Credit Suisse Investment Banking Pitch Book
Preliminary selected precedent transactions analysis
Selected precedent BDC transactions
Announcement
date
10/03/16
05/23/16
Mean
Median
Acquiror
CION Investment Corporation
Source:
Note:
Ares Capital Corporation (ARCC), American
Capital Agency Corporation (AGNC)
(1)
3
(30
(4)
(5)
Implied equity value reference range
Implied equity value per share reference range
Excluded from mean / median
04/29/15 PennantPark Floating Rate Capital (PFLT) MCG Capital Corporation
Target
Preliminary selected precedent transactions analysis
($ in millions, except per share amounts)
Parameter
6/30/17A Adjusted TBV (3)
Credit Suisse Park View BDC
(4)
American Capital, Ltd.
Metric
$622
Low
Transaction
equity value
($ in millions)
0.80x
$180
3,989
$175
Selected range
PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION
Price /
book value
High
0.90x
0.94x¹
Based on fully diluted shares outstanding, calculated based on 41,480,754 basic shares (incl. unvested restricted stock), 0.125 million options and 12.0 million warrants as of 9/30/17, per Osprey
management Assumes treasury stock method.
Excluded from mean and median due to high concentration of cash as the business was being liquidated (-58% of total assets as of last publicly available balance sheet data prior to announcement)
0.89
0.92x
0.92
0.99x
Osprey management, public filings, SNL Financial and FactSet
Metrics other than price/ book value shown for informational purposes.
Price/bock value adjusted for assignment of $15.0mm of Homeland Healthcare, LLC assets from CION to Credit Suisse Park View post-closing
Calculated as net income excluding impact of any unvealized gains or losses.
Calculated based on 0217A tangible book value, adjusted for $3.3 million cash used to repurchase shares and $0.3 million cash proceeds received from exercise of options setted during 7/1/17-9/30/17,
per Osprey management
For informational purposes
LTM ROAE
Realized NI
NII
9.3%
5.4
7.4%
7.4
1.3%
$498
0.0%
$11.99
(4.4)
(2.2%)
(2.2)
Implied equity value reference range
Low
High
$498
$560
(23.6%)
$560
$13.28
Confidential
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