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...Private equity firms Fortress, Charlesbank and Clearlake will take over the pre-eminent US college sports marketing group, Learfield, under new terms of a debt restructuring, extending the reach of institutional...
...The deals typically allow the lender to convert into shares at a time of their choosing and at a set discount to the market price....
...“It’s still premature but I’m hopeful it could come together in the next few days,” said one of the people involved in the discussions....
...Botín is one of Europe’s highest-paid bank executives, having been awarded €12.2mn last year on the back of the Spanish lender achieving record profits thanks to rising interest rates....
...“I thought it was better to talk to people directly than through headhunters,” he said. “I’m a front door sorta guy. I think it was effective and I’d do it again.”...
...Instead they’re saying, I would rather lend to a lender that then lends to the end market....
...But lenders were wary....
...“If the deal is approved,” said Graham, “I think floodgates will open.”...
...On a trip to Stamford Bridge this week, I saw first hand the potential in front of US investors Clearlake Capital and Todd Boehly....
...I believe this merger will be beneficial for all of our stakeholders,” Paul Taylor, PacWest’s chief executive, told analysts....
...Terms of the transaction reduced the debt load by $600mn, added an additional $150mn in equity, and ceded control to three of the largest lenders, Fortress, Charlesbank and Clearlake....
...I think there’s demand for it.” Investors have had limited bond and loan financings to entertain this year....
...“We are in the beginning of a secular shift in how credit is provided to businesses and a shift that I believe will continue to gather speed,” Rowan said....
...“It was so painful, one day I woke up and I said, ‘If I go into the office for one more day I am going to die’,” Beckerman added....
...“I sit with these matters every single day,” Jones said in his oral ruling. “Sophisticated parties know what words they want to choose . . . this is very easy for me.”...
...“I have to look at it from an arm’s length distance to be comfortable....
...The swashbuckling Englishman once described by a fellow pheasant shooter as “the rudest man I’ve ever met” spent his early career facilitating payments for online gambling groups aboard a yacht in Monaco...
...And this, I found out, is not entirely straightforward....
...But I am not advocating for atomising banking relationships,” he said....
...The weather-related impact on interest rates also bit in to broader markets this week through another channel, when California-based Silicon Valley Bank, a small, tech-focused lender, suffered a large loss...
...Corrs Chambers Westgarth O: 7; L: 6; I: 6; Total: 19The firm devised a deferred consideration and earn-out structure for Liechtenstein-based private lender LGT Group’s acquisition of Crestone Wealth Management...
...“We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,” CEO Ioannis Giannaros wrote in an email...
...The Swiss lender has been drifting chaotically in the wake of the Greensill and Archegos scandals. Its shares trade at 0.2 times tangible book value, an 80 per cent discount to sometime comparator UBS....
...In today’s newsletter: Cerberus turns $2bn into $14bn profit Sovereigns lend buyout firms a hand Musk: Oops I did it again . . ....
...I asked the PM’s office this week why new legislation was necessary, given such a strong defence of his country’s laws. I didn’t receive a response....
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