DOCSLIB.ORG

FGL HOLDINGS (Exact Name of Registrant As Specified in Its Charter)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FGL HOLDINGS (Exact Name of Registrant As Specified in Its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37779 FGL HOLDINGS (Exact name of registrant as specified in its charter) Cayman Islands 98-1354810 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 4th Floor Boundary Hall, Cricket Square Grand Cayman, Cayman Islands KY1-1102 (Address of principal executive offices, including zip code) (800) 445-6758 (Registrant’s telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class: Trading Symbol: Name of each exchange on which registered: Ordinary shares, par value $.0001 per share FG New York Stock Exchange Warrants to purchase ordinary shares FG WS New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☒ Large Accelerated Filer Accelerated Filer ☐ ☐ Non-accelerated Filer Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ The aggregate market value of the ordinary shares held by non-affiliates of the registrant as of the last business day of the registrant's most recently completed second quarter, computed by reference to the closing price reported on the New York Stock Exchange as of June 30, 2019 was approximately $1,214 million. As of February 24, 2020, there were 221,807,598 ordinary shares, $.0001 par value, issued and outstanding. FGL HOLDINGS ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS Page PART I Item 1. Business 6 Item 1A. Risk Factors 28 Item 1B. Unresolved Staff Comments 51 Item 2. Properties 51 Item 3. Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Selected Financial Data 55 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 57 Introduction 57 Critical Accounting Policies and Estimates 61 Recent Accounting Pronouncements 66 Results of Operations 67 Investment Portfolio 76 Liquidity and Capital Resources 86 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 92 Item 8. Financial Statements and Supplementary Data 97 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A. Controls and Procedures 97 Item 9B. Other Information 98 PART III Item 10. Directors, Executive Officers and Corporate Governance 100 Item 11. Executive Compensation 108 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 133 Item 14. Principal Accounting Fees and Services 135 PART IV Item 15. Exhibits, Financial Statements and Schedules 136 Exhibit Index 137 Item 16. Form 10-K Summary 140 Signatures 141 Index to Consolidated Financial Statements F-1 3 Table of Contents PART I Unless the context otherwise indicates or requires, the terms “we”, “our”, “us”, and the “Company”, as used in this Form 10-K filing, refer for periods prior to the completion of the Business Combination to Fidelity & Guaranty Life ("FGL") and its subsidiaries and, for periods upon or after completion of the Business Combination, to FGL Holdings and its subsidiaries, including FGL and its subsidiaries. The term “FGLH” refers to FGL’s direct subsidiary Fidelity & Guaranty Life Holdings, Inc. FGL Holdings primarily operates through FGL and FGLH’s subsidiary, Fidelity & Guaranty Life Insurance Company (“FGL Insurance”), which is domiciled in Iowa. Dollar amounts in the accompanying sections are presented in millions, unless otherwise noted. Special Note Regarding Forward-Looking Statements This annual report includes forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “should”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. However, not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects and growth strategies and the industries in which we operate and including, without limitation, statements relating to our future performance. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. We caution you that forward-looking statements are not guarantees of future performance and that our actual consolidated results of operations, financial condition and liquidity, and industry development may differ materially from those made in or suggested by the forward-looking statements contained in this report. In addition, even if our consolidated results of operations, financial condition and liquidity, and industry development are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors could cause actual results to differ materially from those contained in or implied by the forward-looking statements, including the risks and uncertainties discussed in “Risk Factors” (Part I, Item 1A of this Form 10-K). Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: • general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; • concentration in certain states for distribution of our products; • the impact of interest rate fluctuations; • equity market volatility; • credit market volatility or disruption; • the impact of credit risk of our counterparties; • volatility or decline in the market price of our ordinary shares could impair our ability to raise necessary capital; • changes in our assumptions and estimates regarding the amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; • changes in our methodologies, estimates and assumptions regarding our valuation of investments and the determinations of the amounts of allowances and impairments; • changes in our valuation allowance against our deferred tax assets, and restrictions on our ability to fully utilize such assets; • the accuracy of management’s reserving assumptions; • regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products, and minimum capitalization and statutory reserve requirements for insurance companies, or the 4 Table of Contents ability of our insurance subsidiaries to make cash distributions to us (including dividends or payments on surplus notes those subsidiaries issue to us); • the ability to maintain or obtain approval of Iowa Insurance Division ("IID") and other regulatory authorities as required for our operations and those of our insurance subsidiaries • the impact of the "fiduciary" rule proposals on the Company, its products, distribution
Load more

Recommended publications
  • 2014 Winners Honored at the TURNAROUND
    CONGRATULATIONS: 2014 WINNER CIRCLE June 26, 2014, Chicago. Global M&A Network honored the winners from the restructuring, distressed M&A and turnaround communities in fifty awards categories, encompassing variety of restructuring styles and transaction sizes at the annual awards gala ceremony held on the evening of June 24, 2014 at the Standard Club of Chicago. The master of ceremonies, Ms. Lisa Lockwood, the reinvention expert, author and motivational speaker made the evening gala memorable and fun. “The Turnaround Atlas Awards is an opportunity to honor excellence from the restructuring communities. Winners should take pride for effecting number of successful restructurings, demonstrating their creativity, patience, hard-work and professional talents." said, Shanta Kumari, managing partner and chief executive officer of Global M&A Network. A TRADITION of EXCELLENCE: Gold standard of Performance, the annual TURNAROUND ATALS AWARDS honors excellence from the restructuring and turnaround communities, world-wide. Over the past many years, the winners are selected independently based on identifiable performance criteria such as restructuring raison - style, pre/post workout, sustainability, operational/client/HR metrics, number of creditors, timeliness, jurisdiction; leadership; resourcefulness; among other criteria unique to the award category. About: Global M&A Network is a diversified information, digital media and professionals connecting company, exclusively serving the mergers, acquisitions, alternative investing, restructuring and turnaround communities worldwide. The company produces high-caliber educational, industry Intelligence Forums and the prestigious, M&A ATLAS AWARDS ® programs including the TURNAROUND ATLAS AWARDS. Global M&A Network's digital media platform also includes the Top 100: Restructuring and Turnaround Professionals. www.globalmanetwork.com INQUIRIES, CONTACT: Raj Kashyap, T: +914.886.3085 or by E: [email protected] 7th ANNUAL WINNERS CIRCLE, 2014.
    [Show full text]
  • An Acuris Company Restructuring Data
    Restructuring Insights - UK An Acuris Company Restructuring Data - Europe 27 May 2020 Restructuring Insights - UK Restructuring Insights - UK An Acuris Company Debtwire Europe CONTENTS AUTHORS Introduction 3 Joshua Friedman Restructuring Data Analysis 5 Global Head of Restructuring Data Creditor/Investor Analysis 19 +1 (212) 574 7867 [email protected] UK Restructurings: Marketplace & Current Issues 25 Timelines and Tables 28 Shab Mahmood Contacts 35 Restructuring Analyst Disclaimer 36 +44 203 741 1323 [email protected] Juan Mariño, CFA Restructuring Analyst +44 203 741 1364 [email protected] Donald Ndubuokwu Restructuring Analyst [email protected] 2 Restructuring Insights - UK An Acuris Company Introduction: Restructuring Data - Europe As part of the roll-out of Debtwire’s Restructuring Data - Europe, this inaugural Restructuring Insights Report serves as a preview of the power, breadth and depth of the data that will be available to subscribers. Debtwire’s global team of legal, financial, credit and data professionals has been producing analysis and data reports on a variety of restructuring topics and in jurisdictions across the globe. In a natural evolution of that data-driven direction, we have compiled and enhanced the data underlying those reports and combined it with Debtwire’s exclusive editorial coverage and financial research to create a searchable Restructuring Database, which will allow subscribers to craft bespoke data-driven answers to a wide variety of research questions and to enhance business development. With the expansion to cover Europe, the Restructuring Data platform now includes bankruptcy and restructuring situations in North America (US Chapter 11s, Chapter 7s and Chapter 15s), Asia-Pacific (NCLT processes in India) and Europe.
    [Show full text]
  • Special Report
    September 2014 turnarounds & Workouts 7 Special Report European Restructuring Practices of Major U.S. Law Firms, page 1 Firm Senior Professionals Representative Clients Bingham McCutchen James Roome Elisabeth Baltay Creditors of: Arcapita Bank, Bulgaria Telecommunications/Vivacom, Crest +44.20.7661.5300 Barry G. Russell Liz Osborne Nicholson, Dannemora Minerals, DEPFA Bank, Findus Foods, Gala Coral, www.bingham.com James Terry Neil Devaney Icelandic Banks (Kaupthing, Glitnir and Landsbanki), Invitel, Klöckner Stephen Peppiatt Emma Simmonds Pentaplast, Media Works, Northland Resources, Oceanografia, OSX3 Leasing Tom Bannister B.V., Petromena, Petroplus, Preem, Punch Taverns, Royal Imtech, Selecta, Sevan Marine, Skeie Drilling, Straumur, Technicolor S.A. (Thomson S.A.), Terreal, The Quinn Group, Uralita, Wind Hellas, Xcite, and others. Cadwalader, Wickersham Gregory Petrick Louisa Watt Centerbridge Partners, Avenue Capital Group, GSO Capital Partners, & Taft Richard Nevins Paul Dunbar Oaktree Capital Management, Varde Partners, Golden Tree Asset +44 (0) 20 7170 8700 Yushan Ng Karen McMaster Management, Bluebay Asset Management, MBIA, Davidson Kempner, www.cadwalader.com Holly Neavill Alexis Kay Outrider Management, GLG Partners, Warwick Capital, Alchemy, Finnisterre Capital. Davis Polk Donald S. Bernstein Timothy Graulich Lehman Brothers International (Europe) and its U.K. Lehman affiliates, +44 20 7418 1300 Karen E. Wagner Elliot Moskowitz Sterling Equities in Madoff SIPA liquidation, Technicolor S.A., Royal www.davispolk.com Andrés V. Gil Thomas J. Reid Imtech, Carrefour, major global banks and financial institutions in Arnaud Pérès Christophe Perchet connection with several monoline insurance company restructurings, Marshall S. Huebner John Banes Goldman Sachs in connection with exposures to BP, Castle HoldCo 4, Benjamin S. Kaminetzky Reuven B.
    [Show full text]
  • Speaker Biographies Conference Producer and Co-Founder
    SPEAKER BIOGRAPHIES CONFERENCE PRODUCER AND CO-FOUNDER HARRY JAVER President - The Conference Bureau, Inc. Harry Javer is the founder and president of The Conference Bureau. In 1994, Harry created and co-founded The Lodging Conference, which is now in its 21st year. Harry is the current chairman of the AH&LEF Fund Development Committee, which is responsible for overseeing the Annual Giving Campaign. The Lodging Conference has sponsored AH&LEF scholarship recipients to attend the conference for the last 13 years. With 34 years of experience creating and running conferences, seminars, concerts and tradeshows, Harry has produced events featuring such notables as: Al Gore, Rudy Giuliani, Sir Richard Branson, Bishop Desmond Tutu, Donald Trump, Pete Peterson, Bono, Charlton Heston, Anthony Robbins, Magic Johnson, Deepak Chopra, Jerry Lewis, Joe Torre, George Foreman, Kareem Abdul-Jabbar, Joe Montana, and thousands of America’s corporate leaders. Harry is an advisor to some of the nation’s leading live event companies including One Day University, and The Learning Annex. The Conference Bureau has also co-produced the Rock N’ Roll Fantasy Camp. A graduate of Stony Brook University, Harry resides in New York City with his wife Elizabeth and son Jack. SPEAKER BIOGRAPHIES MATTHEW D. AHO Consultant - Akerman LLP Matthew Aho helps clients identify and pursue opportunities at the nexus of Cuba policy and business. During his years at the Council of the Americas, the Western Hemisphere’s premiere business membership organization, Matthew led efforts to unite senior executives of select-Fortune 500 companies with officials from the U.S. departments of State, Commerce, Treasury, and the National Security Council to discuss topics including financial services, telecommunications, energy, pharmaceuticals, hospitality, and agriculture.
    [Show full text]
  • Blackstone Group L.P
    BLACKSTONE GROUP L.P. FORM 10-K (Annual Report) Filed 03/12/08 for the Period Ending 12/31/07 Address 345 PARK AVENUE NEW YORK, NY 10154 Telephone 212 583 5000 CIK 0001393818 Symbol BX SIC Code 6282 - Investment Advice Industry Real Estate Operations Sector Services Fiscal Year 12/31 http://www.edgar-online.com © Copyright 2014, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-33551 The Blackstone Group L.P. (Exact name of Registrant as specified in its charter) Delaware 20 -8875684 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 345 Park Avenue New York, New York 10154 (Address of principal executive offices)(Zip Code) (212) 583-5000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common units representing limited partner interests New York Stock Exchange Securities registered pursuant to Section 12(b) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Gradually Regaining Ground
    TheSummer first 2011 in a series of 2011 Wharton Private Equity Review:s 2011 Wharton Private Equity Review: Gradually Regaining Ground http://knowledge.wharton.upenn.edu Sponsors PennLauder CIBER The Joseph H. Lauder Institute of Management & International Studies With additional support from Private Equity and Venture Capital Club THE WHARTON SCHOOL Summer 2011 2011 Wharton Private Equity Review: Gradually Regaining Ground The financial meltdown of 2008-2009 and the resulting global recession dealt a painful blow to private equity investing, and the industry is still recovering. In this special report, based on the 2011 Wharton Private Equity and Venture Capital Conference, Knowledge@Wharton examines the industry’s gradual comeback. Contents Battling Headwinds: Private Equity’s ‘Bright Future’ in Technology and Developing Economies 3 Forward-looking private equity investors can still reap strong returns from global growth opportuni- ties, despite the powerful headwinds that are buffeting the U.S. economy. That was the assessment of Glenn Hutchins, co-founder and co-chief executive of private equity firm Silver Lake, in a keynote address during the 2011 Wharton Private Equity and Venture Capital Conference. Although high unem- ployment, excess capacity and a backlog of unsold housing remain problematic in the U.S., technology and booming economies in Asia and the developing world offer a wealth of prospective investments, Hutchins said. As ‘Megadeals’ Lose Luster, Mid-sized Companies Are Becoming More Attractive 6 Private equity investors are increasingly focused on strong middle-market companies that are ready to expand. Investments in such companies demand less capital than larger deals and have greater flexibility when it comes to cashing out.
    [Show full text]
  • The Comprehensive Review of Mergers and Acquisitions in the EMEA Region FY 2017 an Acuris Company
    An Acuris Company The comprehensive review of mergers and acquisitions in the EMEA region FY 2017 Deal Drivers EMEA mergermarket.com MERGER OR ACQUISITION If you’re serious about achieving the best deal for your business, then you need to get serious about your document preparedness for due diligence. Scrambling for files when there’s an M&A opportunity opens the door for errors, which could harm your shareholders. Businesses rely on Merrill’s award-winning SaaS technology to help them fully prepare for a rapid deal while ensuring their most sensitive documents remain private and secure. To learn how we can help you, contact us today. +44 (0)20 3031 6300 [email protected] www.merrillcorp.com © Merrill Communications LLC. All rights reserved. All trademarks are property of their respective owners. Mergermarket Deal Drivers EMEA Contents 3 FY 2017 Contents Foreword 4 Telecoms, Media & Technology 42 EMEA Heat Chart 5 Transportation 48 All Sectors 6 Pharma, Medical & Biotech 54 Financial Services 18 Construction 60 Industrials & Chemicals 24 The Middle East & North Africa 66 Energy, Mining & Utilities 30 About Merrill Corporation 73 Consumer 36 Merrill Corporation Contacts 73 mergermarket.com Mergermarket Deal Drivers EMEA Foreword 4 FY 2017 Foreword Welcome to the full-year 2017 edition of While dealmaking activity spanned a variety of With strong economic fundamentals, Deal Drivers EMEA, published by Mergermarket sectors, it was industrials & chemicals which heightened boardroom confidence and strong in association with Merrill Corporation. This took the M&A crown in 2017. Driven by large balance sheets underscoring European M&A, report provides an extensive review of M&A deals in the chemical segment and renewed the positive momentum seen in 2017 looks set activity across Europe, the Middle East and interest in the automotive space, deal value to continue into the coming year.
    [Show full text]
  • 2018 Financial Services Industry Review
    NEW YORK 535 Madison Avenue, 19th Floor New York, NY 10022 +1 212 207 1000 SAN FRANCISCO One Market Street, Spear Tower, Suite 3600 San Francisco, CA 94105 +1 415 293 8426 DENVER 999 Eighteenth Street, Suite 3000 Denver, CO 80202 +1 303 893 2899 MEMBER, FINRA / SIPC SYDNEY Level 18, 1 Castlereagh Street Sydney, NSW, 2000 +61 283 200 841 BERKSHIRE CAPITAL SECURITIES LLC (ARBN 146 206 859) IS A LIMITED LIABILITY COMPANY INCORPORATED IN THE UNITED STATES AND REGISTERED AS A FOREIGN COMPANY IN AUSTRALIA UNDER THE CORPORATIONS ACT 2001. BERKSHIRE CAPITAL IS EXEMPT FROM THE REQUIREMENTS TO HOLD AN AUSTRALIAN FINANCIAL SERVICES LICENCE UNDER THE AUSTRALIAN CORPORATIONS ACT IN RESPECT OF THE FINANCIAL SERVICES IT PROVIDES. BERKSHIRE CAPITAL IS REGULATED BY THE SEC UNDER US LAWS, WHICH DIFFER FROM AUSTRALIAN LAWS. LONDON 11 Haymarket, 2nd Floor London, SW1Y 4BP United Kingdom +44 20 7828 2828 BERKSHIRE CAPITAL SECURITIES LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (REGISTRATION NUMBER 188637). 2018 FINANCIAL SERVICES INDUSTRY REVIEW www.berkcap.com CONTENTS ABOUT BERKSHIRE CAPITAL 1. Introduction: 2017 Market Overview Berkshire Capital is an independent employee-owned investment bank specializing in M&A in the financial services sector. With more completed transactions in the asset management 2. Investment Management and securities space than any other investment bank, we help clients find successful, long- a. Traditional Investment Management lasting partnerships. b. Wealth Management Founded in 1983, Berkshire Capital is headquartered in New York with partners located in London, Sydney, San Francisco, Denver and Philadelphia. Our partners have been with the c.
    [Show full text]
  • Filed Pursuant to Rule 497(A) Registration No
    Filed Pursuant to Rule 497(a) Registration No. 333-195863 Rule 482ad CONTACT: Franklin Square Media Team 215-495-1174 [email protected] FOR IMMEDIATE RELEASE S&P Upgrades FSIC to BBB with Stable Outlook PHILADELPHIA, PA, July 7, 2014 – FS Investment Corporation (NYSE: FSIC) today announced that Standard & Poor’s Rating Services has upgraded its credit rating of FSIC to BBB with a stable outlook. At the same time, S&P assigned a BBB rating to FSIC’s proposed unsecured note issuance. In early April, FSIC received a BBB- with a positive outlook ahead of FSIC’s anticipated listing on the New York Stock Exchange. For the July upgraded rating, S&P cited improved funding and financial risk profiles resulting from FSIC’s proposed issuance of unsecured debt and FSIC’s recent listing on the New York Stock Exchange as reasons for its new rating. S&P further cited FSIC’s focus on senior secured first-lien assets as support for the rating upgrade. Other Information Investors are advised to carefully consider the investment objectives, risks, charges and expenses of FSIC before investing. The preliminary prospectus supplement dated July 7, 2014 and the accompanying prospectus dated June 19, 2014, each of which has been filed with the Securities and Exchange Commission, contain this and other information about FSIC and should be read carefully before investing. The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of FSIC and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.
    [Show full text]
  • John R. Sobolewski.Pdf
    John R. Sobolewski Partner, Restructuring and Finance P: 212.403.1340 F: 212.403.2340 [email protected] John’s multidisciplinary practice includes a broad range of finance, restructuring and related matters, including leveraged M&A, public and private capital markets transactions, complex syndicated bank financings, special situations and in-court, out-of-court workouts, and debt default activism and net- short debt activism situations. EXPERIENCE HIGHLIGHTS Financings T-Mobile in connection with its acquisition of Sprint and its related $38.0 billion of financing commitments, $39.0 billion of consent solicitations, and related bridge loan, credit agreement and senior notes issuances Gap in connection with its $1.8675 billion ABL credit agreement and $2.25 billion senior secured notes issuances Searchlight in connection with its investment in Consolidated Communications and its related $2.0 billion of term loan and bond issuances, and subsequent repricings and notes issuances XPO Logistics in its €3.24 billion acquisition of Norbert Dentressangle S.A. and $3 billion acquisition of Con-Way, and its subsequent refinancings, repricings and new debt incurrences Lions Gate in its $4.5 billion of bank and bond transactions in connection with its acquisition of Starz, and its various subsequent repricing and refinancing transactions, notes issuances and exchanges Apollo in its $1.0 billion buyout of Presidio, and Presidio’s subsequent refinancing transactions and leveraged stock buyback Complex Liability Management Transactions Travelport
    [Show full text]
  • Chapter 11 ) INTELSAT S.A., Et Al.,1 ) Case No
    Case 20-32299-KLP Doc 297 Filed 06/09/20 Entered 06/09/20 20:09:21 Desc Main Document Page 1 of 92 Edward O. Sassower, P.C. (admitted pro hac vice) Michael A. Condyles (VA 27807) Steven N. Serajeddini, P.C. (admitted pro hac vice) Peter J. Barrett (VA 46179) Anthony R. Grossi (admitted pro hac vice) Jeremy S. Williams (VA 77469) KIRKLAND & ELLIS LLP Brian H. Richardson (VA 92477) KIRKLAND & ELLIS INTERNATIONAL LLP KUTAK ROCK LLP 601 Lexington Avenue 901 East Byrd Street, Suite 1000 New York, New York 10022 Richmond, Virginia 23219-4071 Telephone: (212) 446-4800 Telephone: (804) 644-1700 Facsimile: (212) 446-4900 Facsimile: (804) 783-6192 Proposed Co-Counsel to the Debtors and Debtors in Possession IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF VIRGINIA RICHMOND DIVISION ) In re: ) Chapter 11 ) INTELSAT S.A., et al.,1 ) Case No. 20-32299 (KLP) ) Debtors. ) (Jointly Administered) ) DEBTORS’ APPLICATION FOR ENTRY OF AN ORDER AUTHORIZING THE RETENTION AND EMPLOYMENT OF PJT PARTNERS LP AS INVESTMENT BANKER FOR THE DEBTORS AND DEBTORS IN POSSESSION, EFFECTIVE AS OF MAY 13, 2020 The above-captioned debtors and debtors in possession (collectively, the “Debtors”) respectfully state as follows in support of this application (this “Application”):2 1 Due to the large number of Debtors in these chapter 11 cases, for which joint administration has been granted, a complete list of the Debtor entities and the last four digits of their federal tax identification numbers is not provided herein. A complete list may be obtained on the website of the Debtors’ claims and noticing agent at https://cases.stretto.com/intelsat.
    [Show full text]
  • ANNUAL REVIEW 2018 Waking up to Impact a Recognized Leader
    ANNUAL REVIEW 2018 Waking up to impact A Recognized Leader LenderLender of of the the year Year in inEurope Europe Ares Management is a global alternative asset manager built around three scaled businesses that collaborate to consistently deliver innovative, solutions-oriented results across market cycles. credit private equity real estate www.aresmgmt.com | www.arescapitalcorp.com The performance, awards/ratings noted herein may related only to selected funds/strategies and may not be representative of any client’s given experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. REF: AM-00162 AresFullpageAds_Artwork.indd 2 2/12/19 11:50 AM Impact is everything ISSN 1474–8800 MARCH 2019 injected extra impetus into the movement, but TOBY Senior Editor, Private Equity MITCHENALL has also raised questions about definition. Who Toby Mitchenall, Tel: +44 207 566 5447 EDITOR'S [email protected] LETTER should be allowed to raise capital under the Senior Special Projects Editor “impact” label? It is currently a broad church, Graeme Kerr, Tel: +44 203 862 7491 [email protected] housing everything from philanthropically- Senior Editor, Private Equity, Americas driven capital that does not require “market” Isobel Markham, Tel: +1 646 380 6194 [email protected] returns at one end, to sleeves of existing port- Senior Reporters folios screened for their contribution to posi- Rod James, Tel: +44 207 566 5453 [email protected] tive change at the other. Carmela Mendoza, Tel: +852 2153 3148 One of our most read stories of 2018 broke the The definitional grey-ness is evident in the [email protected] news that KKR was joining the impact investing impact category of our annual awards.
    [Show full text]