Figure 19: High Yield Chemicals Relative Value - Leverage vs. STW
AI
f
i
m
500
400
PM 5875%73
•
ASH 6875%43
•
PIEGRP 5 375%74
300
NCX 250%27 KRA 7.000%75 CF 5 375% '44
AM-0.3.750%25
• •
C.F i0%'13
NCX 5 OM 75 CC 5375%77
NCX 4415% 24 OD 005%Z
MIN SE 5375%55 •INEGRP 5625%24 • X0156 000%75 CF 5 132%14
• • PURA 4 250%74
3/415 25% 24
WIWI 5 SS 11 5% 77
200 11101.4.315•404
• CC n)515:314% 73
NCX 5 M il
4. 04.71 • 4.1 MIA 4875%24 PAN 6500% 72
4- - Vr A 5 125%21
•
0 10 C00%
00
x"4750%7!
*KRA 10500%'33
•
CF 3 450%23
PAN 6000%*
NUN 5125%22 Gen"' 9514%73 if •
• 4
HUN 4875%70
100
CF 7125%'70
•
0
o0x 1.0x 30x 30x 40x 5.0x 6.0x 7 Ox
Total Debt/ LTM EBITDA
Sane Onaelie ant One, Met OteneennineLN
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086596
CONFIDENTIAL SDNY_GM_00232780
EFTA01385312