REVLON, INC CONSUMER PRODUCTS, US CREDIT REPORT 9 November 2017 NORTH AMERICA
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1 Instrument (Excluding Discounts) Coupon Capital Structure as of 30 June 2017 (USD m) Face Amt Out Market Amt Price REVLON, INC CONSUMER PRODUCTS, US YTM Maturity Date Face Leverage at LTM Adj Market Leverage at LTM Adj Face Leverage at 2017E Adj Market Leverage at LTM Adj USD 400m 2016 ABL RC Facility L % % 7-Sep x 0.8x 1.0x 1.0x 2016 Term Loan Facility 3 L + 3.5% 1,782 1, % 21-Jul x 5.8x 7.3x 7.1x Spanish Government Loan - 1 ` Total Secured Debt 2,027 1, x 5.8x 7.3x 7.1x 5.75% Senior Notes due % % 15-Feb x 8.2x 12.2x 10.0x 6.25% Senior Notes due % % 1-Aug x 8.2x 12.2x 10.0x Total Debt 2,977 2, x 8.2x 12.2x 10.0x Cash Net Debt 2,898 2, x 7.9x 11.9x 9.6x Revlon Market Cap 1,201 1,201 $21.55/Sh Enterprise Value (EV) 4,099 3, x 12.0x 16.8x 14.6x Pro Forma LTM Adjusted to 2Q E PF Adjusted 244 Source: Company reports and Market Axess for bond prices. 1. Citibank is the administrative agent on the ABL, which has a maximum level of USD 400m with a USD 100m sublimit for LCs, of which USD 10m were issued at 30 September The revolver maturity date springs to 16 November 2020 if any of the 5.75% notes due 2021 remain outstanding, and available liquidity exceeds the outstanding remaining 5.75% notes by USD 200m. 2. The borrowing base is calculated at (i) 85% of AR, (ii) the lesser of 85% of the OLV or a set percentage for inventory, (iii) restricted cash to USD 75m, and (iv) a temporary increase between 15 August and 15 October. At 30 September 2017, the borrowing base availability under the USD 400m ABL was USD 126m. 3. The ABL is secured by a first lien on all tangible assets in the US and Canada, including inventory and accounts receivable. The Term Loan is secured by capital stock, intellectual property and intangibles. Both have a second lien on the first lien collateral of the other. OVERVIEW Revlon s results on a pro forma basis, which adjust last year s results for the inclusion of Elizabeth Arden, showed a total revenue decrease of 10.6%, and an adjusted decline of 52.2% to USD 54m from USD 113m at 3Q16. The deterioration in performance reflects a myriad of issues that have not only negatively impacted the business in 2017, but are likely to continue into next year. We view these as structural issues related to where consumers purchase their beauty-care items, the marketing of products and how media influences on purchasing decisions have changed. On the retail side, the mid-tier department stores that are a core part of Revlon s business have been closing locations and experiencing declining sales. Macy s, for example, reported 3Q17 results that fell 4% on a comp basis. Revlon s department store customers continue to face challenges from the incursion of online retailers, which the company could offset with its own online presence. But Revlon s online sales are less than 5% of total revenue, though growing. By its own admission, Revlon has been slower to market with product innovations and recognizing the influence of social media RECENT DEBTWIRE COVERAGE and social-media influencers. This has left it vulnerable to incursions from faster-moving competitors that have connected with younger consumers. We think a prime example of what has been occurring in the beauty-care market is the rise of the Kylie Jenner cosmetics business. In its first 18 months of existence, this business, tied to one of the top social media celebrities, has reportedly grown to more than USD 420m in revenue as of August We think Revlon s main problem is being caught flat-footed as the market changed around it. In North America, its total sales decreased on a pro-forma basis by 21.9% YoY in 3Q. However, the challenges facing retailers in North America are not new, and store closures and weak sales at traditional brick-and-mortar retail have been a persistent theme for more than a year. Yet even knowing what had been occurring, Revlon was hit with even greater markdown pressure as its retail customers needed additional incentives to drive sales. The solutions, outlined by the company to revamp its online business, benefit from planned changes at the department stores it sells to, but reworking the speed that it gets products to market will take time. These are not solutions that lead us to believe that Revlon will see substantial improvement within the next several quarters. LEGAL ANALYSIS: Revlon could pull a J. Crew style IP transfer with less litigation exposure 7 November 2017 BUSINESS DESCRIPTION Revlon, Inc manufactures, markets, and sells beauty and personal care products worldwide with a broad array of items that include cosmetics, hair care, fragrances and skin care. The company operates in four operating segments, following the 2016 acquisition of fragrance manufacturer Elizabeth Arden. USD m FY15 FY16 LTM 1,914 2,334 2,707 Adj Adj. Margin 19.4% 18.0% 10.9% Interest Expense (83) (105) (147) Capex (48) (59) (96) Levered FCF Management continues to talk about the USD 55m-USD 60m of synergies it will achieve in 2017 from the integration of Elizabeth Arden, but that segment is deteriorating now as well. To the extent Revlon benefits from synergies, we view them as mitigating some of the downside cash flow pressure and not a solution to its core revenue problem. Debtwire North America Philip Emma Senior Analyst Philip.Emma@acuris.com Timothy Hynes Head North American Research Timothy.Hynes@acuris.com Page 1
2 RECENT PERFORMANCE AND OUTLOOK Segment Comparison and 2017 Projections (USDm) % Change Fiscal Period: 1Q16PF 2Q16APF 3Q16APF 4Q16A FY 16A 1Q17A 2Q17A 3Q17A 4Q17E FY 2017E 1H17/ 3Q17/ 4Q17E/ FY17E/ Period Ended: 31-Mar Jun Sep Dec Dec Mar Jun Sep Dec Dec-17 1H16 3Q16 4Q16A FY16A Consumer North America % -25.6% -20.0% -19.0% International % 12.9% 8.0% 9.0% Total Consumer , , % -10.8% -9.2% -8.8% Elizabeth Arden North America % -18.2% -15.0% -12.9% International % 5.1% 5.0% 7.9% Total Elizabeth Arden % -9.8% -7.2% -4.5% Professional North America % -19.2% -15.0% -19.7% International % -3.0% -3.0% -1.7% Total Professional % -10.1% -8.1% -9.7% Other - International % -37.5% -37.5% -26.4% North America Total , , % -21.9% -17.4% -17.0% International Total , , % 5.6% 3.6% 5.4% Total s , , % -10.6% -8.6% -7.7% Adjusted % -52.2% -34.6% -40.4% Adjusted Margin 10.3% 12.2% 15.2% 18.5% 14.3% 5.4% 9.4% 8.1% 13.2% 9.2% Pro Forma Reconciliation 3Q (USDm) Fiscal Period: 3Q16 3Q16 Period Ended: 30-Sep Sep-17 Pro Forma As Reported Revlon Reported 605 Pro forma Elizabeth Arden 140 Adjusted Net Reported Revlon Gross Profit 361 PF Gross Profit adjustment 77 Adjusted Gross Profit Pro Forma Gross Profit Margin 58.8% 56.5% As Reported Gross Profit Margin 59.8% 56.5% Adjusted Adjusted Margin 15.2% 8.0% Liquidity (USD m) Cash 79 Revolver Availability 126 Total Liquidity at 30 September Liquidity Forecast - Before Synergies Total Liquidity 205 DW FY 2017E Adjusted 244 LTM CAPEX (96) LTM Interest Expense (147) Total Estimated 12-Month Liquidity Forecast 205 On an LTM basis through 3Q17, adjusted dropped to USD 296m. As a result of the decline in 3Q17, we have revised lower our forecast for FY17 to USD 244m from USD 300m. Based on what occurred in 3Q17, and our expectation that Revlon will not easily solve the reasons for the decline in one quarter, we have forecast total revenue in 4Q17 to decline by 8.6%. We re giving the company some credit for one-time items that impacted 3Q17, such as an inventory takeback from a customer, by reducing the YoY declines in total revenue and adjusted in 4Q17 compared to what did occur in 3Q17. For revenue, we forecast a decline in North America of 17.4% compared to 21.9% in 3Q17. For adjusted, we forecast USD 97m in 4Q17, which is a 34.6% decrease over 4Q16. In 3Q17, adjusted declined by 52.2% compared to 3Q16. If the company can only generate full-year 2017 adjusted in the range of our forecast of USD 244m, then the business may barely see break-even FCF. Given the expected erosion in operating cash flow, management s handling of working capital will be critical. In 3Q17, Revlon s inventory rose YoY by 7%, despite the drop in sales, which gives us further reason to view a rebound in 4Q17 as unlikely. Availability under its revolving credit facility fell to USD 125.6m from USD 231m at 2Q17, as borrowings under its revolving credit facility increased to USD 238.7m from USD 87.5m. For the company to reduce that funded level, it will need to turn working capital into a source of cash. Revlon does have something of an untapped source of borrowing capacity to add to its liquidity, as we estimate half of its combined USD 1bn of inventory and A/R at 30 September 2017 was outside the US, and therefore not included, but for some small portion of the international assets, in the borrowing base for its revolving credit facility. Page 2
3 Company Net Debt Market Cap Enterprise Value LTM COMPS, USD m Multiple Margin NTM NTM Multiple LTM Multiple NTM L'Oreal 1, , ,396 6, x 21.1% 6, x 31, x 30, x The Estee Lauder Companies 2,108 44,623 46,731 2, x 20.8% 2, x 12, x 13, x Coty Inc 6,602 11,430 18,032 1, x 13.5% 1, x 7, x 9, x Inter Parfums (171) 1,506 1, x 15.8% x x x Avon Products 1,225 1,375 2, x 6.2% x 5, x 5, x Peer Average 15.4x 13.6x 2.6x 2.5x Peer Average - Ex. Avon 17.5x 15.6x 3.1x 3.0x Revlon Consumer Products 2,898 1,201 4, x 12.5% x 2, x 2, x NTM Multiple Three-year price comparing COTY to Revlon Historic Trading Multiples (USDm) Revlon Average from January 2010 to Current TEV/LTM Total Average 1.6x High 1.9x Low 1.4x TEV/LTM Average 10.2x High 12.0x Low 8.8x Source: S&P CapIQ VALUATION: From a business perspective, we continue to view Coty as the best comp to Revlon for its similar business mix and leverage profile, although Coty s leverage is far less than Revlon s. The two businesses are also similar in that Coty is absorbing its own acquisition with the stock purchase of P&G s beauty business in September of The results for Coty through 30 September 2017 aren t as easily broken out on a pro forma comparable basis. But for 3Q17, it flagged an 8% revenue decline for its Consumer Beauty segment on a comparable basis and challenges in North America. Even with the challenge in North America, Coty s overall business is performing better. While its stock has been in a similar pattern to Revlon s, it has not had the same rate of deterioration over the last three years. The question with Revlon s valuation is what happens if results continue to erode at the same pace they have over the last several quarters? While it does not have the same challenge as Avon s dependence on Latin America, a reversion towards Avon s valuation multiple may be more likely if the problems continue without any signs of progress. On an basis, Revlon currently trades at a 25% discount to its peer group average EV of 15.4x. However, if that discount starts to widen to 40% of peer EV, the unsecured debt recovery values would fall into the 33%-range. With our expectation that adjusted will continue to erode, we think there is a risk that valuation multiples will fall as the business weakens, especially if it starts generating negative FCF and its peers, such as Coty, have issues in the parts of the business that overlap Revlon. Revlon Stock Valuation (USDm) Metric: TEV/LTM Total TEV/NTM Total TEV/LTM Adj TEV/LTM Adj TEV/LTM Adj TEV/NTM Adj Multiple Applied at: Eight-Year Average Multiple Current Revlon Multiple Eight-Year Average Multiple Peer Average Multiple 40% Discount Peer Average Peer Average NTM Multiple Revlon Level 2,784 2, Selected Multiple 1.6x 1.5x 10.2x 15.4x 9.3x 13.6x Implied EV 4,526 3,886 3,006 4,568 2,741 3,307 Less: Net Debt (2,898) (2,898) (2,898) (2,898) (2,898) (2,898) Implied Equity Value 1, , Shares Outstanding (millions) Implied Share Price $29.21 $17.74 $1.94 $29.97 $0.00 $7.35 Current Share Price $21.55 $21.55 $21.55 $21.55 $21.55 $21.55 % Upside/Downside 36% -18% -91% 39% -100% -66% Page 3
4 RECOVERY VALUE SCENARIOS: REVLON, INC CONSUMER PRODUCTS, US LTM Adj at Peer Avg EV Estimated Recovery Values (USDm) Scenario #1 Scenario #2 Scenario #3 Scenario #4 Scenario #5 DW 2017 E Adj DW 2017 E Adj at 40% Discount LTM Adj at Peer Avg EV to Peer Avg EV at Avon EV DW 2017E Adjusted at Avon EV Revlon Adjusted Peer Valuation Multiple 15.4x 15.4x 9.3x 7.3x 7.3x Valuation 4,568 3,763 2,258 2,156 1,776 Claims Pool Secured Claims Revolving Credit Facility Less Cash (79) (79) (79) (79) (79) Total Net Revolving Credit Claim Additional Secured Claims Term Loan Facility 1,782 1,782 1,782 1,782 1,782 Total Secured Claims 1,947 1,947 1,947 1,947 1,947 Unsecured Claims 5.75% Senior Notes due % Senior Notes due Total Unsecured Claims Total Claims 2,897 2,897 2,897 2,897 2,897 Estimated Recovery Value available to Revolving Credit 4,568 3,763 2,258 2,156 1,776 Revolving Credit Claim Recovery for Revolving Credit 100.0% 100.0% 100.0% 100.0% 100.0% Value available to Term Loan 4,403 3,598 2,093 1,991 1,611 Term Loan Claim 1,782 1,782 1,782 1,782 1,782 Recovery for Term Loan 100.0% 100.0% 100.0% 100.0% 90.4% Residual Value for Unsecured Claims 2,621 1, Unsecured Claims Recovery for Unsecured Claims 100.0% 100.0% 32.7% 22.0% 0.0% Summary Recoveries Revolving Credit Facility 100.0% 100.0% 100.0% 100.0% 100.0% 100 Term Loan Facility 100.0% 100.0% 100.0% 100.0% 90.4% % Senior Notes due % 100.0% 32.7% 22.0% 0.0% % Senior Notes due % 100.0% 32.7% 22.0% 0.0% 66 Trading Price Page 4
5 USD millions Annual Quarterly Fiscal Period: FY15 FY16 LTM 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Period Ended: 31-Dec Dec Sep Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep-17 Income Statement - AS REPORTED Net 1,914 2,334 2, Cost of Sales , Gross Profit 1,246 1,417 1, SG&A 899 1,039 1, Depr & Amort Acquisition costs Impairment/Restruct Charges (3) Operating Earnings (18) (42) 5 (6) Reported Adj LTM Adj Interest Expense LTM Interest Expense Other Expenses (5) 2 8 (1) (1) (7) (1) Income from continuing ops (168) (5) (23) (76) (25) (44) Provision for taxes (51) (25) 30 (9) (20) (25) 3 (6) (11) 0 (8) 39 (12) 11 Impact discontinued operations (3) (5) (2) 0 0 (1) (2) 1 (2) 0 (4) Net Income (Loss) 57 (21) (140) (1) (5) (35) (37) (36) (32) Balance Sheet Current Assets Cash and Equivalents Accounts Receivable Merchandise inventories Prepaid Exp. and Other Current Assets Non-Current Assets 808 1,124 1, ,205 1,124 1,060 1,113 1,200 PP&E, Net Intangible Assets 788 1,326 1, ,342 1,326 1,314 1,311 1,304 Other Long-term Assets Total Assets 1,967 3,024 3,168 1,873 1,927 1,924 1,967 1,888 1,915 3,113 3,024 2,999 3,062 3,168 Current Liabilities Accounts Payable Accrued Liabilities Other Short-term Liabilities CPLTD/Short-term Borrowings Non-Current Liabilities Gross Debt 1,827 2,693 2,925 1,847 1,847 1,849 1,827 1,806 1,808 2,763 2,693 2,731 2,775 2,925 Net Debt 1,501 2,506 2,846 1,639 1,648 1,668 1,501 1,624 1,622 2,664 2,506 2,610 2,691 2,846 OPEB Other Long-term Liabilities Total Liabilities 2,554 3,638 3,870 2,532 2,556 2,547 2,554 2,461 2,477 3,673 3,638 3,641 3,734 3,870 Shareholders' Equity (587) (615) (702) (659) (629) (623) (587) (573) (562) (560) (615) (642) (672) (702) Total Liab. and Shld Equity 1,967 3,023 3,168 1,873 1,927 1,924 1,967 1,888 1,915 3,113 3,023 2,999 3,062 3,168 Page 5
6 USD millions Annual Quarterly Fiscal Period: FY15 FY16 LTM 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Period Ended: 31-Dec Dec Sep Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep-17 Cash Flow Statement Adjusted Capital Expenditures (48) (59) (96) (5) (12) (10) (21) (7) (11) (15) (26) (15) (24) (30) Total Interest Expense (83) (105) (147) (20) (20) (21) (22) (21) (21) (27) (36) (35) (37) (39) Free Cash Flow Levered (18) (0) (15) Net Cash from Operating Activities (86) (26) 28 (5) 158 (100) 48 (16) 188 (86) (54) (135) Net Cash from Investing Activities (84) (1,088) (95) (8) (42) (6) (28) (7) (40) (1,014) (26) (15) (24) (29) Net Cash from Financing Activities (12) (26) 2 (5) 16 (39) (3) 940 (68) F/X Impact (8) (3) 3 (8) 2 (2) (0) 1 (1) 4 (6) Net Change in Cash 51 (140) (19) (68) (9) (18) 146 (145) 4 (87) 88 (65) (38) (4) Cash at Beginning of the Period Net Change in Cash 51 (140) (19) (68) (9) (18) 146 (145) 4 (87) 88 (65) (38) (4) Cash at the End of the Period Ratio Analysis Y/Y Total Growth -1.4% 21.9% 16.0% -6.6% -3.1% -0.1% 4.2% 0.4% 1.3% 28.3% 53.4% 35.3% 32.1% 10.1% Gross Margin Merchandise 65.1% 60.7% 56.7% 67.6% 66.7% 64.4% 62.2% 65.0% 64.8% 59.8% 56.5% 55.4% 58.5% 56.5% SG&A as % of Sales 47.0% 44.5% 47.7% 51.0% 48.4% 46.2% 42.9% 50.5% 47.7% 42.5% 40.7% 53.3% 49.9% 48.8% Adj. Margin 19.4% 18.0% 10.9% 16.2% 18.7% 17.8% 24.0% 15.2% 17.8% 18.7% 18.6% 5.4% 9.4% 8.1% Net Income Margin 3.0% -0.9% -5.2% -0.2% 5.3% 1.2% 5.1% 2.5% 1.6% -0.9% -4.4% -6.2% -5.6% -4.8% Total Debt / LTM Adj. 4.9x 6.4x 9.9x 5.3x 5.2x 5.2x 4.9x 4.9x 5.0x 7.0x 6.5x 7.2x 7.8x 9.9x Net Debt / LTM Adj. 4.0x 6.0x 9.6x 4.7x 4.7x 4.7x 4.1x 4.4x 4.5x 6.8x 6.0x 6.9x 7.6x 9.6x Adj. / LTM Interest Expense 4.5x 4.0x 2.0x 4.2x 4.3x 4.3x 4.5x 4.4x 4.3x 4.3x 4.0x 3.2x 2.6x 2.0x Working Capital Comparison (USDm) Fiscal Period: FY15 FY16 LTM 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Period Ended: 31-Dec Dec Sep Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep-17 Total 1,914 2,334 2, Accounts Receivable Merchandise Inventories Prepaid and Other CA Accounts Payable Accrued Liabilities Other Accrued Liabilities Ratio Analysis A/R as % of Total 12.8% 18.2% 17.0% 53.0% 53.1% 55.1% 46.9% 61.4% 54.8% 80.0% 53.0% 63.2% 60.4% 69.1% Inv as % of Total 9.6% 18.2% 20.5% 40.0% 40.8% 46.2% 35.3% 47.8% 43.0% 85.8% 53.1% 76.1% 80.2% 83.3% Payable as % of Inventory 109.4% 69.9% 62.0% 95.4% 95.9% 83.9% 109.4% 85.0% 89.3% 59.3% 69.9% 66.6% 66.5% 62.0% Y/Y Change Accounts Receivable 2.6% 73.1% 8.5% -12.6% -5.3% 1.6% 2.6% 16.4% 4.7% 86.2% 73.1% 39.3% 45.5% -5.0% Merchandise inventories 17.2% 131.0% 30.6% -7.1% 3.8% 16.5% 17.5% 20.0% 6.6% 138.1% 131.0% 115.7% 146.7% 6.9% Accounts Payable 31.6% 47.5% 15.9% -9.3% -11.4% -8.9% 3.0% -10.8% -7.7% 29.5% 32.0% 69.2% 83.7% 11.7% Performance Metrics Gross Profit Margin 65.1% 60.7% 56.7% 67.6% 66.7% 64.4% 62.2% 65.0% 64.8% 59.8% 56.5% 55.4% 58.5% 56.5% SG&A $/Gross Profit $ 72.2% 73.3% 84.0% 75.5% 72.6% 71.8% 69.0% 77.7% 73.5% 71.0% 72.1% 96.1% 85.3% 86.4% Page 6
7 CORPORATE STRUCTURE CHART: REVLON, INC CONSUMER PRODUCTS, US The corporate structure chart is for informational purposes only as a visual representation of issuers and guarantors under debt agreements, and is not intended to be a complete representation of Revlon s legal structure. Sources: The corporate structure chart can be found in the Preliminary Prospectus filed with the SEC on 20 October Page 7
8 INVOLVED PARTIES: Involved Parties Administrative Agent/Trustee Involved Arrangers Holders Merrill Lynch/BoFA Citibank Merrill Lynch/BoFA 2016 Revolving Credit Facility Citibank (also Collateral Agent) Wells Fargo Wells Fargo Credit Suisse Credit Suisse Deutsche Bank Macquarie Capital (USA) Barclays Bank Merrill Lynch/BodA Deutsche Bank Macquarie Capital (USA) Barclays Bank JPMorgan Oppenheimer CIFC Funding Credit Suisse Highbridge Loan Management 2016 Term Loan Facility Citibank (also Collateral Agent) Deutsche Bank Halcyon Loan Adv Funding Macquarie Capital (USA) Hartford Financial Management Barclays Bank ALM Loan Funding Nuveen Fund FMR JP Morgan 5.75% Senior Notes due 2021 US Bank Vanguard Unicredit SPA Transamerica 14 additional Holders each with < 3% Vanguard Unicredit SPA 6.25% Senior Notes due 2024 US Bank JPMorgan Alliance Bernstein Manulife Putnam Investors 13 additional Holders each with < 3% Largest Holder - Reported Position 52.6 Million Shares Outstanding MacAndrews & Forbes Holdings 75.98% Ron Perelman 8.67% Source: Loan Agreement, Capital IQ, Debtwire Mittleman Brothers 5.71% Dimensional Fund 2.0% The Vanguard Group, Inc. 1.91% Cumulative 94.27% Disclaimer We have obtained the information provided in this report in good faith from publicly available data as well as Debtwire data and intelligence, which we consider to be reliable. This information is not intended to provide tax, legal or investment advice. You should seek independent tax, legal and/or investment advice before acting on information obtained from this report. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report, and not for any delays in updating the information. We make no representations or warranties in regard to the contents of and materials provided on this report and exclude all representations, conditions, and warranties, express or implied arising by operation of law or otherwise, to the fullest extent permitted by law. We shall not be liable under any circumstances for any trading, investment, or other losses which may be incurred as a result of use of or reliance on information provided by this report. All such liability is excluded to the fullest extent permitted by law. Any opinions expressed herein are statements of our judgment at the date of publication and are subject to change without notice. Reproduction without written permission is prohibited. For additional information call Debtwire Analytics at (212) Copyright 2017 S&P Capital IQ (and its affiliates, as applicable). This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIR D PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTI AL DAMAGES, COSTS, EXPENSES, LEGAL FEES. OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CO NNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice Page 8
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