We expect the company will generate debt leverage above 5x until the Boilermaker project's first incremental cash flows start materializing in mid-2020. There are execution risks given the materiality of this project relative to JW Aluminum's size as cost overruns or delays could weaken credit measures and liquidity. So far, phase 1 of the expansion is on time and on budget for mid-2020 delivery while the phase 2 will be completed in 2022. We estimate a 10% decline in volumes sold combined with a 10% contraction in its total spread would result in EBITDA interest coverage near 1.3x and debt leverage of more than 7x. We believe this scenario could result from competitive pressures reducing the company's ability to pass
