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Fact pattern: $ in millions, EBITDA at Close $ 2 7 , Exit Multiple 9 . 5 x , Investment Hold Period 5 years, Liquidation

Fact pattern: $ in millions, EBITDA at Close $27, Exit Multiple 9.5x, Investment Hold Period 5 years, Liquidation Preference 1.0x, preferred annual PIK Dividend 10%, Target Balance Sheet Items Cash 10, Revolver 6.5, Senior Debt 85, Preferred Equity (excl, Dividend). Based on this fact pattern what is the Equity Available to Common? $0M, $50M, $80.5M, $94.5M, or $175M?

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