The DADI acquisition is to be completed by end of this month....

The DADI acquisition is to be completed by end of this month.
After the acquisition, my estimate of the available funding is around $235m, plus additional $60m cash from undertakings disposal of Banksmeadow facility as reported by AFR, total available funds would be around $295m. Should be enough to fund $75m buyback.

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BIN currently has around $140m cash with no debt.

EBITDA mid figure $94m + Patons Lane (online 1 July 2019) $20m + acquired DADI $60m = $174m (additional synergies savings of $15m could be realised)


Available debt facilities: $500m.
Plus exiting cash: $140m.
Bingo Industries could fetch between $60 million and $70 million for its big Banksmeadow collections facility in Sydney(Source: AFR): say $60m

Less: DADI acquisition $377.5m + $27m

Remaining debt facilities: $295.5m

Net debt: $204.5m

Net debt / EBITDA: 1.18

Target leverage ratio range of 1.5x-2.0x net debt/EBITDA
That means, net debt would be $261m - $348m
Post acquisition, they still have $143.5m to spend to reach 2x net debt/EBITDA.

The $143.5m is enough to cover $75m buyback.
In the meanwhile, they will generate free cash from their $174m EBITDA.