6 posts categorized "Finance"

03/14/2014

TPG lending unit files to go public

TPG Specialty Lending, which says it provides financing to mid-size companies, said in a regulatory filing that it intends to go public next week. The company was formed in July 2010 and is part of TPG Capital, the big private equity firm founded by former Robert M. Bass advisors that include David Bonderman and James Coulter.  TPG  Specialty Lending says it has co-chief executive officers: Michael Fishman and Joshua Easterly, and lists its headquarters in Fort Worth. In its filing with the Securities and Exchange Commission, TPG Specialty Lending said it expects to issue 7 million shares at between $16 and $17 a share, or up to $136.9 million before expenses.

According the company's filing, it had just over $1 billion in outstanding investments at year's end to what it describes as highly leveraged companies. It reported $90.4 million in interest income on those investments in 27 portfolio companies, and said its average yield on those investments as of Dec. 31 was 10.4 percent at fair market value. It also holds some equity securities in eligible portfolio companies.

TPG Specialty Lending does business as a Business Development Co., which can be either publicly held or private, but in any event is regulated by the SEC. They distribute most of their earnings as dividends to shareholders. According to its SEC filing, TPG Specialty Lending last year declared a stock dividend of $1.56 a share.

-- Jim Fuquay

 

09/16/2013

Alice Walton, Basses prominent on Forbes list of richest Americans

Alice Walton, daughter of the late Wal-Mart founder Sam Walton, ranks No. 8 on the new Forbes 400 list of the wealthiest Americans. She's also the richest Texan by the magazine's estimate, with a net worth of $33.5 billion. Walton has a home in Fort Worth and a ranch in Millsap. The magazine, in a story focused on her art collecting, describes her living arrangements like this:

"She spends the majority of her time at her Rocking W Ranch an hour west of Fort Worth, Tex., in tiny Millsap (pop. 409), where she breeds cutting horses and cooks her famous beans and rice for her ranch family, as she calls her live-in staff. She’s never had any kids, but speaks fondly of her 23-year-old horse trainer, Jesse Lennox, and loves watching him compete."

Every other Fort Worth name on the Forbes list has a direct tie to the city's Bass family. Those include brothers Robert M. Bass (No. 193, $2.8 billion); Edward and Lee Bass (No. 260, $2.1 billion); and Sid R. Bass (No. 314, $1.8 billion). Tied for No. 209 at $2.6 billion each are Richard Rainwater, who was the family's longtime financial advisor until 1986, and David Bonderman, who was Robert Bass' financial advisor and since 1992 has been a private equity investor.

Also on the list are brothers Dan and Farris Wilks, who founded and sold Fort Worth-based FTS International, formerly Frac Tech. They live in Cisco, where FTS started, and have an estimated net worth of $1.5 billion each, ranking No. 352. FTS moved its headquarters to Fort Worth in 2011.

Prominent Dallas residents on the list are topped by investor Harold Simmons at No. 40 with $10 billion. Dallas Cowboys owner Jerry Jones is tied at No. 166 with Herbert Hunt with $3 billion, Dallas Mavericks owner Mark Cuban checks in at No. 222 with $2.5 billion; and Texas Rangers co-owner Ray Davis is No. 296 with $1.9 billion. H. Ross Perot Sr. is No. 134 with $3.5 billion, and son H. Ross Perot Jr. is No. 314 with $1.8 billion.

-- Jim Fuquay

02/28/2013

Number of home foreclosures falling nationwide, CoreLogic reports says

 Lenders completed about 760,632 foreclosures nationwide in the 12 months ending Jan. 31, according to a CoreLogic National Foreclosure Report released today.

Texas was among the top five states with the highest number of completed foreclosures during that 12-month period, with 59,232 foreclosures, CoreLogic said.

California led with 96,051 foreclosures, followed by Florida with 95,492, and Michigan with 73,761 foreclosures.

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of Jan. 31 compared to 1.5 million at Jan. 31, 2012, a 21 percent year-over-year decrease, said Irvine-based CoreLogic, a residential property information, analytics and services provider.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.2 million completed foreclosures across the country, CoreLogic said.

"The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3 percent of all mortgages in foreclosure," said Mark Fleming, CoreLogic’s chief economist.

Added Anand Nallathambi, president and CEO of CoreLogic, "We still have over a million homes in some stage of foreclosure which is too high, but the continuing downward trend in completed foreclosures is a very positive signal that there is a light at the end of the tunnel. We expect this trend will continue in 2013 as the housing market stabilizes and purchase activity picks up."

The five states with the lowest number of completed foreclosures for the 12 months ending Jan. 31 were District of Columbia, 96; Hawaii, 458; North Dakota, 508; Maine, 538; and West Virginia, 602.

Approximately one-third of homes nationally are owned outright and do not have a mortgage, CoreLogic said.

_ Sandra Baker

10/02/2012

LaGrave Field sold to Cats ownership group for $4.5 million

LaGrave Field, home to the Fort Worth Cats minor league baseball team, was sold to an affiliate of the team’s ownership group Tuesday morning for $4.5 million. The transaction, conducted outside the Tarrant County courthouse during a foreclosure auction, will give the team a home “for a long, long time,” said John Bryant, managing partner of FW Stadium Group LLC, which bought the property. Bryant said he is also managing partner of the Cats. The 13.2-acre parcel sold includes the stadium and land immediately around the facility extending to Sixth Street on the south.


Former Cats owner Carl Bell built the stadium in 2002 and went on to accumulate 58 acres in the area, on which he planned a mixed-use development of residential, retail and office space. But after the economy weakened, Bell defaulted on a $12.5 million loan from Houston-based Amegy Bank earlier this year. Amegy had posted the facility twice previously but the foreclosure was withdrawn after talks were extended both times. Bryant said the ownership group, which bought the team from Bell in December 2011, wasn’t certain what the stadium’s ultimate sales price would be, but he said the $4.5 million was about what they expected “it might reasonably be because of previous negotiations.”

-- Jim Fuquay

07/25/2012

Cash America withdraws IPO for online lending unit

Fort Worth-based Cash America International, the nation's largest operator of pawn shops, has asked to withdraw its initial public offering proposed for its online consumer loan unit, named Enova International. Cash American last September filed for the IPO, which it estimated could raise up to $500 million. "The company has determined not to proceed with the public offering contemplated in the registration statement at this time," Cash America's filing with the Securities and Exchange Commission said. It did not elaborate. A company representative said Wednesday the company will discuss the move during its second-quarter earnings conference call set for Thursday morning.

Cash America acquired Enova in 2006 for $250 million. It had intended to retain a minority stake in the company after the IPO.

-- Jim Fuquay

07/20/2012

Panda Power financing seen as breakthrough

A new electricity plant planned for Temple (the Star-Telegram's report is here) is more than just good news for the state's capacity-strapped power grid. Market observers say Panda's success selling $330 million in high-yield bonds represents a big step for U.S. banks trying to revive investor interest in new project financing. According to Reuters,it's "the first term loan financing to carry construction risk since a Missouri-based coal plant called Plum Point received financing in 2006."

The Reuters story is here.

-- Jim Fuquay

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