What should allow them to increase FCF by 30% or 15 mm next year? What's going to drive that large increase?
Also looks like they're paying about $44 mm of run rate interest. If they refi the $500 mm of debt at 5% (seems reasonable to optimistic) that would be about $25 mm of interest or have them saving $20 mm per year in 2016. That is still significant but less than the $35 mm increase in FCF from 2015 to 2016 that you are modeling.