Credit Suisse Investment Banking Pitch Book
Project Osprey: preliminary financial impact of transaction
Pro forma
asset
manager
($ in millions)
A Total cash
B Net loans
Other assets
Total assets
Ⓒ Gross repo debt
Net warehouse debt
Net securitized debt
Net corporate debt
Subdebt
Other liabilities
Total liabilities
Total equity
Total liabilities & equity
BVPS
TBVPS
Source: Company projections
Q2'17E
$305
3,707
118
$4,130
$73
370
2,366
375
245
49
$3,477
$653
$4,130
$15.26
14.83
183
30
$213
$32
1100
$32
$181
$213
$4.24
4.24
Notes
Excess cash remaining after sale of loans and repayment
of debt assumed to be paid to shareholders via special
dividend
1
I
Restricted cash associated with debt paid off/
transferred to fund
Loans sold into new fund
Reclassification of risk retention notes currently held in
Loans Held for Investment, excluded from portfolio sold
Includes write-off of DTA for simplification purposes:
value of tax assets TBD
-$32mm repurchase agreements remain in place to fund
risk retention assets kept on balance sheet at Asset
Manager
Confidential / Draft
17
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