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Expansion <br />in Florida <br />revenues, the cash flows would be dramatically lower and would appear to preclude the bond <br />offering. <br />The following profonna projections are from the 2017 draft preliminary offering memorandum <br />provided to FDFC in connection with its approval of the tax-exempt bonds: <br />Cash Flow Summary <br />(S and Passengers In Millions) 2018 2019 2020 2021 2022 Total <br />Ramp Up <br />Passengers <br />CASH FLOW <br />Revenue <br />Opex <br />EBITDA <br />Maintenance Capex <br />Cash Flow, Before Debt Service <br />Interest <br />Debt Amort. (1) <br />Cash Flow After Debt Service <br />(2) <br />40% 80% 100% 100% 100% <br />1.1 2.3 2.9 3,0 3.0 12.3 <br />857 <br />$112 <br />$142 <br />$147 <br />$154 <br />$012 <br />(60) <br />L60J <br />LU3 <br />J� <br />06J <br />aU4 <br />(3) <br />52 <br />79 <br />82 <br />88 <br />298 <br />(7) <br />(4) <br />(4) <br />(4) <br />(4) <br />(23) <br />(10) <br />48 <br />75 <br />79 <br />84 <br />276 <br />24 <br />24 <br />24 <br />24 <br />24 <br />120 <br />N/A <br />NIA <br />N/A <br />NIA <br />N/A <br />NIA <br />($14) <br />524 <br />$51 <br />$55 <br />$60 <br />$156 <br />(1) Per Company, assutnes amortization begins in Year Six, Debt fully arLiortized over 25 <br />year period. Initial interest only period estimated Tenn Mode Rate of 4,00%. <br />(2) Shortfalls in ramp up period expected to be covered via withdrawal froin Rainp Up <br />- Reserve Fund, and this Reserve to be funded at closing of 2017 from Borrower Funds, <br />Putting the issue of interest rates aside, 1 if revenue in 2020 were in line with the 2013 Louis <br />Berger study instead of the 2017 Louis Berger Study (with its 300% revenue increase), the <br />The 4.00% interest rate (assumed in the pro forma above) is hardly expected for these unrated junk bond <br />bonds. A higher interest rate, if required to market the bonds successfully, would require higher annual <br />interest payments, further reducing cash flow after debt service. <br />rol <br />- / lF <br />