EXHIBIT 99.1
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PRO FORMA CAPITALIZATION
MULTIPLE OF
PRO FORMA
PRO FORMA % OF TOTAL 2006
($ in millions) 12/31/06 DEBT ADJ. EBITDA
ABL revolver(a) $ 195.4(b) 11.0% 0.5x
Term Loan B 975.0 54.8% 2.4x
BMCA 7.75% notes due 2014 250.0 14.1% 0.6x
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1ST LIEN DEBT $ 1,420.4 79.9% 3.5X
Secured notes 325.0 18.3% 0.8x
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SENIOR SECURED DEBT $ 1,745.4 98.2% 4.3X
BMCA 8.00% due 2007 2.4(e) 0.1% 0.0x
BMCA 8.00% due 2008 4.7(e) 0.3% 0.0x
IRB's and other 25.7 1.4% 0.1x
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TOTAL DEBT $ 1,778.2 100.0% 4.4X
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PRO FORMA CREDIT STATISTICS, 12/31/06
BMCA EBITDA $177.1
Elk EBITDA(f) 108.0
Run-rate cost saving synergies 120.0
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Pro forma 2006 adj. EBITDA $405.1
Pro forma interest expense 162.0
Capital expenditures 121.0
Pro forma 2006 adj. EBITDA / pro forma interest 2.5x
(Pro forma 2006 adj. EBITDA - capex) / pro forma interest 1.8x
1st lien debt / pro forma 2006 adj. EBITDA 3.5x
Senior secured debt / pro forma 2006 adj. EBITDA 4.3x
Total debt / pro forma 2006 adj. EBITDA 4.4x
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(a) Total revolver size of $600 million.
(b) Does not include outstanding letters of credit of approximately $78
million, of which $28 million could be cash collateralized for Elk
management change of control payments.
(c) Net of option cash proceeds and excess cash.
(d) Represents the difference in the final offer price and original cost basis
for Heyman Investment Associates Limited Partnership's 10.4% ownership
share in ElkCorp common stock.
(e) Non-tendered portion of BMCA's existing 2007 and 2008 notes.
(f) Adjusted for $10.0 million of stock compensation expense.