may exist bincludes recent issuances of $2.05 billion cfull year 2010 figures ddata as of jan 30 2011 enonpublic information n.a nonpublic data nr not rated source company filings fitch 8 fitch 50 july 20 2011

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corporates covenant analysis estimated percentage decline in ebitda to breach tightest covenant company name mgm resorts internationala dean foods companyb caesars entertainment operating company inc.c supervalu inc.d cablevision systems corp csc holdings inc.e community health systems inc.f health management associates inc calpine corp windstream corporation realogy corporationg las vegas sands corp sungard data systems inc clear channel communications inc sprint nextel corp.h crown castle international corp univision communications inc boston scientific corporationi first data corporation r.r donnelley and sons company aramark corporation frontier communications corporationj constellation brands inc energy future holdings corp.k edison misson energy aes corporationl hca inc.m charter communications inc limited brands inc.n intelsat sa/intelsat corp.o oshkosh corporation biomet inc delta air lines inc.p dish network corporation dollar general corporationq ford motor companyr freescale semiconductor inc general motors companys goodyear tire rubber company thet hd supply inc.u level 3 communications inc level 3 financing inc lyondell chemical companyv masco corporationw mylan inc.x pultegroup inc rite aid corporationy sears holding corporationz tenet healthcare corp.1 toys r us inc.2 weyerhaeuser company3 a tightest covenant minimum ebitda mil maximum leverage ratio senior secured net leverage ratio coverage ratio maximum total leverage leverage ratio leverage ratio consolidated interest coverage ratio leverage ratio secured net leverage ratio consolidated net leverage leverage ratio net secured leverage ratio leverage ratio leverage ratio net secured leverage ratio consolidated net leverage secured leverage ratio leverage ratio consolidated secured debt ratio consolidated net leverage leverage ratio secured debt to adjusted ebitda interest coverage ratio cash flow to interest coverage ratio leverage ratio consolidated leverage leverage ratio secured leverage ratio interest coverage ratio no material financial covenants fixed charge coverage no material financial covenants no material financial covenants no material financial covenants no material financial covenants no material financial covenants interest coverage ratio no material financial covenants no material financial covenants no material financial covenants debt to capital no material financial covenants no material financial covenants no material financial covenants no material financial covenants no material financial covenants no material financial covenants debt to capital covenant level 1,100 5.75 4.75 2.20 4.50 6.00 4.70 1.50 4.50 4.75 6.50 6.25 9.50 4.50 7.50 10.75 3.50 6.75 4.00 5.00 4.50 5.50 8.00 1.20 1.30 7.75 5.00 4.50 3.50 2.50 1.20 65.00 65.00 estimated decline in ebitda to breach covenant 10.0 11.0 15.0 16.8 17.1 17.2 17.6 18.0 18.0 19.6 20.0 20.0 24.2 25.5 29.4 30.1 31.0 31.0 31.0 31.8 32.2 34.5 36.0 44.0 44.4 45.9 52.0 54.4 57.5 66.6 stepped up to $1.1 billion in march 2011 was $1.0 billion in december 2010 and will continue to step up by increments of $50 million to $1.5 billion in december 2013 leverage and coverage covenants were waived the company does not disclose its covenant ebitda each quarter and the covenant cushion is based on fitch s interpretation of the credit agreement s definition of ebitda dean s maximum leverage covenant steps down to 5.5x on march 31 2012 cthis is a net leverage covenant applicable to caesars entertainment operating company inc and per amendments to the agreement excludes certain debt dfitch estimates covenant steps up to 2.25x on or after dec 31 2011 but before dec 30 2012 and to 2.30x for each fiscal quarter after dec 31 2012 e relates to revolver and term loan a covenant test includes restricted group debt undrawn face amount of letter of credit obligations and csc holdings guaranty of newsday llc s $650 million senior secured credit facility which fitch estimates was approximately $8.5 billion in aggregate as of march 31 2011 restricted group annualized operating cash flow as of march 31 2011 was approximately $2.28 billion fcompany can use the proceeds from qualified stock issuances to cure a breach of the financial covenants gpro forma based on refinancing transactions completed in january and february 2011 cushion is based on leverage requirement declining to less than 4.75x on march 31 2011 hdebt covenant calculation includes letters of credit guarantees of debt and capital leases but excludes the amount related to spectrasite tower transaction ithe leverage covenant steps down to 3.50x from 3.85x at june 30 2011 jcovenants apply to approximately 6 of debt outstanding on march 31 2011 krelates to maintenance covenant under senior secured credit facility for texas competitive electric holdings company llc a wholly owned indirect subsidiary of energy future holdings ldecline in adjusted parent operating cash flows subsidiary upstream dividends less corporate overhead costs mtest ratio is debt net of cash to ebitda investors have the right to cure breach of this covenant by making cash or common equity contributions in each four-quarter period there must be at least one in which no cure right is exercised nfitch estimates the decrease in ebitda cushion results from the company s issuance of $1billion 6.625 notes for share buybacks in first-quarter 2011 othe secured leverage ratio as described resides at the intelsat jackson holdings operating subsidiary not at the intelsat s.a parent pmaterial information not publicly disclosed qthere are no maintenance covenants for dollar general rliquidity covenant requires ford to maintain $4 billion in liquidity including cash short-term veba assets and/or availability under its revolving credit facility sno ebitda-based financial covenants the only financial covenants are a minimum liquidity covenant and a borrowing base covenant tthe first-lien revolver has an interest coverage ratio covenant that becomes effective only if total cash plus first-lien revolver availability falls below $150 million as of the end of the first quarter the company had $2.2 billion of cash and first-lien availability so the covenant is not currently effective and is unlikely to become effective uhd supply s bank facility does not require the fixed-charge coverage as long as the company has $210 million of borrowing availability vonly a borrowing base covenant under asset-based facility wnon-ebitda related covenant x the credit agreement has maintenance leverage covenants but relevant information to compute the ratio is not publicly available ymust maintain a fixed-charge coverage ratio of 1.0x from nov 28 2010nov 26 2011 and 1.05x thereafter but only if revolver availability becomes less than $150 million zsears holding corporation must maintain a fixed-charge coverage ratio of 1.0x as of the last day of any fiscal quarter but only if capped excess availability defined as the lesser of [i line cap outstanding and [ii borrowing base outstanding principal of pari passu notes is less than the greater of 10 of line cap or $175 million 1tenet has a minimum fixed-charge coverage ratio of 2.0x but this covenant is only in effect when availability on the revolver is $100 million or less 2there are no maintenance covenants for toys r us inc though the company is subject to a minimum excess availability covenant under the u.s canada abl revolver which was $125 million in addition there is a fixed-charge coverage test of 1.0x for the gbp128 million abl revolver subject to certain excess availability threshold but there is no significant debt at toys europe and toys australia except for the occasional revolver borrowing 3non-ebitda related covenant source company filings fitch b fitch 50 july 20 2011 9

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corporates sector mix automobiles 4 utilities energy 4 media and entertainment 4 rated/nonrated mix surveilled credit opinions 14 retail 6 healthcare 7 rated 82 building and materials 3 telecommunications 9 others 7 technology 3 gaming lodging and leisure 3 nonrated 4 source fitch ratings source fitch ratings issuer default ratings mix bb 6 bb­ 16 b 8 b­ 14 b 22 bb 18 nr 4 ccc 12 source fitch ratings 10 fitch 50 july 20 2011

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corporates ratings current recovery security class rating rating energy future holdings corp issuer default rating ccc secured notes b rr1 senior unsecured notes due 2017 b rr2 senior unsecured notes ccc rr4 texas competitive electric holdings company llc issuer default rating ccc secured facility bonds b rr3 senior secured first lien b rr1 senior secured second lien b rr2 senior secured bank credit facility b rr1 senior unsecured ccc rr4 guaranteed notes unsecured pollution cc rr5 control bonds energy future holdings corp and subsidiaries texas competitive electric holdings company llc and energy future competitive holdings company rating rationale untenable capital structure fitch s primary credit concerns are the highly leveraged capital structure and continued depressed power prices that reduce cash flows on unhedged power volumes at texas competitive electric holdings company llc tceh approximately 50 and 74 of tceh s generation is subject to price risk in 2013 and 2014 respectively as of march 31 2011 recent success to amend and extend provides breathing room recently tceh was successful in securing a three-year maturity extension for its senior secured credit facilities through an overwhelming lender response to its amend and extend proposal the amendments provided for senior secured covenant relief and also put ongoing lender allegations to rest fitch revised the rating outlook to stable from negative as a result recovery in power markets is key fitch continues to be concerned about the persistent weakness in natural gas prices and modest pace of electric demand recovery that has resulted in depressed power prices in texas a portion of debt maturities have been extended however remaining debt maturities are significant including the $671 million unextended portion of the revolving credit facility in october 2013 the $3.82 billion unextended portion of term loans and deposit letter of credit lc loans in october 2014 and the $4.89 billion of cash pay/payment-inkind toggle notes in 2015/2016 the debt maturity schedule could be exacerbated by the springing maturity provision for the extended portions of the term loans and deposit lc loans if the requisite conditions are not met future coercive debt exchanges are a real possibility absent recovery in power markets rating linkages the idr and outlook of energy future competitive holdings company efh are linked with those of tceh since tceh drives a significant share of efh s total ebitda and cash flow there are also substantial inter-company loans and other rating linkages stable rating outlook in fitch s opinion liquidity over the next 1218 months will be adequate and supported by the significant in-the-money natural gas hedges credit facilities and cash on hand there are no significant debt maturities until october 2013 the covenant relief secured under the amendments provides sufficient headroom under tceh s secured debt-to-ebitda maintenance covenant and reduces the likelihood of a covenant breach before 2015 given the current operating and financial profile it is unlikely that fitch would consider an upgrade in the near to medium term a lack of progress managing maturities for senior secured credit facilities in 2014 and cash pay/payment-in-kind toggle notes in 2015/2016 could trigger a downgrade a worsening of the liquidity situation due to potentially higher environmental capital expenditures or other factors could also drive an adverse change in the ratings and outlook rating outlook stable analysts shalini mahajan +1 212 908-0351 shalini.mahajan@fitchratings.com sharon e bonelli +1 212 908-0581 sharon.bonelli@fitchratings.com key ratings drivers fitch 50 july 20 2011 11

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corporates organizational structure energy future holdings corp mil as of march 31 2011 pro forma for the april amend and extend transaction and debt exchanges sponsor group texas energy future capital holdings llc general partners investors limited partners texas energy future holdings limited partnership energy future holdings corp efh corp f/k/a txu corp idr ccc/stable outlook amount debt outstanding efh corp senior secured notes 9.75 senior secured notes due 2019 115 10.000 senior secured notes due 2020 1,061 efh corp senior notes guaranteed 10.875 senior cash pay notes due 2017 196 11.250 12.000 senior toggle notes due 2017 342 senior unsecured notes premerger not guaranteed 5.550 fixed senior notes series p due 2014 398 6.500 fixed senior notes series q due 2024 740 6.550 fixed senior notes series r due 2034 744 rating b rr1 b rr1 b/rr2 b/rr2 ccc/rr4 ccc/rr4 ccc/rr4 upstream tceh guarantee upstream efih guarantee energy future intermediate holding company llc efih idr ccc/stable outlook amount debt outstanding rating efih notes 9.75 senior secured notes due 2019 141 b rr1 10.000 senior secured notes due 2020 2,180 b rr1 11.000 senior secured second-lien notes due 2021 406 nr efih finance inc co-issuer with efih energy future competitive holding company llc efch idr ccc/stable outlook amount debt outstanding rating 9.580 fixed notes due 2019 46 cc/r5 8.254 fixed notes due 2021 45 cc/r5 1.104 floating-rate junior subordinated debentures due 2037 1 cc/r5 8.175 fixed junior subordinated debentures due 2037 8 cc/r5 downstream efch guarantee texas competitive electric holdings company llc tceh idr ccc/stable outlook amount debt outstanding tceh senior secured facilities tceh revolving credit facility due 2013 640 mil and due 2016 1.41 bil 657 tceh letter of credit facility due 2014 0.04 mil and due 2017 1.02 bil 914 tech term loan facility due 2014 3,777 tech term loan facility due 2017 15,383 tceh commodity collateral posting facility due 2012 tceh first-lien notes 11.50 senior secured notes due 2020 1,750 tceh second-lien notes 15.00 second-lien notes due 2021 1,571 tech senior notes 10.25 senior notes due 2015 3,165 10.50 11.25 senior toggle notes due 2016 1,406 unsecured pollution control bonds not guaranteed 1,406 lease facility bonds secured by specific power plants 28 txu energy retail company llc and its subsidiaries rating b rr1 b rr1 b rr1 b rr1 b rr1 b rr1 b/rr2 ccc/rr4 ccc/rr4 cc/rr5 b­/rr3 oncor electric delivery holdings company llc 80.03 ownership oncor electric delivery company llc oncor idr bbb­/stable outlook debt senior secured notes amount outstanding 4,335 rating bbb tceh finance inc co-issuer with tceh transition bonds outstanding 775 nr texas transmission investment llca oncor investment management llcb legend issuer or guarantor entities ring-fenced entities unaffiliated entities nonguarantors upstream guarantee from tech subsidiaries luminant holding company and its subsidiaries aowns 19.75 equity interest in oncor and is not affiliated with efh corp bowns 0.22 equity interest in oncor and is not affiliated with efh corp nr ­ not rated source company filings fitch ratings 12 fitch 50 july 20 2011

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corporates bond covenant summary energy future holdings corp borrower document date maturity date description of debt amount outstanding ranking security guarantee energy futures holdings corp efh indenture dated jan 12 2010 filed as exhibit 4.1 to 8-k dated jan 19 2010 1/15/20 10.000 senior secured notes due 2020 $1.06 billion senior obligations of efh rank equal in right of payment to efh legacy notes 2017 notes and efh notes subordinated to indebtedness of efh s nonguarantor subsidiaries including oncor holdings texas competitive electric holdings company llc tceh and their respective subsidiaries energy futures intermediate holding company llc s efih guarantee will be secured equally and ratably with its guarantee of the efh 9.75 senior secured notes due 2019 and efih s 9.75 senior secured notes due 2019 by its pledge of 100 membership interests and by other investments it holds in oncor holdings guaranteed unconditionally jointly and severally by energy future competitive holdings company efch and efih guarantees are senior obligations of each guarantor and rank equally with all existing and future senior indebtedness of each guarantor the guarantee from efih is secured by the pledge of all membership interests and other investments it holds in oncor and is secured equally and ratably with its guarantee of the outstanding efh 9.75 senior secured notes due 2019 and efih s 9.75 senior secured notes due 2019 the guarantee from efch is not secured up to $4.0 billion of indebtedness secured by a first-priority lien may be incurred this capacity will be reduced by the amount of parity-lien debt repaid using net proceeds from the sale of collateral or other oncor-related assets pro forma the fixed-charge coverage ratio for efh and its restricted subsidiaries must be at least 2.0x for the most recent four quarters the general incurrence basket of $1.75 billion and debt under the credit facilities basket of up to $26.5 billion are permitted there is no limitation on issuing subordinated debt for refinancing if the maturity is greater than debt being refinanced liens on collateral securing up to $4.0 billion in the aggregate principal amount of parity-lien debt capacity will be reduced by an amount equal to parity-lien debt repaid using net cash proceeds from the sale of collateral pro forma the consolidated secured debt ratio for the most recent four quarters not to exceed 5.0x junior liens on the collateral are permitted see the debt incurrence section above the sale lease or transfer of all or substantially all of efh s assets to any person other than a permitted holder or the acquisition of 50 or more of the total voting power of efh or any of its direct or indirect parent companies by a person or sale of substantially all of the assets of efih or oncor-related assets will not constitute a coc if the consideration received is capital stock in a similar oncor business that becomes a joint venture or a subsidiary of efih is at least fair market value and is pledged as collateral for the holders of secured debt the sale of all of tceh business is not a coc for the sale or transfer of oncor or tceh the fixed-charge coverage ratio must exceed 2.0x and should be greater than the ratio preceding the transaction no ratings downgrade by two or more rating agencies due to the transaction is permitted there is a put at 101 plus accrued and unpaid interest on coc permitted if efh is the surviving corporation or the successor company assumes all obligations of efh the fixed-charge coverage ratio is greater than 2.0x and greater than what it was prior to the transaction the disposition of equity interest in oncor and all other collateral held by efih is permitted provided the successor efih company is not an oncor subsidiary and assumes all obligations of efh and efih under the notes the fixed-charge coverage ratio is greater than 2.0x and greater than what it was prior to the transaction the ratings on the notes should not be downgraded by two or more rating agencies except in the case of a permitted asset transfer or a merger of efih with efh a tceh transfer is permitted if the fixed-charge coverage ratio is greater than 2.0x and greater than what it was prior to the transaction the ratings on the notes should not be downgraded by two or more rating agencies permitted if consideration is fair market value and at least 75 of the consideration is cash or equivalents except for a permitted asset swap the total noncash consideration from sale of collateral after the issue date should not exceed $400 million consideration received from asset sale is to be pledged as collateral for secured debtholders for asset sales other than collateral net proceeds should be used to reduce indebtedness or make investments with a time limitation net proceeds in excess of $200 million that are not invested or used to reduce debt must be offered to all holders of senior notes excess proceeds less than $200 million can be used for general corporate purposes net proceeds from the sale of collateral are to be used with a time limitation to repay or repurchase the notes and other parity-lien debt rps by efh and restricted subsidiaries other than tceh are allowed if the pro forma rp coverage ratio for the most recent four fiscal quarters is at least 2.0x and for tceh the fixed-charge coverage ratio is al least 2.0x rps are allowed up to a sum of 1 50 of the consolidated net income of efh or a restricted subsidiary beginning oct 1 2007 to the end of the most recent fiscal quarter 100 of consolidated net losses and 2 100 of aggregate net cash proceeds of marketable securities or other property received by efh other than restricted investments in oncor after the closing date rps in aggregate should not exceed 2.0 of total assets at the time made efh or any of its restricted subsidiaries cannot pay cash dividend or make a cash distribution unless the pro forma consolidated leverage ratio of efh is equal to or less than 4.0x yes for material debt above $250 million either at efh or at any of its restricted subsidiaries yes none noted none noted the majority of lenders voting as a single class may amend or supplement the indenture a majority is needed to waive any existing default except continuing default and rescind any acceleration of the notes the consent of each holder is needed to reduce the principal reduce the interest rate and extend the maturity a two-thirds majority is needed to release all or substantially all of the collateral a majority is needed to release less than all or substantially all of the collateral prior to jan 15 2013 efh may redeem up to 35 of aggregate principal at 110 plus accrued and unpaid interest using net cash proceeds of equity offerings prior to jan 15 2015 efh may redeem all or part of the notes for 100 plus the applicable premium and accrued and unpaid interest for 12-month period from jan 15 2015 at 105.000 for 12-month period from jan 15 2016 at 103.333 for 12-month period from jan 15 2016 at 103.333 and for 12-month period from jan 15 2018 and thereafter at 100.000 none noted none noted debt restrictions debt incurrence limitations on liens limitation on guarantees acquisitions/divestitures change of control coc m&a investments restriction sale of assets restriction restricted payments restricted payments rps other cross-default cross-acceleration equity cure covenant suspension required lenders/voting rights callability financial covenants senior secured leverage interest coverage minimum m&a merger and acquisition source company filings fitch ratings fitch 50 july 20 2011 13

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corporates bond covenant summary energy future holdings corp borrower document date maturity date description of debt cash pay notes energy futures holdings corp efh 10/31/07 indenture dated oct 31 2007 filed as exhibit 4.1 to 8-k dated oct 31 2007 10.875 senior cash pay notes due 2017 pik toggle notes energy futures holdings corp efh 10/31/07 indenture dated oct 31 2007 filed as exhibit 4.1 to 8-k dated oct 31 2007 11.250/12.000 senior toggle notes due 2017 after the initial interest payment period the issuer can elect to pay interest in cash 50 pik and 50 cash or 100 pik pik election until november 2012 $2.5 billion 342 million original issue/outstanding ranking guarantee $2.0 billion 196 million senior unsecured debt jointly and severally fully and unconditionally by efih and efch the guarantees issued are senior unsecured obligation of each guarantor and will rank equally in right of payment with all existing and future senior indebtedness of the guarantor and will be senior to all existing and future subordinated indebtedness of the guarantor debt restrictions debt incurrence permitted if pro forma the fixed-charge coverage ratio for the most recent four quarters is at least 2.0x tceh can issue debt if pro forma fixedcharge the coverage ratio for the most recent four quarters is at least 2.0x a general basket of $1.75 billion and incurrence of indebtedness is permitted under credit facilities up to $26.5 billion commodity hedging obligations are permitted refinancings are permitted subject to limitations subordinated debt and guarantees are permitted intercompany loans are permitted provided they are subordinate to the notes other than intercompany loans from tceh and its subsidiaries subordinated and parity liens are permitted at the time of incurrence and pro forma the consolidated secured debt ratio for the most recently ended four fiscal quarters does not exceed 5.0x see debt incurrence section the sale lease or transfer of all or substantially all of the assets of efh and its subsidiaries to any person other than a permitted holder or the acquisition of 50 or more of the total voting power of efh or any of its direct or indirect parent companies by a person is a coc there is a put at 101 of par plus accrued and unpaid interest in cash a coc does not constitute an event of default permitted if efh is the surviving corporation or the successor company assumes all obligations of efh and if the fixed-charge coverage ratio is greater than 2.0x and greater than what it was prior to the transaction permitted if consideration is fair market value and at least 75 consideration is cash or equivalents except for permitted asset swap total noncash consideration from the sale of collateral after the issue date not to exceed 5 of the total assets consideration received from the asset sale is to be used to reduce senior debt at efh or debt of a restricted subsidiary that is not a guarantor or to make an investment with time limitations net proceeds in excess of $200 million that are not invested or used to reduce debt must be offered to all holders of senior notes excess proceeds of less than $200 million can be used for general corporate purposes permitted provided the rp coverage ratio is at least 2.0x for the most recently ended four quarters for rps by tceh or any of its restricted subsidiaries the fixed-charge coverage ratio is at least 2.0x for the most recent four quarters aggregate rps after the closing date are to be less than the sum of 50 of the consolidated net income beginning oct 1 2007 to the end of most recent fiscal quarter or 100 of losses with respect to an rp by tceh or any of its restricted subsidiaries 50 of consolidated net income since oct 1 2007 to the end of the most recent quarter or 100 of losses plus 100 of aggregate cash proceeds of securities or other property received by the issuer after the closing date aggregate rps are not to exceed 2.0 of total assets at the time made dividends and intercompany loans to any direct or indirect parent are permitted for the payment of taxes and sg&a expenses efh s consolidated leverage ratio of should be equal or less than 7.00x yes for material debt exceeding $250 million yes for material debt exceeding $250 million none noted none noted the majority of lenders vote as a single class to amend or supplement the indenture or waive any existing default except continuing default and rescind any acceleration of the notes except if any waiver or amendment affects only the cash pay or toggle notes then a majority consent from each holder is required the consent of each holder is required to reduce the principal reduce the interest rate extend the maturity change the ranking or modify the guarantee senior toggle notes cash pay notes prior to nov 1 2010 up to 35 at 110.875 with net cash proceeds of prior to nov 1 2010 up to 35 of at 111.250 with net cash proceeds equity offering of equity offering prior to nov 1 2012 at 100 plus applicable premium prior to nov 1 2012 at 100 plus applicable premium for 12-month period from nov 1 2012 at 105.438 for 12-month period from nov 1 2012 at 105.625 for 12-month period from nov 1 2013 at 103.625 for 12-month period from nov 1 2013 at 103.750 for 12-month period from nov 1 2014 at 101.813 for 12-month period from nov 1 2014 at 101.875 nov 1 2015 and thereafter at 100.000 nov 1 2015 and thereafter at 100.000 none noted none noted limitations on liens limitation on guarantees acquisitions/divestitures change of control coc m&a investments restriction sale of assets restriction restricted payments restricted payments other cross-default cross-acceleration equity cure covenant suspension required lenders/voting rights callability financial covenants senior secured leverage interest coverage minimum pik payment in kind m&a merger and acquisition sg&a selling general and administrative source company filings fitch ratings 14 fitch 50 july 20 2011

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