Credit Suisse Investment Banking Pitch Book
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Osprey warrant adjustment for dividends
Per Osprey management as of September 2017
Selected commentary
Based on indenture for FSIC warrants outstanding
- 12.0 million warrants outstanding with exercise price of $12.62
Reflects adjustment to number of warrants outstanding and exercise price of outstanding warrants
based on distributions made to Osprey stockholders
Outstanding FSIC warrants reconciliation
($ in millions)
Number of common shares outstanding prior to distribution
Exercise price per share
Product
(-) Cash dividends to be distributed per Osprey standalone model(¹)
Numerator
Denominator
Revised exercise price
Number of warrants:
# of shares in warrant
Exercise price
Product
Numerator
Denominator
Revised number of underlying shares per warrant
Original number of warrants (millions)
Effective number of warrants (millions)
Source: Osprey public filings and Osprey management.
$0.02 per share.
2017E
41.528
$12.62
$524
(3.4)
$521
41.528
$12.54
1.00
$12.62
$12.62
$12.62
$12.54
1.01
12.000
12.077
2018E
37.220
$12.54
$467
(3.2)
$464
37.220
$12.45
1.00
$12.54
$12.54
$12.54
$12.45
1.01
12.077
12.161
2019E
37.470
$12.45
$467
(3.0)
$464
37.470
$12.37
1.00
$12.45
$12.45
$12.45
$12.37
1.01
12.161
12.239
2020E
37.701
$12.37
$467
(3.0)
$464
37.701
$12.29
1.00
$12.37
$12.37
$12.37
$12.29
1.01
12.239
12.319
Confidential
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