Credit Suisse Investment Banking Pitch Book
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Hypothetical Osprey warrant adjustment for incremental dividends
Per Osprey management as of November 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)
(-) Implied incremental dividends (50% payout ratio)(2)
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.
Additional distributable income based on 50% payout ratio.
(1)
(2)
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)
(2.9)
$461
37.470
$12.30
1.00
$12.45
$12.45
$12.45
$12.30
1.01
12.161
12.316
2020E
37.701
$12.30
$464
(3.0)
(3.8)
$457
37.701
$12.12
1.00
$12.30
$12.30
$12.30
$12.12
1.01
12.316
12.500
Confidential
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