News & Events

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intelligence
briefing


November 14, 2018


Commercial Banking

  • Citi looks to exit Chinese securities JV


    Nov 12 -
    The bank is considering the sale as it seeks a setup where it can hold a majority of control. The bank was previously in talks, which have stalled, with partner Orient Securities to increase its stake from 33% to 51%, forcing the bank to weigh its other options. The bank also wants the JV to push into equities and fixed-income trading, putting it into direct competition with its partner. Chinese regulations require foreign firms to set up a joint venture with local partners before they can enter into the securities market, meaning Citi will need to find another partner willing to settle with a minority stake.

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  • Citi to relocate more staff to Paris following Brexit


    Nov 12 -
    The move was prompted by a number of staff members pushing for more a move to Paris instead of Frankfurt following Brexit. As a result, the bank will likely relocate fewer jobs to the German city, which was selected as its European hub following Britain’s divorce from the EU. Citi initially planned to move 150 jobs to Frankfurt and as many as 100 more across Paris, Milan, Madrid, Dublin and Amsterdam.

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  • Veterans Day


    Nov 9 -
    In recognition of Veterans Day, ShiftCentral will not issue a Market Intelligence briefing on Monday, Nov. 12, 2018. Service will resume as usual on Tuesday, Nov. 13, 2018.

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Real Estate Finance

  • BofA, Citi, Barclays provide $1.2B in financing for Gramercy acquisition


    Nov 11 -
    Bank of America, Citigroup and Barclays will provide $1.2 million to partly finance Blackstone’s $7.6-billion acquisition of Gramercy Property Trust. The loan will be backed by 96 or the 355 properties that make up Gramercy’s holdings. Citi and BofA previously provided $3 billion in financing to facilitate the acquisition.

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  • BofA, Wells Fargo provide $647.5M to refinance hotel portfolio


    Nov 13 -
    Bank of America, Wells Fargo and a pair of unidentified institutions provided $647.5 million to refinance a portfolio of 53 hotels. The portfolio includes properties in 15 states and features a total of 6,000 rooms. A JV between MCR Development and Building and Land Technology were the borrowers.

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  • KeyBank provides $127.7M in financing for two skilled nursing portfolios


    Nov 11 -
    KeyBank Real Estate Capital provided $127.7 million in financing for a pair of skilled nursing portfolios in Texas and Nevada. The Texas portfolio includes 16 properties and will receive a $105.8-million loan to facilitate the acquisition of 12 more facilitates, as well as to refinance existing debt. The Nevada portfolio received a $21.9-million loan for the acquisition of thee more facilities. The borrower was a JV led by Capital Senior Ventures and BlueMountain Capital Management.

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Commercial Bankruptcy

  • Aegean Marine Petroleum files for Chapter 11 bankruptcy


    Nov 6 -
    Aegean Marine Petroleum Network filed for Chapter 11 bankruptcy protection in New York after an internal investigation revealed nearly $300 million in funds was filtered to a company linked to a 2010 deal to build a ship bunkering terminal in Fujairah in the UAE. Mercuria Energy Group agreed to provide more than $532 million in post-petition financing and will also serve as the stalking horse bidder in the company’s asset sale.

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  • Open Road Films receives $87.5M stalking horse bid


    Oct 26 -
    Film distributor Open Road Films received court approval for bid protections, which includes a $2.1 million breakup fee, in its Chapter 11 sale in connection with an $87.5 million stalking horse bid from OR Acquisition Company. Redrover, which has a distribution agreement with the company on a number of films, objected against the protections, arguing that a $3 million head start for the stalking horse bidder could slow the bidding process and also adds liabilities on the debtor that impacts other creditors. Bids on the sale are due by Nov. 5, with the auction expected to take place on Nov. 7.

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  • Sorensen files for Chapter 11 to exit Sinclair contract


    Oct 19 -
    Sorensen Media filed for Chapter 11 bankruptcy in an effort to remove itself from a deal with Sinclair Broadcasting. According to court documents, the TV data provider signed a contract with Sinclair with the understanding it would provide data for addressable TV advertising on Sinclair’s stations and sell ad impression. However, in exchange for selling Sinclair impressions through its addressable ad platform, Sorenson must make minimum guaranteed payments to Sinclair, the amount of which was unspecified in the filings. Sorensen is arguing that it can’t raise the funds it needs to continue operations due to the contract. The company reported between $10 million and $50 million in assets and between $100 million and $500 million in liabilities.

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