https://www.avient.com/sites/default/files/2020-03/PolyOne_Website-12.19.pdf
The
non-GAAP financial measures include: adjusted EPS, pro forma adjusted EPS, adjusted operating income, adjusted EBITDA, return on
invested capital (ROIC) and free cash flow.
Pro forma adjusted EPS is defined as adjusted EPS pro forma for the proposed acquisitions excluding the impact of
the step-up of depreciation and amortization related to purchase accounting.
Sources
Cash from Balance Sheet $465
New Senior Unsecured Notes 650
New Equity 450
Total Sources $1,565
Uses
Clariant Masterbatch $1,500
Clariant India Masterbatch 60
Less: Lease Adjustment (113)
Net Purchase Price $1,447
Net Cash Acquired 57
Fees, Expenses & OID 61
Total Uses $1,565
($ Millions)
Cash and Cash Equivalents $370
$450M Senior Secured ABL Revolver -
Senior Secured Term Loan B due 2026 624
Other Debt 25
Total Senior Secured Debt $649
5.25% Senior Unsecured Notes due 2023 $600
New Senior Unsecured Notes 650
Total Senior Debt $1,899
Net Debt $1,529
New Equity $450
Pro Forma Capitalization (1)
PF 12/31/2019
$450
$600 $624
$743
2019 2020 2021 2022 2023 2024 2025 2026
A T T R A C T I V E F I N A N C I N G S T R U C T U R E
Attractive Debt
Maturity Profile
Existing Revolver Existing Senior Notes Existing Term Loan B
New Debt
Summary
Terms on
New Debt
$465 million of cash from the balance sheet expected to fund a portion of the purchase price
Bridge financing for remainder fully committed from Citi, Morgan Stanley and Wells Fargo
Permanent financing expected to include a combination of long-term debt and new equity
The timing of the permanent financing is subject to a number of factors, including, but not limited
to, market conditions
PolyOne is committed to preserving a strong balance sheet
– Target net leverage at close below 3.5x, excluding synergies
Pro forma capital structure positions PolyOne with flexibility to pursue continued growth strategy
New financing expected to have same or better covenant package than existing capital structure
Capital structure would be “covenant lite”
Capital
Policy
Transaction in line with PolyOne’s disciplined capital allocation policy
Existing PolyOne dividend policy to be maintained
Focus on deleveraging in the near term
2028+
PolyOne Corporation 26
PolyOne Corporation 27
T H E N E W P O L Y O N E : A S P E C I A L T Y G R O W T H C O M P A N Y
Landmark portfolio transformation: > 85% of Adjusted EBITDA
from specialty solutions
World-class innovation, technology and service are differentiators
Sustainability initiatives and alignment with megatrends drive
above market growth in key end markets and applications:
Capital management is a strength - proven track record of
expanding ROIC while increasing invested capital
Transaction expected to add $0.85 to pro forma adjusted EPS
PolyOne Corporation 28
PolyOne Corporation 29
https://www.avient.com/resources/safety-data-sheets?page=2120
S1302CP COTTON PRO BURNT ORANGE
TPE-S K 45A NATURAL
https://www.avient.com/resources/safety-data-sheets?page=1507
GEON D90B0 NATURAL 0000
S1500CP COTTON PRO PURPLE
https://www.avient.com/sites/default/files/2021-09/certificate-of-change-of-name-avient-singapore-pte-ltd.pdf
COMPANIES ACT 2016
AVIENT SINGAPORE PTE LTD
TEL : 03-2299 4400 FAX : 03-2299 4411
MENARA SSM@SENTRAL, NO.7, JALAN STESEN SENTRAL 5, KUALA LUMPUR SENTRAL, 50470 KUALA LUMPUR.
https://www.avient.com/sites/default/files/2023-09/Avient Sustainability Day 2023 - Website %289.19%29.pdf
Pro Forma Financial Information
The Company acquired Avient Protective Materials (“Dyneema”) on September 1, 2022 (the “Acquisition Date”) and sold the Distribution segment on November 1, 2022.
To provide comparable results, the company references “pro forma” financial metrics, which include the business results of
Avient Protective Materials for periods prior to the Acquisition Date, as if the transaction occurred on January 1, 2021 and reflect Distribution as a discontinued operation.
To provide comparable financial results, Avient references “pro forma” financial metrics, which include the business results of Clariant Color for the entirety of 2020.
https://www.avient.com/resources/safety-data-sheets?page=2355
PRO RED CSPN
19853GNS PRO MATCH BLACK
https://www.avient.com/resources/safety-data-sheets?page=1319
SEARS PRO RED 2 ABS
SEARS PRO RED 2 ABS
https://www.avient.com/resources/safety-data-sheets?page=4363
STAN-TONE HCC-35932 PRO VALLIS RED
STAN-TONE HCC-35934 PRO OAK
https://www.avient.com/sites/default/files/resources/Novel_Thermoplastic_Elastomers_with_Universal_Bonding_Characteristics.pdf
GLS International, Rilland, Netherlands
GLS Corporation, 833 Ridgeview Drive, McHenry, IL 60050
Tel: 815-385-8500 Fax: 815-385-8533 email: info@glscorp.com Web: www.glscorp.com
BIOGRAPHICAL NOTE
John Simons is currently employed by GLS International Inc. as Business Manager
Europe.
Polarity of the substrate dictates the chemical nature of the
thermoplastic elastomer and hence the properties and the performance of the thermoplastic elastomer.
The bonding characteristics of TPE-2 materials to all the substrates
were adhesive in nature.
https://www.avient.com/resources/safety-data-sheets?page=4387
STAN-TONE HCC-35943 PRO SANDSTONE
GEON 87736 NATURAL 0000