DOCSLIB.ORG

GOLD SHEETS Vol XXVI, No

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
GOLD SHEETS Vol XXVI, No ....................................................................GOLD SHEETS Vol XXVI, No. 41 A Thomson Reuters LPC Publication October 29, 2012 5 THINGS TO KNOW ABL issuance down as lenders Facing a looming $1.5B maturity on its hope for M&A pickup ahead – by Maria C. Dikeos main credit line next February, OSG has 1 Asset-based lenders have found them- 1-3Q11 issuance was already $30 billion hired Chilmark Partners and Proskauer Rose for fi nancial and legal advice, selves less busy in the last several months greater than the previous market peak for respectively, to prepare for a potential than they would have hoped – largely a the nine-month period in 2007. Chapter 11 fi ling. p. 17 refl ection of the slimmer deal pickings “Certainly the level of activity that we are Thomson Reuters LPC’s Loan Market that they have had so far this year. At $57 seeing isn’t unexpected,” said an arranger. 2 Scoreboard provides a snapshot of key billion, 1-3Q12 ABL volume represented “Last year, we saw so many deals that is- statistics in the leveraged loan and high yield bond markets. p. 3 a 45 percent drop over year-ago levels suers would have done in 2009 and 2010, Business development company Monroe (Fig. 1). but they did not due to price points. So, last 3 Capital Corp priced its initial public Issuance totals were not the only mea- year we had repricings.” offering at $15 per share, raising sure of the market slowdown. Lending New ABL volume came in under $15 billion approximately $75M in gross proceeds. activity based on deal count also showed in 1-3Q12, or 26 percent of total issuance p. 18 a 25 percent decline from year-ago levels for the year. Although the proportion of new M&A activity is expected to crank to close out the fi rst nine months of 2012 lending activity is up from the 18 percent higher given the favorable interest 4 with 242 syndicated credits, compared to observed in 2011 and on par with 2010 levels, rates available in the leveraged credit market and the substantial amount of 302 deals in 2011. it is a far cry from levels hovering near or dry powder private equity fi rms are still “It’s hard not to think of this year as slow,” above 50 percent of total issuance between sitting on. p. 19 said one lender. “But really it is a more nor- 2006 and 2008 (Fig. 2). In many cases, the Kinetic Concepts revealed details on its malized year coming off such a high in 2011.” 2012 new money transactions were only new $2.5B repricing. The credit consists 5 Providing a bit of perspective, at $101 offered to smaller groups of relationship of a $200M revolver, a $1.618B billion TLC-1, a 248M euro TLC-1, and a $323M billion, 2011 issuance represented record TLC-2. p. 17 volume for the market, and at $383billion, (ABL cont’d on p. 2) BSL GRID WHAT TO WATCH LPC COLLATERAL Avg. Min. Max. Avg. Fully Avg. • CHG Healthcare is launching October 30 a $765 Applic. Undrawn Undrawn Undrawn Drawn Fac Rating (LIB spread Size million covenant-lite credit. Goldman Sachs will THE FIRST STEP IN + Ann ($Mils.) launch the deal at a bank meeting at Le Parker + Usage) CLO ANALYSIS 364-day Meridien in New York. AA 5.75 4.00 7.50 78.27 2,500.00 Detailed. Accurate. Transparent. A 12.50 5.00 20.00 112.50 1,725.00 • Minera Frisco will tap the New York market BBB 10.17 8.00 12.50 95.83 400.00 November 1 with a $1.5B senior secured term loan. Bank of America Merrill Lynch is leading the deal. LPC COLLATERAL provides Multi-year AA 8.00 7.00 10.00 83.33 2,083.33 • Tempur-Pedic Intl Inc is coming to market October a competitive edge to A+ 9.50 9.00 10.00 93.75 1,000.00 31 with a new $1.77B facility. Bank of America Merrill CLO investors, managers A 9.50 8.00 12.50 95.83 1,166.67 Lynch leads. A- 11.25 10.00 12.50 104.17 973.33 and traders. BBB+ 13.33 12.50 15.00 113.13 750.00 • Year to date CLO issuance currently stands at roughly BBB 16.67 15.00 20.00 131.25 1,125.00 $38B. For more information e-mail BBB- 27.50 22.50 35.00 163.75 868.75 • Last week, 2012 high yield bond issuance became Thomson Reuters LPC uses the 3-5 latest transactions in each [email protected] or visit ratings category. The credits represent syndications that were not the highest on record, beating out 2010’s $259.28B substantially under- or over-subscribed. Agent and syndications and 2011’s $219.65B. This month is the busiest www.loanpricing.com fees are not included. Leveraged BSL Grid available at www. loanconnector.com October on record for HY volume. Copyright notice: Any copying, redistribution (including electronic forwarding) or republication of Thomson Reuters LPC publications, or their content is strictly prohibited. Copyright © 2012 ASSET-BASED LENDING — cont’d from p. 1 Fig. 1: 1Q-3Q12 ABL volume down 45% year over year; Jack came to market. Although the deal 39% decline quarter over quarter did not ultimately close following a with- drawal by the private equity sponsor, the $35 140 Volume B Deal Count credit, which included an ABL component, B $30 B 120 was structured with aggressive terms and B B B conditions, according to several sources. B B $25 B B B B 100 B B B B One of the biggest areas of concern focused B B B B B $20 B B B 80 on the application of a grace period for the ($Bils.) B B B issuer to correct should availability fall be- B B B B $15 B 60 Deal count low specifi ed levels or should the springing BBB Issuance B fi xed-charge coverage ratio be breached. $10 40 LPC Thomson Reuters Source: Arguably, the example of individual deals $5 20 could refl ect market aberrations suited to the specifi c issuers in question. Nonethe- $0 0 less, a number of ABL credits have seen 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 pushback. lenders at the expense of broader, retail majority of these deals came in the form “Banks are defi nitely reading documenta- syndications. of clubbier transactions marked by larger tion and depending on how oversubscribed Despite some cautious optimism regis- hold positions and fairly aggressive terms a deal is, there will be pushback and some tered among leveraged cash fl ow lenders in and conditions. negotiation,” said one lender. 3Q12 – especially in the context of a robust In 3Q12 specifi cally, two out of the three The Albaco Scottsman deal required a high yield bond market, cash infl ows to retail sponsored M&A credits that closed were for pricing step-up due to its international funds and over $34 billion of new CLO for- existing ABL issuers – Party City (previously component. AOT Bedding likewise got mations – there were limited opportunities under the name Amscan) and Interline pushback on its pricing thresholds, do- for the market to soak up excess liquidity in Brands – which underwent sponsor-to- minion and fi xed-charge springs, although the absence of a meaningful M&A pipeline. sponsor buyouts. Each of these credits it ultimately secured competitive terms ABL, in particular, occasionally found came with relatively thin spreads. Interline including a pricing grid with spreads cuffed itself competing with bull market cash fl ow Brands secured pricing of LIB+175 on the at LIB+150-200. structures, thus facing additional obstacles. credit, and Party City saw slightly richer Most recently, an LBO fi nancing for David’s “Sponsors are pretty active,” said one spreads of LIB+200 with 25 percent draw Bridal raised eyebrows. The ABL credit, lender. “And there is a decent pipeline, down under the revolver. which has large over advance provisions, but there has been a shift to covenant-lite Although demand for these assets was comes in combination with a covenant-lite revolvers.” Although this type of bull market high, lenders were not indifferent to struc- term loan and high yield bond. At $125 phenomenon does not typically last, “it is a ture and pricing. million, the ABL tranche is relatively small negative driver for ABL right now.” “It feels like we are in a market where doing and did not require a true retail sell down, M&A volume for the fi rst nine months of something silly could be a key behavior,” thereby providing the platform for argu- 2012 totaled just over $4.5 billion (Fig. 3). Of said one lender. ably looser terms. Out of the box pricing this total, 60 percent represented fi nancing In early spring, anticipated fi nancing back- was LIB+150. that backed sponsored takeovers. The vast ing the buyout of Pep Boys Manny, Moe & For several lenders, this begs the question: If the market had to sell those deals down, INSIDE CROSS MARKET COMPS GRID would it be able to? And do these clubbed LOAN MARKET SCORECARD ........................................3 relationship deals effectively become the LT Sec’ Bond ANALYTIC SNAPSHOT ................................................... 5 Borrower Rating Loan LCDS Swap CDS standard or comparison for the next ABL LCDS, IGR MARKET BASED PRICING ............................7 Boyd Gaming B 444 454 737 896 RELATIVE VALUE ANALYSIS ..........................................8 Cablevision Systems Corp BB 135 154 375 335 credit? FORWARD CALENDAR ..................................................9 Clear Channel Communications Inc CCC+ 995 807 1603 1539 LEAGUE TABLE ..............................................................10 Community In the context of clubbed transactions DEALS..........................................................................11-16 Health Systems Inc B+ 221 275 528 448 THE WEEK IN NEWS ...........................................17-21, 24 Delta Air Lines Inc B 408 760 457 752 structured for sponsored credits, most lend- Dole Food B 366 243 629 210 ASIA NEWS ....................................................................22 Freescale Semiconductor Inc B 499 566 713 885 ers agree that specifi c deals have limited EUROPE NEWS .............................................................23 Harrah’s Entertainment Inc B- 406 687 1515 2115 HCA Inc B+ 324 270 408 427 relevance as a comparison for the next deal.
Load more

Recommended publications
  • The Rise of Private Equity Media Ownership in the United States: a Public Interest Perspective
    City University of New York (CUNY) CUNY Academic Works Publications and Research Queens College 2009 The Rise of Private Equity Media Ownership in the United States: A Public Interest Perspective Matthew Crain CUNY Queens College How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/qc_pubs/171 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] International Journal of Communication 2 (2009), 208-239 1932-8036/20090208 The Rise of Private Equity Media Ownership in the United States: ▫ A Public Interest Perspective MATTHEW CRAIN University of Illinois, Urbana-Champaign This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of the challenges posed by private equity to effective media regulation and comparison of private equity and corporate media ownership models. The media sector in the United States is deeply and historically rooted in the capitalist system of private ownership. The structures and demands of private ownership foundationally influence the management and operation of media firms, which must necessarily serve the ultimate end of profitability within such a system.
    [Show full text]
  • Private Equity's Broken Pension Promises
    ANNUAL CONGRESS SUNDAY 3RD JUNE–THURSDAY 7TH JUNE 2007 PRIVATE EQUITY’S BROKEN PENSION PROMISES PRIVATE EQUITY COMPANIES’ LINKS TO INSOLVENT PENSION FUNDS A CEC SPECIAL REPORT 2007 contents was only when the same private equity companies made an £8billion bid for Insolvent pension schemes Sainsbury’s that the growing role of private equity in the economy became a Chapter 1 2 public issue. Insolvent pension The private equity companies and the multi-millionaire elite that run them schemes and the link and the link to private equity are desperate to portray themselves as growers of jobs,of innovation and of to private equity being vital to the well being of the economy.They are most anxious to shed their companies companies asset stripping image,to shed the impression that they enjoy favourable tax advantages and to shed the notion that the whole industry is simply a Chapter 2 5 mechanism for the multi-millionaire elite to enrich themselves at the expense Some of the In the spring of 2007 the GMB Central Executive Council (CEC)asked that a of GMB members and the general public. multimillionaire detailed study be undertaken to establish the links between insolvent pension elite who have The Treasury Select Committee has set up an enquiry into the role of private funds and private equity companies.At that time there was much controversy amassed a fortune equity and GMB has submitted evidence to it.This report forms part of the GMB in the media about the role of private equity companies in the UK economy. from the private supplementary evidence
    [Show full text]
  • Final Version
    ERASMUS UNIVERSITY ROTTERDAM ERASMUS SCHOOL OF ECONOMICS MSc Economics & Business Economics Master Thesis Financial Economics The formation of prominent private equity clubs and the involved alignment costs in club leveraged buyouts Author: Jurjen Spelde Student ID number: 454457 Thesis supervisor: Y.S. Gangaram-Panday MSc Second reader: Dr. J. Lemmen Date final version: 27-08-2020 J. Spelde (2020) Abstract In this research, I analyzed the pricing, target firm characteristics and involved alignment costs in club deal leveraged buyouts. Using a dataset of completed and withdrawn leveraged buyouts of publicly traded U.S. targets, I found that target shareholders receive between approximately 8,5% and 34% lower premiums compared to sole-sponsored leveraged buyouts in the pre-2006 time period. There is no difference in the premium in the post-2005 time period. These results are robust to the usual M&A control variables, including size, risk, and industry and time fixed effects. By examining withdrawn deals, I studied two influences: (1) the likelihood of a completed deal after the announcement is lower for club leveraged buyouts consisting of one merely one prominent private equity firm compared to sole-sponsored private equity deals, and (2) the duration between the announcement date and the date of completion/withdrawal is longer compared to sole-sponsored private equity deals, also merely for clubs consisting of one prominent private equity firm. I found motives for capital constraints in the post-2005 time period which is merely evident for clubs consisting of two prominent private equity firms, but no indication in favor of diversification motives.
    [Show full text]
  • 2011 Comprehensive Annual Financial Report for Fiscal Year Ended March 31, 2011
    New York State and Local Retirement System 2011 Comprehensive Annual Financial Report For Fiscal Year Ended March 31, 2011 A pension trust fund of the State of New York New York State and Local Retirement System New York State Office of the State Comptroller Thomas P. DiNapoli 2011 Comprehensive Annual Financial Report For Fiscal Year Ended March 31, 2011 New York State and Local Retirement System Employees’ Retirement System Police and Fire Retirement System A pension trust fund of the State of New York Prepared by the staff of the New York State and Local Retirement System 110 State Street Albany, NY 12244 Contents Contents Introduction Professional Awards ................................................................................................... 7 Letter of Transmittal .................................................................................................. 9 Administrative Organization .......................................................................................13 Advisory Committees .....................................................................................13 New York State and Local Retirement System Organization Chart ................................16 Overview of Retirement Operations ..............................................................................17 By the Numbers ......................................................................................................22 Members and Retirees ....................................................................................22 Retirees
    [Show full text]
  • The Brief Mergermarket’S Weekly Private Equity Round-Up
    The Brief mergermarket’s Weekly Private Equity Round-Up 24 December 2009 | Issue 44 Editorial 1 The Noticeboard 2 Private Equity Opportunities 3 Deals of the Week 9 Pipeline 17 Statistics 20 League & Activity Tables 23 Top Deals 32 Investor Profile: Affinity Equity Partners 35 Notes & Contacts 37 The Week That Was..... The last seven days: private equity in review 2009 was certainly an interesting year for private equity. The post- seen in the Financial Services sector and saw Bank of America global financial crisis deal making environment was one of the most raise much needed capital by selling its 5.78% stake in China challenging ever seen with issues surrounding leverage, corporate Construction Bank to a group of investors. The investors included valuations and a lack of viable targets all conspiring to dampen Singapore-based Temasek Holdings and Hopu Investment activity. Unsurprisingly, this is borne out in the raw numbers with a Management, the China-based private equity fund which has been total of 1,708 private equity-related deals coming to the market over particularly active this year. the course of 2009, worth a collective US$178.7bn. Compared to global announced activity in 2008, this represents a volume decline Despite significant buyout and exit activity in Europe, and to a of 39% while the 56% fall in valuations is even more pronounced, lesser extent Asia, it is unsurprising that the United States again perhaps unsurprising given continued issues surrounding debt emerged as the geography which attracted most private equity- financing and the related retrenchment to deal making at the mid related investment over the previous 12 months.
    [Show full text]
  • Private Equity in Latin America.Pdf
    Private equity in Latin America Orlando Fernández of PLcCross-borderexamines recent developments in private equity investment in Latin America, outlines some key common characteristics of the Latin American private equity market and analyses legal and market developments in Brazil, !I Chile and Colombia. With a couple of notable exceptions, private equity (see LAVCA, Press Release, Latin American investors have traditionally been less active in Latin Investment Activity Strong in 2009 with Positive Outlook America than in Europe, the US and the major Asian for 2010 (www.lavca.org)). economies. According to the Emerging Markets There are, however, signs that private equity activity Private Equity Association (EMPEA), in 2009, Latin could surge in Latin America in the near future. 58% America accounted for: of private equity houses surveyed for a KPMG report a 10% of the US$22 billion (about EUR17 billion) published in April2009 stated their intention to increase raised by private equity firms for investing in their presence in the region between 2010 and 2012 emerging markets. (see KPMG, lnsight Latin America: A guide to the : 14.5% of the US$48 billion (about EUR37 billion) future of Private Equity for investment professionals) invested by private equity funds in emerging (KPMG Report, available at www.kpmg.com). rnarkets A survey of institutional investors published by Coller 2"41 of the US$345 5 blllion (about EUR270 Capital and the EMPEA in Aprrl2010, rariked Brazil as billion) invested by private equity sponsors the ~vorld'ssecond
    [Show full text]
  • Nber Working Paper Series Borrow Cheap, Buy High?
    NBER WORKING PAPER SERIES BORROW CHEAP, BUY HIGH? THE DETERMINANTS OF LEVERAGE AND PRICING IN BUYOUTS Ulf Axelson Tim Jenkinson Per Strömberg Michael S. Weisbach Working Paper 15952 http://www.nber.org/papers/w15952 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2010 Earlier versions of this paper were circulated under the title “Leverage and pricing in buyouts: An empirical analysis.” We are very grateful to Steve Kaplan for sharing his data on 1980’s LBOs, and to Joakim Bång, Ji-Woong Chung, and Reimo Juks for excellent research assistance. We would also like to thank Viral Acharya, Malcolm Baker, Laura Bottazzi, Phil Canfield, Chris Collins, Marco DaRin, Francois Derrien, Chris James, Steve Kaplan, Steven Ongena, Morten Sorensen, David Sraer, Ayako Yasuda, as well as participants in numerous seminar presentations for valuable comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2010 by Ulf Axelson, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts Ulf Axelson, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach NBER Working Paper No.
    [Show full text]
  • A Study on the Economic Impact of Private Equity Club Deals in Leveraged Buyouts
    ERASMUS UNIVERSITY ROTTERDAM ERASMUS SCHOOL OF ECONOMICS MSc Economics & Business Master Specialisation Financial Economics A study on the economic impact of private equity club deals in leveraged buyouts Author: Ward A. Blokker BSc Student number: 417525 E-mail: [email protected] [email protected] Thesis supervisor: Dr. Y. Dai Second reader: Dr. V. Volosovych Finish date: July 2016 PREFACE AND ACKNOWLEGDEMENTS With pleasure I present to you this study on the economic impact of private equity club deals in leveraged buyouts. This thesis will conclude my master’s degree in Economics & Business Economics (specialisation Financial Economics) at Erasmus University Rotterdam. The idea for this thesis originated during the Seminar Advanced Corporate Finance: Private Equity. One of the key articles on which I base my research (“Club deals in leveraged buyouts” by Officer, Ozbas, and Sensoy, published in 2010) was part of the literature during this seminar. Some time after the seminar, I started an internship at a Dutch private equity firm, where I encountered many “club deals” myself: deals in which private equity acquirers join forces to purchase a target firm. My colleagues told me about the ever-increasing competition in the private equity industry combined with the limited supply of companies to buy in recent years, and I started wondering whether this increased competition could be part of the reason why a substantial amount of targets is purchased by private equity coalitions. Later, I immersed myself in this topic by reading several articles, and decided to write a research proposal about it. I submitted this research proposal to Dr.
    [Show full text]
  • Private Equity Spotlight June 2008 / Volume 4 - Issue 6
    Private Equity Spotlight www.preqin.com June 2008 / Volume 4 - Issue 6 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Funds in Market - and now also the new Fund Manager Profi les. This month’s issue contains details from our latest publication, The 2008 Preqin Private Equity Performance Monitor. Feature Article page 3 Investor Article page 12 How Can Performance Data Help You? This month we take a Features exclusive analysis from the newly released 2008 Preqin close look at private sector Private Equity Performance Monitor. In a market which is becoming pension funds, and identify increasingly complex and congested, reliable performance data some of the key players is a vital tool that can be utilised by fund managers and investors in this important investor alike to help with fundraising and the fund selection process. class. Fundraising Article page 8 Investor News page 18 Along with our regular analysis of buyout and venture fundraising, this month’s Fundraising Spotlight takes an in-depth look at the All the latest news on investors in private equity: booming market for infrastructure funds. • Wells Fargo and Company Pension Plan aims to increase its target allocation to private equity. No. of Funds US Europe ROW Total on Road • Overseas Private Investment Corporation launches initiative Venture 218 94 111 423 to generate alternative investments in Latin America. Buyout 163 73 52 288 Fund of Funds 105 74 16 195 • APG – All Pensions Group has announced positive returns Real Estate 205 104 56 365 on its private equity investments.
    [Show full text]
  • The 100 Most Expensive Homes in Dallas
    AS FEATURED IN DMAGAZINE.COM 2009 2007 OWNER/ 2009 2007 OWNER/ 2009 2007 OWNER/ RANK RANK HOUSE VALUE RANK RANK HOUSE VALUE RANK RANK HOUSE VALUE The 100 Most 1 1 Tom Hicks 35 15 Al Hill Jr. 69 80 Nancy and $41,462,030 $11,596,340 Clay Mulford 2 2 John Muse 36 NEW Thomas Dundon $8,626,080 $30,208,470 $11,384,440 70 93 Martha and 3 4 Larry Lacerte 37 27 Vinay Jain Donald Miller Expensive Homes in $28,742,300 $10,948,370 $8,478,690 Our biennial look at the sweetest spreads in town fi nds the 4 9 H. Ross Perot 38 42 Clark Hunt 71 99 Royal Carson $24,816,180 $10,716,360 $8,472,040 new names that have joined the usual silk-stocking suspects. 5 3 Harlan Crow 39 return Marianne Plancke 72 NEW Jim Lucas Dallas HOUSE PHOTOGRAPHY BY GUSTAV SCHMIEGE AND SCOTT WOMACK II ILLUSTRATIONS BY MICHAEL WITTE $24,087,440 and Issam Karanouh $8,366,190 6 5 Ed Cox $10,639,240 73 83 G. Houston Hall $21,832,500 40 47 Charles Wyly $8,316,300 7 6 Gene Phillips $10,638,850 74 NEW Doug Rippeto $19,800,000 41 return Bill Clements $8,312,800 8 13 Gerald Ford $10,587,310 75 40 William Oates $19,289,970 42 NEW Richard Malouf $8,311,160 9 10 Mark Cuban $10,478,750 76 90 Jerry Freeman $17,603,280 43 86 Randall Fojtasek $8,296,540 10 8 Jerry Jones $10,372,470 77 67 Gladys Carr $17,343,200 44 76 Brint Ryan $8,205,590 11 NEW Clint Carlson $10,325,920 78 return Lee Trevino $17,245,850 45 91 Michael Bishop $8,194,300 12 11 Lisa Blue $10,298,960 79 52 Jack Pratt $17,224,630 46 23 Joe Garza $8,159,140 13 7 Margaret Crow $9,664,010 80 NEW Randall Van $15,900,000 47 35 Robert Haas
    [Show full text]
  • 2009 Comprehensive Annual Financial Report 7 Introduction
    New York State and Local Retirement System COMPREHENSIVE ANNU A L FIN A N C I A L REPORT For Fiscal Year Ended March 31, 2009 New York State Office of the State Comptroller Thomas P. DiNapoli 2009 NEW Y ORK STATE A N D LOCA L RETIREME N T Sys TEM COMPREHE ns IVE Ann UA L FI N A N CIA L REPORT FI S CA L Y EAR EN DED MARCH 31, 2009 Employees’ Retirement System Police and Fire Retirement System Prepared by the staff of the New York State and Local Retirement System 110 State Street • Albany, NY 12244 TAB L E O F CO N TE N T S Introduction Professional Awards ...............................................................................7 Letter of Transmittal ................................................................................9 Administrative Organization .................................................................... 13 Advisory Committees ....................................................................... 13 New York State and Local Retirement System Organizational Chart .................... 16 Overview of Retirement Operations ........................................................... 17 By the Numbers ................................................................................. 21 Members and Retirees ...................................................................... 21 Retirees in New York State .................................................................. 22 Annual Benefit Payments Within New York State ......................................... 23 Annual Benefit Payments Within the United States ......................................
    [Show full text]
  • Guide to the Secondary Market
    GUIDE TO THE SECONDARY MARKET 2014 Edition Sponsored by: Cogent Partners-Print Ad Redesign-R5-PRINT.pdf 1 3/27/14 5:02 PM C M Y CM MY CY CMY K GUIDE TO THE SECONDARY MARKET 2014 Edition Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Sonja Cheung, Alec Macfarlane, Michael Wursthorn Research Victoria Camporeale Bradley, Sean Curran Advertising Joseph Koskuba, James Lindquist Production and Design Tara S. Cooper, Heather Graham, Tim White Editorial Director Nicholas Elliott Tel 609.520.7779 or 800.291.1800 | Dowjones.com/privatemarkets ISBN# 1-934391-18-2/978-1-934391-18-1 | Guide to the Secondary Market published May 2014 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas, New York , New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact [email protected]. Copyright © 2014 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means – graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems – without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: ©istockphoto.com/BrainOnAShelf; p7: Zorabc/Shutterstock.com; p8: Paolo Bona Shutterstock.com; p11: ©istockphoto.com/WillSelarep; p13: ©istockphoto.com/Oliver Hoffmann; p18: ©istockphoto.com/Nikada; p20: ©istockphoto.com/photovideostock; p24: ©istockphoto.com/Dennis Oblander; p25: ©istockphoto.com/anyaivanova; p27: ©istockphoto.com/scibak; p28: ©istockphoto.com/sierrarat; p29: ©Tigger11th/Shutterstock.com; p30: Borislav Toskov/Shutterstock.com; p31: ©istockphoto.com/Matthew Dixon 55% recycled fiber 30% post consumer fiber GUIDE TO THE SECONDARY MARKET | | 3 Table of Contents I.
    [Show full text]