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  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
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      "text": "CENTER VIEW PARTNERS",
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      "text": "Cactus may be able to shift an incremental $60mm to revolver (from term loan) if Bonsai agrees to extend the maturity of their $61.2mm term loan",
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      "text": "However, as of the 3/31/23 test date, Cactus would require additional liquidity to avoid the covenant test",
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      "text": "The revolving nature of the Bonsai facility will allow Cactus to repay the existing revolving credit facility with Bonsai proceeds and then redraw on the revolver to repay the Bonsai facility to optimize cost of capital",
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      "text": "Economics consistent with the $75mm proposal described above; given Fund III minimum requirements, Bonsai is unable to reduce interest and fees, but agreed to PIK the upfront fee",
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      "text": "Extended maturity date to July 14, 2023, with the intention of providing sufficient liquidity and avoiding testing the covenant through June 2023",
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      "text": "$200mm facility provides Cactus with adequate liquidity as of 12/31/22 to pay revolver down to $105mm and avoid a covenant test as of that date",
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      "text": "15% interest rate, with option to pay in kind (50bps undrawn fee)\n2% upfront fee, payable in form of OID\n6 month maturity\nWould have required amendment/waiver from Cactus's existing revolving lenders",
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      "text": "Increased size of facility to $280mm ($115mm term loan and $165mm revolving facility)",
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      "text": "Cactus would be restricted from pursuing other financing alternatives between signing and closing",
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      "text": "On 11/29, Bonsai submitted a proposal for a $75mm unsecured revolving facility intended to provide liquidity until closing of the potential take-private transaction with the following terms",
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      "text": "Centerview discussed the revised proposal with Bonsai, and on 12/3, Bonsai further revised its proposal",
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      "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
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