American International Group, Inc. (Public, NYSE:AIG) American International Group, Inc. (AIG) 2008 Capital Offerings AIG raises $20B through the sale of common stock, equity units and fixed income securities Equity units and fixed income securities receive hybrid equity treatment from the rating [more...]
The Bear Stearns Companies Inc. (BSC) CITIC Securities Co., Limited (CITIC) Cross-Investment / Strategic Alliance Summary US investment bank and Chinese bank planned for a strategic alliance Called for cross-investments of $1 billion in each firm by the other The investments weren't made, as March 2008 liquidity problems at BSC forced [more...]
Citizens Republic Bancorp, Inc. (CRBC) 2008 Capital Offerings Regional banking company sells $200mm of new equity Follows CRBC's taking charges for goodwill impairment and credit writedowns Sells $91.6mm of common stock Sells $138.4mm of Contingent Convertible Perpetual Non-Cumulative Preferred Stock, Series A Term sheet [more...]
Federal National Mortgage Association (FNM) 2008 Capital Offerings GSE to raise $6B of new equity Follows FNM announcing a quarterly loss of $2.2B Form 10-Q FNM news - stock chart Announced 5.06.08 Press release Slide presentation Pricing announced 5.09.08 Form 8-K 5.09.08 Form 8-K 5.19.08 Preferred stock [more...]
Fifth Third Bancorp (FITB) 2008 Capital Offerings Regional banking company sells $1B of new equity Sells $1B of __% Non-Cumulative Perpetual Convertible Preferred Stock, Series G FITB news - stock chart Announced 6.18.08 Press release Press release Slide presentation Shareholder letter Trend disclosure Form 8-K Preferred [more...]
First Horizon National Corporation (FHN) 2008 Capital Offerings Regional banking company sells $690mm of new equity Sells $690mm of common stock FHN news - stock chart Announced 6.12.08 Press release Form 8-K Slide presentation Pricing announced 6.13.08 Form 8-K 6.13.08 Offering documents Form S-3 4.25.08 [more...]
Huntington Bancshares Incorporated (HBAN) 2008 Recapitalization April 2008 Financing Regional banking company sells $500mm of new equity Offering follows HBAN's earnings release Earnings release 4.15.08 Sells $500mm of 8.5% Series A Non-Cumulative Perpetual Convertible Preferred Stock Term sheet HBAN news - stock chart [more...]
KeyCorp (KEY) 2008 Recapitalization April 2008 Financing Regional banking company sells $1.6B of new equity Offering follows Key's announcing large charge Takes an after-tax accounting charge of $1.1B to $1.2B over leveraged lease tax litigation Adverse court decision announced 5.29.08 Cuts dividend by 50% Sells $1B of [more...]
Lehman Brothers Holdings Inc. (LEH) 2008 Recapitalizations June 2008 Financing Investment bank sells $6B of new equity Follows LEH pre-announcing a quarterly loss of $2.8B, its first-ever quarterly loss Press release 6.09.08 Form 8-K 6.09.08 Sells $4B of common stock Sells $2B of 8.75% Non-Cumulative Mandatory [more...]
MoneyGram International Inc. (MGI) Thomas H. Lee Partners (THL) / Goldman Sachs (GS) Recapitalizations Summary Private equity firms lead recapitalization of money transfer company Includes $710mm to $775mm of new equity investment Also includes $500 million in debt financing from GS, and another $200 million in debt financing from [more...]
Morgan Stanley (MS) CITIC Securities Co., Limited (CITIC) Cross-Investment / Strategic Alliance Summary US investment bank and Chinese bank planned for a strategic alliance Called for cross-investments of $1 billion in each firm by the other Announced 10.22.07 Press release 10.22.07 Form 10-K summary 1.29.08 China [more...]
National City Corp (NCC) Corsair Capital $7B Private Equity Investment Summary $7B infusion for stock at 40% discount Corsair Capital investors to buy $7B in equity Fuller details to be included in company's Form 8-K filing National City will issue 126.2mm shares of common stock at $5 per share Corsair will receive [more...]
Popular, Inc. (BPOP) 2008 Recapitalization June 2008 Financing Puerto Rican bank sells $400mm of new equity Follows LEH pre-announcing a quarterly loss of $2.8B, its first-ever quarterly loss Press release 6.09.08 Form 8-K 6.09.08 Sells 8.25% Non-cumulative Monthly Income Preferred Stock, Series B BPOP news - [more...]
PrivateBancorp, Inc. (PVTB) 2008 Recapitalization June 2008 Financing Puerto Rican bank sells $400mm of new equity Follows LEH pre-announcing a quarterly loss of $2.8B, its first-ever quarterly loss Press release 6.09.08 Form 8-K 6.09.08 Sells 8.25% Non-cumulative Monthly Income Preferred Stock, Series B PVTB news [more...]
Sovereign Bancorp, Inc. (SOV) 2008 Recapitalizations June 2008 Financing Investment bank sells $6B of new equity Follows LEH pre-announcing a quarterly loss of $2.8B, its first-ever quarterly loss Press release 6.09.08 Form 8-K 6.09.08 Sells $4B of common stock Sells $2B of 8.75% Non-Cumulative Mandatory [more...]
Thornburg Mortgage, Inc. (TMA) Recapitalization Summary Private equity firms lead recapitalization of money transfer company Includes $710mm to $775mm of new equity investment Also includes $500 million in debt financing from GS, and another $200 million in debt financing from third-parties Deal provides for a go shop period MGI news [more...]
Washington Mutual, Inc. (WM) TPG Capital-led Group $7B Private Equity Investment Summary TPG-led investment group to buy $7B in WaMu equity Fuller details were included in later Form 8-K filing 4.11.08 TPG Capital (Texas Pacific) and other institutional investors to buy $7B in equity $1.54B common; $5.5B convertible [more...]