Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) and Oaktree Capital Group, LLC (OAK) (“Oaktree”) today announced the immediate commencement of the election period and the commencement of the mailing of forms of election to registered holders of Oaktree Class A common units (“Class A units”) and holders of limited partnership units in Oaktree Capital Group Holdings L.P. whose units will be exchanged for equity interests in Oslo Holdings LLC (“SellerCo units”). At least five business days prior to the Election Deadline, Brookfield and Oaktree will issue another joint press release announcing the exact date of the Election Deadline. Brookfield and Oaktree continue to expect that the transactions contemplated by the merger agreement will close during the third quarter of 2019, subject to receipt of all required governmental approvals and other conditions necessary to complete the mergers.
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This concludes the review for upgrade that was initiated on August 16, 2019, following the announcement of an equity commitment agreement with funds managed by Ares Management Corporation ("Ares") on August 14, 2019. The upgrades reflects the improvement in IEA's credit metrics and liquidity as a result of $180 million new equity raise during 2019 and the subsequent debt reduction. The upgrades also reflect Moody's forecasts for IEA to further reduce debt/EBITDA to 5.0x by the end of 2019 given the expectation for significant growth in IEA's EBITDA in Q4 2019 as the company continues to recover from the earnings impact of significant weather conditions in late 2018.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of IEA Energy Services, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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A global real estate investor and a global investment management firm are the new owners of a pair of Santa Clara office towers.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Watco Companies, L.L.C. New York, October 28, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Watco Companies, L.L.C. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service, ("Moody's") downgraded Dayco Products, LLC's ("Dayco") corporate family rating (CFR) to Caa2 from B3, its Probability of Default Rating (PDR) to Caa2-PD from B3-PD and the senior secured term loan rating to Caa2 from B3. The downgrade reflects Moody's expectations that Dayco's ongoing underperformance in both its aftermarket and original equipment segment will continue over the near-term as end-market conditions weaken considerably as a result of the coronavirus pandemic.
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A) and Oaktree Capital Group, LLC (OAK) (“Oaktree”) are pleased to announce the completion of Brookfield’s acquisition of approximately 61.2% of Oaktree’s business. In connection with the transaction, Brookfield acquired all of the outstanding Oaktree class A units and approximately 20% of the units of Oaktree Capital Group Holdings, L.P. (“OCGH”) held by the founders, senior management, and current and former employees of Oaktree. The purchase price per unit was, at the election of such unitholders, $49.00 in cash or 1.0770 class A shares of Brookfield (subject to proration).
Moody's Investors Service ("Moody's") downgraded Dayco Products, LLC's ("Dayco") Corporate Family Rating (CFR) to B3 from B2, its Probability of Default Rating (PDR) to B3-PD from B2-PD and the senior secured term loan rating to B3 from B2. The downgrade reflects Moody's expectations that the pressures in the aftermarket from select retailers along with a potential softer automotive and industrial OE environment will continue to keep Dayco's debt-to-EBITDA leverage elevated in the 6.0x range and will result in weak free cash flow in the next 12 to 18 months.
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Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an […]
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) and Oaktree Capital Group, LLC (OAK) (“Oaktree”) today provided notice that the previously announced election period will expire at 5:00 p.m., New York City time on September 25, 2019 (the “Election Deadline”). The ability of (i) registered holders of Oaktree Class A common units, and (ii) holders of limited partnership units in Oaktree Capital Group Holdings L.P., whose units will be exchanged for equity interests in Oslo Holdings LLC, to elect (pursuant to the election right provided under the previously announced merger agreement) cash consideration or share consideration (subject to proration) will end at the Election Deadline. Election forms received after the Election Deadline will not be accepted.
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