...- Our simulated default scenario contemplates a default occurring in 2022, potentially stemming from a regulatory suspension of its manufacturing operations at one or more facilities. - We believe AMRI would likely reorganize in the event of default and value the company on a going-concern basis using a 6x multiple of our projected default-level EBITDA. This multiple is similar to the multiples we use for other CDMOs based on their scientific expertise and specialized facilities. - The secured credit facilities benefit from a downstream guarantee from UIC Parent Co., an upstream guarantee from the company's wholly owned U.S. restricted subsidiaries, and a pledge of 65% of AMRI's equity interests in its foreign subsidiaries. AMRI's U.S. operations, which provide a secured guarantee to the facilities, contribute approximately 50% of its revenue. Its foreign operations, which are nonguarantors, contribute the remaining 50% of its revenue. Simulated default assumptions - Simulated year of default:...
