News & Events

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June 19, 2018


Commercial Banking

  • Deutsche Bank sells $1B in underperforming ship loans to Oak Hill, Varde


    Jun 14 -
    Deutsche Bank agreed to sell a $1 billion portfolio of non-performing ship loans to Oak Hill Advisors and Varde. The portfolio reportedly also includes some performing loans from shipowners rather than just distressed debt. The sale is part of the bank’s plan to reduce its exposure to shipping and other maritime lending. Financial details of the transaction were not released.

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  • JPMorgan acts as administrative agent on $550M credit facility for Kemper


    Jun 14 -
    JPMorgan served as administrative agent and syndication agent on a $550-million credit agreement for Kemper Corporation. The agreement includes a $300 million, five-year revolving credit facility and a $250 million, two-year delayed-draw term loan facility. It will replace the company’s existing $225 million fiver-year credit facility, which was set to mature in June 2020. Bank of America and Wells Fargo also served as syndication agents, while JPMorgan, Merrill Lynch, Pierce, Fenner & Smith and Wells Fargo Securities served as joint bookrunners and joint lead arrangers.

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  • BNP Paribas overhauls senior staff for the U.S., Americas


    Jun 14 -
    BNP Paribas named Jean-Yves Fillion the chairman of CIB in the Americas. Fillion will also continue in his role as CEO of BNP Paribas USA. He will be responsible for the bank’s regional corporate strategy and will sponsor its relationships with the region’s most important cities. The bank also named deputy CEO CIB Americas Bob Hawley as CEO of CIB Americas. Hawley will also continue to serve as head of the institutional platform Americas and head of global markets Americas. He will report to Fillion and to Yann Gérardin, head of corporate and institutional banking. The bank made several other appointments:
    • Pierre Veyres as head of CIB Americas and head of the corporate platform Americas;
    • Philippe Ricard as COO for CIB Americas;
    • Thalès Gabay as head of ALM treasury CIB Americas;
    • Amanda Rajkumar as head of human resources of BNP Paribas USA and CIB Americas; and
    • Emmanuelle Bury as chief conduct and control officer for BNP Paribas USA and CIB Americas.

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Real Estate Finance

  • CBSK Ironstate secures $250M in financing from Deutsche Bank, Baupost for condo project


    Jun 14 -
    CBSK Ironstate secured more than $250 million in a debt and equity package for its Hell’s Kitchen condo project. As part of the deal, the company received a $181-million construction loan from Deutsche Bank and $70 million in preferred equity from Baupost Group. JLL brokered both deals for CBSK.

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  • KeyBank provides $21.4M loan for Dallas-area multifamily community


    Jun 14 -
    KeyBank Real Estate Capital provided a $21.4 million Fannie Mae first mortgage loan for a 200-unit multifamily community in the northern Dallas suburb of Richardson. The loan has a 10-year term, featuring five years of interest-only payments and a 30-year amortization schedule. The funds will be used to refinance existing debt. The identity of the borrower was not revealed.

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  • Parkway, KKR acquire Miami office tower for $250M


    Jun 14 -
    The former Sabadell Financial Center in Miami was purchased by a partnership between Parkway Properties and KKR for $250 million. The seller, Prudential Real estate Investors, purchased the property in 2013 for $184.3 million. The deal represents one of the most expensive office building trades in Miami since the Southeast Financial Center sold for $500 million in 2016.

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Commercial Bankruptcy

  • The Walking Company receives court approval for reorganization plan


    Jun 12 -
    Shoemaker and retailer The Walking Company received court approval for its Chapter 11 reorganization plan. With the approval, the retailer closes it bankruptcy case a little more than three months after filing. The plan calls for the extinguishment of existing equity, as well as an injection of $10.2 million from a group of equity holders in exchange for all of the new equity in the reorganized company. The Walking Company also secured a $57.25 exit facility from Wells Fargo to fund its operations post-confirmation.

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  • Authentic Brands wins Nine West bankruptcy auction with $340M bid


    Jun 11 -
    Authentic Brands Group emerged as the winning bidder at Nine West Holdings’ bankruptcy auction and will acquire the troubled retailer’s assets for $340 million. The bid was a substantial increase from the company’s initial $200 million baseline bid, as the auction turned into a bidding war between Authentic Brands and shoe retailer DSW, who becomes the backup bidder. The bid still requires court approval and a hearing is set for June 18.

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  • Cumulus reduces debt, emerges from bankruptcy


    Jun 4 -
    Radio company Cumulus emerged from bankruptcy after reducing its debt from $2.34 billion to $1.3 billion. As part of the company’s restructuring plan, its previous outstanding equity was cancelled and certain former stakeholders were issued more than 11 million shares of the company’s Class A common stock, 5.2 million shares of Class B common stock, as well as warrants to purchase 3.7 million shares of common stock in exchange for their prior claims. In addition, Cumulus applied to have its Class A common stock listed on the NASDAQ Stock Market.

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