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  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
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      "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
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      "text": "Facility size of $280mm ($115mm of term loan and $165mm revolving facility) provides sufficient liquidity to navigate through closing of potential take-private transaction and to repay revolver to avoid a covenant test",
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      "text": "All-in yield of Bonsai's $280mm facility is more favorable than Lender A's bridge facility (w/ AR financing) and because it is lower yield and partially structured as a revolving facility, the dollar cost of the facility is even more attractive",
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      "text": "Upfront fee, undrawn fee and interest rate are all payable-in-kind, providing Cactus with liquidity and flexibility",
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      "text": "Bonsai has communicated that Fund III has minimum yield requirements which limit Bonsai's ability to further improve economic terms",
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      "text": "Extended maturity to July 14, 2023 to provide additional cushion beyond expected time to closing of potential take-private transaction",
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      "text": "Cactus may receive an explanatory paragraph from auditors under the current terms, which management believes could be removed if Bonsai agrees to extend maturity to December 2023",
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      "text": "While Cactus's ability to pursue other financing alternatives between signing and closing would be restricted, Bonsai would have an incremental $280mm of unsecured debt exposure across Fund I and III, indicating a continued commitment in Cactus",
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      "text": "Should the Special Committee wish to move forward, Centerview, on behalf of the Special Committee, would seek to (i) maximize the portion of the facility available on a revolving basis and (ii) extend the maturity to December 2023 (if possible); in parallel, counsel would seek to finalize the Bonsai $280mm debt documents",
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