Published on March 4, 2014
ForwardLooking Statements This presentation contains forward- looking statements, within the meaning of applicable securities legislation, concerning Portola Royalty’s business and affairs. These statements are identifiable by their use of verbs such as “expect”, as well as by the use of future or conditional tenses. These forwardlooking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on such forwardlooking statements. Portola Royalty Corporation assumes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated future events, except as may be required under applicable securities laws.
1 Royalty capital for private companies with $2+ million EBITDA 2 $10 to $30 million transaction size 3 No amortization no term
Royalty Capital for Private Companies ~15% Pre-tax cost of capital 3
Debt Royalty Capital Creates Value Debt Debt Sub Debt Royalty Capital Preferred Equity Equity Equity Equity 1 2 3
Royalty Capital is Designed for Flexibility Royalty payment is adjusted up or down No principal payments No term No kickers Tax efficient 3 No control requirements Owners keep 100% equity
Why Use Royalty Capital? Avoid issuing new debt Avoid selling equity Fund a shadow sale of your company 3
Fund a Shadow Sale of Your Company True sale: $4mm EBITDA business attracts a 6x multiple - $24mm Shadow sale: $24mm of royalty capital costs $3.6mm (15%) per year Business EBT $400K Owner keeps 100% of 3 equity
We Are Seeking Royalty Investments $10 to $30mm transaction size History of at least $2mm in EBITDA Reasonable debt level Committed, experienced management in place Good long term industry fundamentals 3
Attractive royalty capital for private companies No amortization no term $10 to $30 million transaction size
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