EX-99.2 3 g95866exv99w2.txt EX-99.2 EXECUTIVE SUMMARY - TRANSACTION OVERVIEW Exhibit 99.2 PRO FORMA CAPITALIZATION The following table reflects the pro forma capitalization after the Acquisition, assuming the transaction closed on March 31, 2005: PRO FORMA CAPITALIZATION
AS OF MARCH 31, 2005 ------------------------------------------------ ($ in millions) PSI ADJUSTMENTS PRO FORMA AS ADJUSTED ------ ----------- --------------------- Cash and Cash Equivalents $ 14.5 ($ 9.5) $ 5.0 Amended and Restated Revolving Credit Facility $ 30.0 $ 35.5 $ 65.5 New Term Loan B -- 325.0 325.0 HUD Financing and Other Senior Secured Debt 24.0 -- 24.0 ------ ------ TOTAL SENIOR SECURED DEBT $ 54.0 $414.5 TOTAL SENIOR DEBT $ 54.0 $414.5 New Senior Subordinated Notes -- 150.0 150.0 Existing 10.625% Senior Subordinated Notes due 2013 100.0 -- 100.0 ------ ------ TOTAL DEBT $154.0 $664.5 Stockholders' Equity 248.6 49.9 298.5 ------ ------ TOTAL CAPITALIZATION $402.5 $963.0 SELECTED OPERATING AND CREDIT STATISTICS LTM Pro Forma Adjusted EBITDA $ 69.6 $122.5 Senior Secured Debt / LTM Pro Forma Adjusted EBITDA 0.8x 3.4x Senior Debt / LTM Pro Forma Adjusted EBITDA 0.8 3.4 Total Debt / LTM Pro Forma Adjusted EBITDA 2.2 5.4 Total Debt / Total Capitalization 38.2% 69.0%