J.P.Morgan Investment Banking Pitch Book
TRANSACTION OVERVIEW
Transaction overview
Transaction type
Offer price per share
Implied enterprise value of $3,623mm
Acquirer total equity contribution of $1,400mm
New funded debt financing of $2,363 mm
JPMorgan
100% cash acquisition; management-led buyout (MBO)
■
Subject to 45 day go-shop period
■ $76.00 per share
8.0% premium to current share price of $70.36
11.4% premium to 30-day average share price of $68.25
12.9% premium to 60-day average share price of $67.35
16.9X EV/2006E EBITDA (based on upside case)
■
Contributor
Istithmar
Whitehall
Colony
Sol Kerzner
Butch Kerzner
The Related Companies
Providence
65% of total transaction value
■ Max leverage of 78% total debt/ EBITDA in 2007
■
(EBITDA-capex)/interest coverage less than 1x until 2008
Source
New/Rollover
New
New
Rollover
Rollover
New
New
PROJECT PLATO
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