https://www.avient.com/sites/default/files/resources/PolyOne%25202018%2520Proxy%2520Statement.PDF
EXECUTIVE COMPENSATION
Outstanding Equity Awards at 2017 Fiscal Year-End
Option
Exercise
Price
($)
(e)
Option
Expiration
Date
(f)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)
(h)
Equity Incentive
Plan Awards:
Market or Payout
Value of Unearned
Shares, Units or
Other Rights that
Have Not Vested
($)
(j)
- - 25,039 (1) 1,089,197 -
- - 35,796 (2) 1,557,126 -
- - 39,630 (3) 1,723,905 -
- - - 52,524 (6) 2,284,794
- - - 52,524 (6) 2,284,794
30,500 (7) 14.81 2/16/2021 - -
48,800 (8) 14.61 2/14/2022 - -
30,700 (9) 23.08 2/15/2023 - -
20,500 (10) 35.07 2/11/2024 - -
44,467 (11) 22,233 (11) 38.27 2/4/2025 - -
35,067 (12) 70,133 (12) 24.98 2/10/2026 - -
118,200 (13) 34.10 2/15/2027 - -
- - 6,996 (1) 304,326 -
- - 8,553 (2) 372,056 -
- - 8,272 (3) 359,832 -
17,400 (10) 35.07 2/11/2024 - -
12,467 (11) 6,233 (11) 38.27 2/4/2025 - -
8,384 (12) 16,766 (12) 24.98 2/10/2026 - -
24,650 (13) 34.10 2/15/2027 - -
- - 2,718 (1) 118,233 -
- - 3,558 (2) 154,773 -
3,909 (3) 170,042
- - 10,073 (4) 438,176 -
2,600 (8) 14.61 2/14/2022 - -
2,867 (9) 23.08 2/15/2023 - -
3,000 (10) 35.07 2/11/2024 - -
4,867 (11) 2,433 (11) 38.27 2/4/2025 - -
3,467 (12) 6,933 (12) 24.98 2/10/2026 - -
11,600 (13) 34.10 2/15/2027 - -
- - 3,447 (1) 149,945 -
- - 4,382 (2) 190,617 -
- - 4,467 (3) 194,315
7,800 (10) 35.07 2/11/2024 - -
6,134 (11) 3,066 (11) 38.27 2/4/2025 - -
4,300 (12) 8,600 (12) 24.98 2/10/2026 - -
13,250 (13) 34.10 2/15/2027 - -
- - 3,554 (1) 154,599 -
- - 4,639 (2) 201,797 -
- - 4,620 (3) 200,970 -
23,300 (8) 14.61 2/14/2022 - -
13,700 (9) 23.08 2/15/2023 - -
8,700 (10) 35.07 2/11/2024 - -
6,200 (11) 3,100 (11) 38.27 2/4/2025 - -
4,517 (12) 9,033 (12) 24.98 2/10/2026 - -
13,750 (13) 34.10 2/15/2027 - -
- - 3,751 (5) 163,169 -
- - 4,382 (2) 190,617 -
- - 4,213 (3) 183,266
6,600 (14) 3,300 (14) 40.19 5/15/2025 - -
4,300 (12) 8,600 (12) 24.98 2/10/2026 - -
12,450 (13) 34.10 2/15/2027 - -
- - 4,177 (1) 181,700 -
- - 5,102 (2) 221,937 -
- - 5,025 (3) 218,588 -
10,400 (10) 35.07 2/11/2024 - -
7,467 (11) 3,733 (11) 38.27 2/4/2025 - -
5,000 (12) 10,000 (12) 24.98 2/10/2026 - -
14,900 (13) 34.10 2/15/2027 - -
- - -
- - -
- - -
- - - -
- - - -
- - - -
- -
- - -
- -
-
- - - -
- - - -
- - - -
- -
- - -
- -
- -
- - - -
-
-
-
-
-
- -
Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
(g)
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
(c)
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
(b)
-
-
-
-
-
Option Awards
-
-
-
-
Equity Incentive
Plan Awards:
Number of
Unearned
Shares, Units or
Other Rights that
Have Not Vested
(#)
(i)
-
-
-
-
-
-
-
-
- -
-
-
-
-
- - - -
-
- - -
-
-
-
-
- - -
- - -
Name
(a)
Stock Awards
B.C.
https://www.avient.com/sites/default/files/2020-03/PolyOne_Website-12.19.pdf
Sources
Cash from Balance Sheet $465
New Senior Unsecured Notes 650
New Equity 450
Total Sources $1,565
Uses
Clariant Masterbatch $1,500
Clariant India Masterbatch 60
Less: Lease Adjustment (113)
Net Purchase Price $1,447
Net Cash Acquired 57
Fees, Expenses & OID 61
Total Uses $1,565
($ Millions)
Cash and Cash Equivalents $370
$450M Senior Secured ABL Revolver -
Senior Secured Term Loan B due 2026 624
Other Debt 25
Total Senior Secured Debt $649
5.25% Senior Unsecured Notes due 2023 $600
New Senior Unsecured Notes 650
Total Senior Debt $1,899
Net Debt $1,529
New Equity $450
Pro Forma Capitalization
(1)
PF 12/31/2019
$450
$600 $624
$743
2019 2020 2021 2022 2023 2024 2025 2026
A T T R A C T I V E F I N A N C I N G S T R U C T U R E
Attractive Debt
Maturity Profile
Existing Revolver Existing Senior Notes Existing Term Loan B
New Debt
Financing
Financing
Summary
Terms on
New Debt
$465 million of cash from the balance sheet expected to fund a portion of the purchase price
Bridge financing for remainder fully committed from Citi, Morgan Stanley and Wells Fargo
Permanent financing expected to include a combination of long-term debt and new equity
The timing of the permanent financing is subject to a number of factors, including, but not limited
to, market conditions
PolyOne is committed to preserving a strong balance sheet
– Target net leverage at close below 3.5x, excluding synergies
Pro forma capital structure positions PolyOne with flexibility to pursue continued growth strategy
New financing expected to have same or better covenant package than existing capital structure
Capital structure would be “covenant lite”
Capital
Policy
Transaction in line with PolyOne’s disciplined capital allocation policy
Existing PolyOne dividend policy to be maintained
Focus on deleveraging in the near term
2028+
PolyOne Corporation 26
PolyOne Corporation 27
T H E N E W P O L Y O N E : A S P E C I A L T Y G R O W T H C O M P A N Y
Landmark portfolio transformation: > 85% of Adjusted EBITDA
from specialty solutions
World-class innovation, technology and service are differentiators
Sustainability initiatives and alignment with megatrends drive
above market growth in key end markets and applications:
Capital management is a strength - proven track record of
expanding ROIC while increasing invested capital
Transaction expected to add $0.85 to pro forma adjusted EPS
PolyOne Corporation 28
PolyOne Corporation 29