Acquisition & Leveraged Finance
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- Aileen Spencer
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1 & Leveraged Finance
2 Finance CSOB Financing of all standard leveraged structures: loans (Target purchased by strategic investor /corporate) Leveraged buy-outs (Target purchased via SPV by financial investor) Management buy-outs (Target purchased via SPV by management) Tailor-made structuring of leveraged Re facilities in mature stages of transactions Leverage loans provided in order to recapitalize equity Arranging bank clubs, syndicates and inter-creditor facilities CSOB is able to arrange standard and specific of and leveraged transactions 2
3 Finance CSOB - LBO LBO pros Reduction of equity need, thus impacting positively on rentability of capital Utilization of tax shield on loan s interest possible Loan placed on balance sheet of business generating sources for the debt servicing (after merger) No increase of Investor s indebtedness Structuring of financial package optimizing the structure (in cost, time and flexibility) LBO cons More demanding in time and administration transakce. CSOB is able to arrange LBO transactions 3
4 Finance CSOB Providing support to transaction via affiliates: Patria Finance (M&A advisory) Providing all range of additional & complementary loan facilities for the Target including: Operating loans Investment loans Letters of credit Letter of guarantees Etc. CSOB provides to its clients one-stop shop in a whole range of and leverage finance services 4
5 CSOB in the Czech and leveraged finance market CSOB has been continuing to increase its business portfolio in area of and LBO starting 2001; currently we manage EUR mio in both portfolios CSOB is keeping about 18% share in corporate banking in the Czech Republic, whilst its position is even stronger in and LBO. CSOB is one of the key local players in this segment CSOB is going to further growth both in and LBO and is ready to provide its clients with tailor made solutions either on a standalone or club basis CSOB often acts as Mandated Lead Arranger in club structures using its broad expertise to form efficient club of banks CSOB is ready to provide LBO commitments up to EUR 100 mio (EUR 25 mio typically) CSOB cooperates both with corporate/ strategic and institutional clients such as typically private equity funds 5
6 New LBO & ACQ primary deals in recent years: Equity contribution around 30% on enterprise value, or 50% on purchase price 6-7Y maturity with amortizing repayment schedule and bullet of 30% from the original principal Senior leverage below 3,50x during whole life of the loan 20% of generated annual cash flow retained as a buffer after all repayments Margin grids following the deleveraging Flat upfront fee 6
7 & Leveraged Finance Key credentials W.A.G. Payments solutions Arranger,, Arranger, for Macquarie Arranger, for SAZKA a.s. for Coast2Coast Club general purpose Financing Arranger. Coordinator,, Arranger,, Arranger, for INFRACAPITAL for Macquarie Financing for Macquarie AQUALIA CECH, S.L. Arranger, Arranger, Arranger, 7
8 & Leveraged Finance Key credentials,,,,,, ,, for Macquarie Arranger,,,,,, Financing, 8
9 & Leveraged Finance Key credentials Arranger, related to 39% of shares fiancing Financing, 2010 Leveraged re for Macquarie,
10 CSOB - International Awards in & Leveraged Finance CSOB achieved broad recognition Winner of the ACQ Finance Magazine (London) Country Award for Financing in the CEE region BANK OF THE YEAR award granted to CSOB every year since
11 CSOB & Leveraged finance - Contacts & Leveraged Finance Departement: Ivan Meloun Director phone imeloun@csob.cz Dalibor Jeřábek Senior Manager phone djerabek@csob.cz Jiří Chaloupka Senior Manager phone jchaloupka@csob.cz Martin Perger Senior Manager phone maperger@csob.cz Martin Dvořáček Senior Manager phone mdvoracek@csob.cz 11
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