Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TOYS R US INC | tru92020178-k.htm |
0.78.188
8.98.173
234.26.91
244.129.32
110.174.85
158.45.43
117.117.117
198.198.198
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Illustrative ABL/FILO borrowing base calculation
ABL/FILO WELL COVERED BY BOOK VALUE OF COLLATERAL
Max ABL draw + FILO covered at 1.3x Book
US
$32mm A/R
$2,040mm Inventory
Canadian
$4mm A/R
$192mm Inventory
$178mm Real Estate
Total
+$2.3B A/R and Inv.
+$2.4B Collateral
Inventory NOLVs are
adjusted by Low
(Jan-Aug) and High
(Sep-Dec) season
Category Low High
TRU-US 75.0% 82.7%
TRU-CAD 80.2% 86.8%
BRU-US 80.3% 80.3%
Seasonal NOLV
ABL advanced at
90% Eligible
Collateral
Closing date borrowing base calculation (as of September 19, 2017 for the period ending August 26, 2017, $ in mm)
FILO advanced on 10%
Eligible Collateral and 75%
FMV Canadian Real Estate;
Pushdown reserve ensures
FILO is always inside of
100% LTV to Borrowing
Base
Borrowing Base W/C Component US Canada Total
Eligible A/R 32$ 4$ 36$
Book Value of Inventory 2,040 192 2,231
Less: Total Ineligibles (57) (4) (60)
Eligible inventory 1,983 188 2,171
x Average NOLV 82.4% 86.8% 82.7%
NOLV Inventory 1,633 163 1,796
Eligible Collateral (A/R + NOLV Inv.) 1,665$ 167$ 1,832$
ABL US Canada Total
Eligible Collateral 1,665 167 1,832
x ABL Advance Rate 90% 90% 90%
ABL Availability 1,498 150 1,649
Less:
Availability Reserves (144) (8) (152)
Carve-out / D&O reserve (35) (34) (69)
FILO Term Loan Pushdown Reserve (14) (1) (14)
Total Reserves (192) (42) (235)
ABL Borrowing Base 1,306$ 108$ 1,414$
FILO US Canada Total
Eligible Collateral 1,665 167 1,832
x FILO Advance Rate 10% 10% 10%
FILO AR + NOLV 166 17 183
FMV Cana ian Real Estate, net of reserves - 170 170
x R l Estate Advance Rate - 75% 75%
Total available FILO collateral - 127 127
Plus: Required Availability 70 55 125
FILO Availability 236$ 199$ 436$
FILO Outstanding 250$ 200$ 450$
Inc. Excess Avail. / (Pushdown Reserve) (14)$ (1)$ (14)$
Note: Amounts may not recalculate due to rounding.