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PROSPECTUS SUPPLEMENT
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| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-v | | | |
| SUMMARY | | | | | S-1 | | |
| | | | | S-8 | | | |
| | | | | S-13 | | | |
| CAPITALIZATION | | | | | S-14 | | |
| | | | | S-15 | | | |
| | | | | S-35 | | | |
| UNDERWRITING | | | | | S-40 | | |
| | | | | S-45 | | | |
| EXPERTS | | | | | S-45 | | |
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Six months ended
December 31, |
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Fiscal year ended June 30,
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(dollars in millions)
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2021
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2020
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2021
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2020
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2019
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(unaudited)
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(audited)
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Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
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| | | $ | 783.6 | | | | | $ | 702.1 | | | | | $ | 1,475.6 | | | | | $ | 2,181.1 | | | | | $ | 2,380.2 | | |
Operating (loss) income
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| | | $ | (50.6) | | | | | $ | (137.8) | | | | | $ | (248.6) | | | | | $ | 25.3 | | | | | $ | 241.4 | | |
Net (loss) income
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| | | $ | (44.1) | | | | | $ | (132.0) | | | | | $ | (229.6) | | | | | $ | 1.5 | | | | | $ | 167.0 | | |
Balance Sheet Data:
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 96.9 | | | | | $ | 271.4 | | | | | $ | 287.4 | | | | | $ | 193.1 | | | | | $ | 27.0 | | |
Property, plant and equipment, net
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| | | $ | 1,429.6 | | | | | $ | 1,326.1 | | | | | $ | 1,457.5 | | | | | $ | 1,498.1 | | | | | $ | 1,490.0 | | |
Total assets
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| | | $ | 2,879.9 | | | | | $ | 3,043.9 | | | | | $ | 2,971.2 | | | | | $ | 3,227.2 | | | | | $ | 3,187.8 | | |
Long-term debt, net of current portion
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| | | $ | 695.0 | | | | | $ | 694.0 | | | | | $ | 694.5 | | | | | $ | 551.8 | | | | | $ | 550.6 | | |
Total liabilities
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| | | $ | 1,546.8 | | | | | $ | 1,711.0 | | | | | $ | 1,578.9 | | | | | $ | 1,781.5 | | | | | $ | 1,667.7 | | |
Total stockholders’ equity
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| | | $ | 1,333.1 | | | | | $ | 1,332.9 | | | | | $ | 1,392.3 | | | | | $ | 1,445.7 | | | | | $ | 1,520.1 | | |
Cash Flow Information Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flow (used for) provided from operating activities
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| | | $ | (136.3) | | | | | $ | 171.6 | | | | | $ | 250.0 | | | | | $ | 231.8 | | | | | $ | 232.4 | | |
Cash flow used in investing activities
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| | | $ | (31.6) | | | | | $ | (38.4) | | | | | $ | (78.9) | | | | | $ | (171.2) | | | | | $ | (244.6) | | |
Cash flow (used in) provided by financing activities
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| | | $ | (22.8) | | | | | $ | (55.5) | | | | | $ | (76.1) | | | | | $ | 107.8 | | | | | $ | (19.4) | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1)
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| | | $ | 23.6 | | | | | $ | 2.5 | | | | | $ | 30.4 | | | | | $ | 303.4 | | | | | $ | 375.6 | | |
| | |
Six months ended
December 31, |
| |
Fiscal year ended June 30,
|
| ||||||||||||||||||||||||
(dollars in millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net (loss) income
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| | | $ | (44.1) | | | | | $ | (132.0) | | | | | $ | (229.6) | | | | | $ | 1.5 | | | | | $ | 167.0 | | |
Non-cash net pension (income) expense
|
| | | $ | (3.6) | | | | | $ | 8.1 | | | | | $ | 24.6 | | | | | $ | 15.3 | | | | | $ | 11.6 | | |
Depreciation and amortization
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| | | $ | 65.3 | | | | | $ | 59.6 | | | | | $ | 123.6 | | | | | $ | 123.9 | | | | | $ | 121.5 | | |
Interest expense
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| | | $ | 20.3 | | | | | $ | 14.6 | | | | | $ | 32.7 | | | | | $ | 19.8 | | | | | $ | 26.0 | | |
Special items
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| | | $ | 3.3 | | | | | $ | 74.6 | | | | | $ | 143.1 | | | | | $ | 141.6 | | | | | $ | 1.2 | | |
Debt extinguishment losses, net
|
| | | $ | — | | | | | $ | 8.2 | | | | | $ | 8.2 | | | | | $ | — | | | | | $ | — | | |
Other (income) expense, net
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| | | $ | (1.5) | | | | | $ | (0.9) | | | | | $ | (3.9) | | | | | $ | (3.3) | | | | | $ | (0.7) | | |
Income tax (benefit) expense
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| | | $ | (16.1) | | | | | $ | (29.7) | | | | | $ | (68.3) | | | | | $ | 4.6 | | | | | $ | 49.0 | | |
Adjusted EBITDA
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| | | $ | 23.6 | | | | | $ | 2.5 | | | | | $ | 30.4 | | | | | $ | 303.4 | | | | | $ | 375.6 | | |
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December 31, 2021
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Actual
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As Adjusted(1)
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(unaudited, $ in millions)
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Cash and cash equivalents
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| | | $ | 96.9 | | | | | $ | | | |
Long-term debt(2): | | | | | | | | | | | | | |
Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at December 31, 2021)
|
| | | | 299.6 | | | | | | — | | |
Senior unsecured notes, 6.375% due July 2028 (face value of $400.0 million at December 31, 2021)
|
| | | | 395.4 | | | | | | 395.4 | | |
Notes offered hereby
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| | | | — | | | | | | | | |
Total long-term debt
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| | | | 695.0 | | | | | | | | |
Total stockholders’ equity
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| | | | 1,333.1 | | | | | | | | |
Total capitalization
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| | | $ | 2,028.1 | | | | | $ | | | |
Period
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| |
Redemption Price
|
| |||
2025 | | | | | % | | |
2026 | | | | | % | | |
2027 and thereafter
|
| | | | 100.000% | | |
Underwriter
|
| |
Principal
Amount of Notes |
| |||
J.P. Morgan Securities LLC
|
| | | $ | | | |
BofA Securities, Inc.
|
| | | $ | | | |
Wells Fargo Securities, LLC
|
| | | $ | | | |
PNC Capital Markets LLC
|
| | | $ | | | |
U.S. Bancorp Investments, Inc.
|
| | | $ | | | |
KeyBanc Capital Markets Inc.
|
| | | $ | | | |
Total
|
| | | $ | | | |
| | |
Per Note
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Total
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Underwriting discount
|
| | | | % | | | | | $ | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 19 | | | |
| | | | | 20 | | | |
| | | | | 20 | | |
|
J.P. Morgan
|
| |
BofA Securities
|
| |
Wells Fargo Securities
|
|
| PNC Capital Markets LLC | | | | | | | |
| | | |
US Bancorp
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| | | | | | |
KeyBanc Capital Markets
|
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