EX-99.2 3 g04178exv99w2.htm EX-99.2 THE SECTION OF THE CONFIDENTIAL INFORMATION MEMORANDUM ENTITLED "EXECUTIVE SUMMARY - TRANSACTION OVERVIEW - PRO FORMA CAPITALIZATION Ex-99.2
 

Exhibit 99.2
Pro Forma Capitalization
The following table reflects the pro forma capitalization of the Company after the ABS Acquisition, assuming the transaction closed on September 30, 2006:
($ in millions)
PRO FORMA CAPITALIZATION
                         
    September 30, 2006  
    PSI     ABS     Pro Forma  
                         
Cash
   $ 10.5     $ (1.4 )   $ 9.1  
 
                        
Revolver(1)
   $ 52.0     $ 60.0     $ 112.0  
Term Loan B
     200.0       150.0       350.0  
HUD Mortgages
     27.1               27.1  
 
                    
Total Senior Secured Debt
   $ 279.1             $ 489.1  
 
                        
7 3/4% Senior Sub. Notes
   $ 220.0             $ 220.0  
10 5/8% Senior Sub. Notes
     38.7               38.7  
Other
     0.6               0.6  
 
                    
Total Debt
   $ 538.4             $ 748.4  
 
                        
Stockholder’s Equity
   $ 604.2             $ 604.2  
 
                    
Total Capitalization
   $ 1,142.6             $ 1,352.6  
 
                        
 
Credit Statistics
                        
PF Adj. LTM EBITDA (2)
   $ 171.7     $ 19.8     $ 191.5  
 
                        
Senior Secured Debt / PF Adj. LTM EBITDA (2)
     1.6x               2.6x  
Total Debt / PF Adj. LTM EBITDA (2)
     3.1               3.9  
Net Debt / PF Adj. LTM EBITDA (2)
     3.1               3.9  
Total Debt / Total Capitalization
     47.1 %             55.3 %
 
(1) Current $150 million capacity will be increased to $300 million of total capacity at close.
(2) Please refer to Exhibit 99.3 for a Reconciliation of Income from Continuing Operations to Adjusted LTM EBITDA and Pro Forma Adjusted LTM EBITDA.
Note: ABS EBITDA reflects facility-level EBITDA less PSI corporate overhead allocation of $4.0 million