The document summarizes a debt restructuring completed by American Capital and European Capital in June 2010. It involved paying down $1 billion in cash, and issuing $1.3 billion in new secured debt maturing in December 2013. The restructuring reduced total debt from $4.026 billion to $2.996 billion, and increased shareholders' equity from $2.526 billion to $2.814 billion. This improved the debt to equity ratio from 1.6x to 1.1x. The new debt structure provides flexibility to make new investments with proceeds from asset sales and capital raisings.
Carpathian Capital Fund II Investor PresentationIan Colville
Carpathian Capital is raising up to $10mn for a USA multi-strategy residential real estate fund to take advantage of continued distressed asset prices in certain geographies, improving markets and low interest rates. With leverage, fund will own up to 4x the amount of equity raised (25% equity, 75% debt capital structure).
Carpathian Capital Fund II Investor PresentationIan Colville
Carpathian Capital is raising up to $10mn for a USA multi-strategy residential real estate fund to take advantage of continued distressed asset prices in certain geographies, improving markets and low interest rates. With leverage, fund will own up to 4x the amount of equity raised (25% equity, 75% debt capital structure).
This year CFED jumped over financial hurdles and turned challenges into opportunities. A capstone year for CFED's past and present accomplishments, 2003 melded every aspect of CFED's mission and visionary goals into a substantial impact on society.
지난 3월 네이버의 뉴스캐스트 서비스가 전면 개편되었습니다.
국내 최대 포털인 네이버의 메인 화면 카테고리인 뉴스캐스트 개편은
각 뉴스 매체의 트래픽과 온라인 광고 비즈니스에 큰 영향을 끼쳤습니다.
본 리포트를 통해서 개편 방향을 다시 한 번 짚어보고, 개편이 가지고 온 변화와 다양한 반응들에 대해 정리해 보았습니다.
This year CFED jumped over financial hurdles and turned challenges into opportunities. A capstone year for CFED's past and present accomplishments, 2003 melded every aspect of CFED's mission and visionary goals into a substantial impact on society.
지난 3월 네이버의 뉴스캐스트 서비스가 전면 개편되었습니다.
국내 최대 포털인 네이버의 메인 화면 카테고리인 뉴스캐스트 개편은
각 뉴스 매체의 트래픽과 온라인 광고 비즈니스에 큰 영향을 끼쳤습니다.
본 리포트를 통해서 개편 방향을 다시 한 번 짚어보고, 개편이 가지고 온 변화와 다양한 반응들에 대해 정리해 보았습니다.
MuseumNext 2014: Masterclass. Opportunities for digital excellence with a lit...Cogapp
Our slides from MuseumNext 2014 in Newcastle.
Presented by:
Gavin Mallory, Head of Production, Cogapp
Chris How, Head of UX, Cogapp
This interactive masterclass will explore the complexities of digital project management through the prism of Michelangelo’s magnificent artwork, the ceiling of the Sistine Chapel. Michelangelo delivered this masterpiece in the face of feature creep, creative tension, slipped deadlines and unreasonable demands. Cogapp’s digital masterclass, informed by the nearly 30 years of experience, will give strategies and practical advice on how to achieve a similar degree of excellence for your digital endeavours no matter what obstacles you might face.
This masterclass will give you some usable tips to take away and test out on your own digital projects. It will be fun and interactive with post it notes, card sorting and art.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
2. Nasdaq: ACAS
Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This presentation contains statements that, to the extent they are not recitations of historical fact,
y
constitute "forward-looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. All such forward-looking statements are intended to be subject to the safe
harbor protection provided by the Reform Act. Actual outcomes and results could differ materially
from those forecast due to the impact of many factors beyond the control of American Capital. All
forward looking statements included in this presentation are made only as of the date of this
presentation and are subject to change without notice. Certain factors that could cause actual
results to differ materially from those contained in the forward-looking statements are included in
our periodic reports filed with the SEC. Copies are available on the SEC’s website at
www.sec.gov. We disclaim any obligation to update our forward looking statements unless
required by law.
The following slides contain summaries of certain financial and statistical information about
American Capital, Ltd. They should be read in conjunction with our periodic reports that are filed
from time-to-time with the Securities and Exchange Commission including our annual report on
Form 10-K for the year ended December 31, 2009, quarterly report on Form 10-Q for the quarter
ended March 31, 2010 and our subsequent periodic filings. Historical results discussed in this
presentation are not indicative of future results.
Additional Information
No information contained in this presentation constitutes an offer or invitation to acquire or
dispose of any securities or investment advice in any jurisdiction. Any statements included herein
regarding earnings enhancement are not a profit forecast and should not be interpreted to mean
that American Capital’s future earnings will necessarily match or exceed those of any prior year.
2
3. Nasdaq: ACAS
$
$2.3 B Debt Restructuring Completed
g p
Retaining Our Ability to Make New Investments
$1.0 B Cash Pay Down of Debt
100% of lenders wanting cash were paid cash in full
fl d ti h id h i f ll
$1.3 B of New Secured Debt Maturing December 2013
$528 MM non-amortizing debt
● With make-whole provision through August 2012
p g g
$779 MM amortizing debt
2% Closing Fee Paid on the $1.3 B of New Secured Debt
1.0% fee on outstanding balance as of December 30, 2011 and December
31,
31 2012
$281 MM of New Debt is Floating Rate
LIBOR + 650 bps Interest Rate, with 2% LIBOR Floor
Rate reduced to LIBOR + 550 bps when debt outstanding is below $1.0 B
p g
$1.03 B of New Debt is Fixed Rate
8.96% interest rate
Declining to 7.96% when debt outstanding is below $1.0 B
3
4. Nasdaq: ACAS
Amortization Schedule
Amortization to Avoid
Date Minimum Amortization Higher Interest Rates (1)
December 31, 2011 $0 $70,427,006
June 30, 2012 $0 $100,000,000
December 31 2012
31, $120 427 006 (2)
$120,427,006 $300,000,000
$300 000 000
June 30, 2013 $500,000,000 (3) $350,000,000
(1) Annual interest rates will increase by 50 basis points for each amortization that is not met until such
payments are made.
(2) Reflects utilization of permitted principal amortization deferral of $200,000,000.
(3) Reflects payment of scheduled amortization amount of $300,000,000 and payment of deferred
amortization of $200,000,000.
4
5. Nasdaq: ACAS
Flexible Amortization Requirements
q
Retaining Our Ability to Make New Investments
$779 MM of New Secured Amortizing Debt
No scheduled pay downs for next two and a half years until December 2012
Prepayments of principal will be applied in direct order of maturity
A Portion of Pledged Asset Disposition Proceeds, Excess Cash Flow and
Capital Raising Activities to be used to Prepay Amortization
However, the first $580 MM of such amounts need not be applied
● Will be available for new investments or other general corporate
purposes
Thereafter the following amounts prepay amortization
Thereafter,
● 50% of asset dispositions and excess cash flow
► Reducing to 25% when amortizing debt is below $422 MM
● 100% of new debt raises
● 0% of equity raises for first two years
► 50% of equity raises thereafter
For example, if the first $1.16 B of liquidity results from pledged assets
● 100% would be available for new investments or other general
corporate purposes
5
6. Nasdaq: ACAS
Balance Sheet
Pro forma for Debt Restructuring and Equity Raise
Pre-Restructuring Restructuring Post-Restructuring
$ in Millions March 31, 2010 Adjustments March 31, 2010
Assets
Investments at Fair Value1 $5,698 $--- $5,698
Cash & Cash Equivalents 820 (779)2 41
Restricted Cash & Cash Equivalents 79 --- 79
Other Assets 160 24 184
Total Assets $6,757 $(755) $6,002
Liabilities
Secured Debt $--- $1,308 $1,308
Unsecured Debt 2,349 (2,338) 11
Securitized Debt 1,677 --- 1,677
Total Debt 4,026 (1,030) 2,996
Other Liabilities 205 (13) 192
Total Liabilities $4,231 ($1,043) $3,188
Shareholders’ Equity
Total Shareholders’ Equity $2,526 288 $2,814
Total Liabilities and Shareholders’ Equity $6,757 ($755) $6,002
Debt to Equity 1.6x 1.1x
1. Assumes no appreciation or depreciation in investment assets from March 31, 2010
2. Represents closing payment of $1.03 B paid to creditors at closing plus payment of accrued interest, closing fees and other
transaction fees as well as $295 MM proceeds from an equity offering completed in April 2010
6
7. Nasdaq: ACAS
Value Proposition
p
Potential Asset Appreciation with Economic Recovery
Potential Appreciation of ECAS
Equity investment valued at $278 MM at March 31, 2010
● Versus $770 MM NAV at ECAS
Potential Accretion of Performing Debt Assets to Cost at ACAS and ECAS
$199 MM below cost at ACAS at March 31, 2010
31
$288 MM below cost at ECAS at March 31, 2010
Potential Appreciation of Equity Assets as the Economy Recovers
$425 million of net appreciation of portfolio since GDP turned positive
in Q3 2009
Expect continued appreciation if the economy remains positive
Delivered 22% Annualized ROE Through March 31, 2010 Since GDP
Turned Positive in Q3 2009
T d P iti i
$0.89 or 12% Growth in NAV per Share Over Last 3 Quarters
After dilution from $295 million equity offering in April 2010 and stock
dividend in June 2009
7