Hints and tips:
...To remind, there’s £14.3bn of debt attached to Thames Water’s opco that’s secured on £17.9bn of regulated operating assets....
...This has sparked speculation that the sector might emulate the “opco-propco” model used in retail and hospitality....
Streaming service launched with fanfare struggles to catch Spotify and Apple
...While I have doubts about the timing of the coming boom in the worldwide LNG trade, and have argued with Cheniere management about their assumptions, those LNG “opco” bonds are probably not going under....
...There is a big class of investors who want to buy into dedicated property businesses, which makes separating “opcos” and “propcos” profitable. The propco simply collects rent from the stores....
...“The opco-propco structure was widely abused by private equity firms in the boom and is very difficult to restructure.”...
...The new plan would also ensure that the opco creditors have a representative on the creditors’ committee, which the group has said is too heavily weighted toward bondholders....
...… Three Delta down Paul Taylor, who was a key figure in the highly leveraged world of structured finance and opco-propco deals during the property boom, is closing the Three Delta fund management business...
...Day to day, the new Spanish and British opco holding companies will have to wield their votes in the interest of their national teams....
...“Opco/propco [splitting a company into an operating company and a property company] is not our thing.” Instead, the dispute centres on control and influence....
...Would the purchase of the slots, should it happen, be done by the BA “OpCo”? “Yes,” said Mr Walsh, “or it could be TopCo”....
...What is not yet clear, as the money was paid to the FDIC and neither WaMu Inc nor WaMu opcos, is whether it will be shared around both holdco and opco senior or just the opcos, as that is what was bought...
...“Some of the OpCo-PropCo plays, we’re short on them, as the deals are less likely to be realised.” Like the Iceberg fund, BlackRock Absolute Alpha balances its exposure with long positions....
...The deal, which is unlikely to price before the end of next week, splits Somerfield’s operations from its property in the typical Opco-Propco structure that has been used extensively by Mr Tchenguiz and...
...R20 needs to do this in order to split M&B’s property assets from the operating company into what is known as “opco/propco” structure within the industry....
...This is called an “opco/propco” structure and is favoured by private equity groups buying assets with large property holdings....
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