ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

HOT Hochtief AG

116.70
1.10 (0.95%)
22 Nov 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type
Hochtief AG TG:HOT Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.10 0.95% 116.70 116.20 117.50 117.40 115.20 115.90 3,539 22:50:02

UPDATE: FDIC Sells Starwood-Led Group 40% Of Corus Asset Pool

07/10/2009 1:20am

Dow Jones News


Hochtief (TG:HOT)
Historical Stock Chart


From Nov 2019 to Nov 2024

Click Here for more Hochtief Charts.

A consortium led by Starwood Capital Group purchased a 40% equity stake in a $4.5 billion pool of construction and real-estate loans left over from Corus Bank's failure last month, federal regulators said Tuesday evening.

The Federal Deposit Insurance Corp. said the assets are effectively being valued at 60 cents on the dollar, and as part of the deal the agency will retain a 60% stake in the portfolio of both performing and nonperforming loans. The transaction is being done on a 1-to-1 leverage basis, with equal shares of debt and equity of nearly $1.39 billion.

The FDIC will guarantee the debt issued as part of the transaction, and will provide a $1 billion credit facility to provide cash flow for the completion of some of the real-estate projects included in the portfolio.

The Starwood-led consortium, which was one of eight bids submitted for the portfolio, is also made up of TPG Capital, Perry Capital and WLR LeFrak. The FDIC said the deal is expected to close Oct. 15.

Documents released by the FDIC said the agency's 60% stake in the portfolio is worth $831.6 million. Barclays Capital advised the FDIC on the transaction.

-By Michael R. Crittenden, Dow Jones Newswires; 202-821-2159; michael.crittenden@dowjones.com

 
 

1 Year Hochtief Chart

1 Year Hochtief Chart

1 Month Hochtief Chart

1 Month Hochtief Chart

Your Recent History

Delayed Upgrade Clock