Credit Suisse Investment Banking Pitch Book
Historical P/TBV
11/4/2014: Announces
1.50x strategic relationship &
investment with GSO &
1.25x
1.00x
0.75x
0.50x
0.25x
Franklin Square
consisting of $300mm of
sub notes and 12 million
warrants exercisable at
$12.62
V
Apr-14
($ in millions)
Pre-tax ROAE
AUM
12/3/2014: Closes
$200mm initial GSO
investment
Q4 13
6.8%
$2,771
Oct-14
Q1 14
6.8%
$2,574
3/26/2015: Announces
repurchase of 1 million
common shares
02 14
NM
$2,699
4/15/2015: Fitch
assigns BB- long-term
rating to NewStar with
a stable outlook
Apr-15
03 14
10/7/2015: Completes
acquisition of Boston-based
alternative asset manager Feingold
O'Keeffe Capital; authorizes new
$5mm share repurchase plan
5.6%
$2,832
Q4 14
4/17/2015: Prices
$300mm of 7.25%
senior notes
1.4%
$3.761
Source: FactSet, SNL Financial, company filings.
Note:
Market data as of 4/11/17.
(1)
Represents approximate totals from company filings loan amounts for 04'13 to 03'14.
11/9/2015: Prices
$80mm of 7.25%
senior notes
Oct-15
Q1 15
2.7%
$3,745
NEWS
02 15
5.2%
$4,158
3/31/2016: Sterling National Bank
acquires NewStar's ABL subsidiary
for $112 million in cash, at a -6%
premium of gross loan receivables
2/11/2016:
Expands share
repurchase plan
Apr-16
03 15
5.5%
$4,604
12/1/2016: Radius Bank buys
NewStar's equipment finance
business for $140mm, representing a
-5% premium to net investment in
receivables
Q4 15
4.3%
$6,949
Oct-16
Q1 16
4.2%
$6,620
12/9/2016: Board
authorizes $30mm
share buyback program
2/14/2017: Declares
first quarterly dividend
of $0.02 per common
share
02 16
5.4%
$6,583
0.73x
Apr-17
03 16
8.7%
$6.653
Q4 16
11.1%
$6,742
Confidential / Draft
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