Mercer International Inc. · NASDAQ:MERC
Mercer International — Debt Investor Presentation (September 2010)
7 slides from Mercer International's debt investor presentation, Sep 13, 2010
Slide 1: Understanding Mercer's Capital Structure
Understanding Mercer's Capital Structure Supplemental Material to the Credit Suisse High Yield Presentation September 2010
Slide 2: Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this presentation contains statements that are forward-looking, such as statements relating to results of operations and financial conditions and business dev
Slide 3: Corporate Structure and Debt
Corporate Structure and Debt Rosenthal (Germany) Celgar (British Columbia) Stendal (Germany) 74.9% US$310 million senior unsecured notes due February 2013 US$2.3 million convertible notes due October 2010 US$48 million convertible notes due January 2012 EUR 506 million term loan due September 2017 L
Slide 4: The Big Picture
The Big Picture Mercer's "Restricted / Unrestricted Group" structure was used to effectively carve out the high leverage of Stendal The Restricted Group - created for the purpose of issuing $310 million in senior unsecured notes - is supported by the Celgar and Rosenthal operations Together, the mil
Slide 5: Selected Details Regarding Mercer's Balance Sheet
Selected Details Regarding Mercer's Balance Sheet ? ? ? ? 5 1 2 3 4
Slide 6: Balance sheet details: Restricted Group debt and Stendal debt
? Restricted Group debt Senior Unsecured Notes, US$310 million, 9.25%, due February 2013 Convertible Notes, US$ 66 million, 8.5%, due January 2012 (US$ 18 million was converted subsequent to June 30, 2010) Convertible Notes, US$2.3 million, due October 2010 The convertible debentures due Jan 2012 -
Slide 7: Unique Leverage Provides Value to Shareholders
Unique Leverage Provides Value to Shareholders As at June 30, 2010 Understanding the non-recourse nature of the Stendal debt and the accounting treatment for the grants helps to clarify the leverage picture Government grants have been netted from fixed assets in Mercer's financial statements. They a
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