Mizkyo wrote:
有種腰斬再賭一把(賭...(恕刪)
尚沒這麼勇敢
正在上網讀訊息中
判斷評估可不可再加碼....
Moody's 降Advisor Group 評級的原因:
1. There is uncertainty over the retention levels for financial advisors and client assets.
(合併公司對于財務顧問跟客戶資產是否可以維持?)
2. Advisor Group has received financing commitments through a $775 million senior bridge facility from a syndicate of banks and $280 million in new equity contribution from Reverence Capital (Advisor Group's financial sponsor). Moody's said that Advisor Group plans to refinance the senior bridge facility through the issuance of an equal amount of senior secured notes upon closing of the transaction.
(7.75億的銀行聯貨過橋資金 Advisor Group未來還要再發債還銀行 ; 剩下不夠的發2.8億新股給Advisor Group的母公司Reverence Capital)
3. Adjusted debt/ EBITDA, to be in the 7.0 -- 7.5x range, exclusive of the Ladenburg Thalmann acquisition and associated funding, or any additional changes in levels of short-term interest rates. (沒算收購LTS的資金, Advisor Group 的debt /EBITDA預估已高達7-7.5)
4. Advisor Group's plans for the acquisition and integration of Ladenburg Thalmann and the path for de-leveraging in the twelve to eighteen months following the close of the transaction. (去扛桿的時間更長了)
感覺Moody對于這單收購后的Advisor Group的公司前景不是很看好......
Reverence Capital 今年8月才以230億美金完成收購Advisor Group, 11月又用130億美金收購LTS
RedBird Capital Partners and Reverence Capital 10月共同完成收購另類資產管理平台公司 Vida Capital
看來Reverence Capital這家PE投資公司很兇猛呀! 財務扛桿用力收購財富管理公司...
眼有點花了. 休息一下繼續爬文.
