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Acceptance Capital Mortgage

Acceptance Capital


Notable Mergers and Acquisitions 5/23: (MON) (XNPT) (REXI) (AIXG) (AGNC)/(ARES) (LMNX)/(NSPH)

BofA Merrill Lynch and Credit Suisse are acting as lead financial advisors to Bayer and support the financing of the transaction; Rothschild has been retained as an additional financial advisor to Bayer. Bayer’s legal advisors are Sullivan & Cromwell LLP (M&A) and Allen & Overy LLP (Financing).

*** Ares Capital Corporation (Nasdaq: ARCC ) and American Capital, Ltd. (Nasdaq: ACAS ) announced that they have entered into a definitive merger agreement under which Ares Capital will acquire American Capital, excluding American Capital Mortgage Management, LLC. This transaction enhances Ares Capital's position as the leading business development company in the United States and a leading direct lender to middle market companies. The combined company would have on a pro forma basis more than $13 billion of investments at fair value as of March 31, 2016. The Boards of Directors of both companies have unanimously approved the transaction.

Under the terms of the Ares transaction, American Capital shareholders will receive approximately $3.43 billion in total cash and stock consideration or $14.95 per fully diluted share. In a separate transaction, American Capital also announced today that it is selling American Capital Mortgage Management, LLC to American Capital Agency Corp. (Nasdaq: AGNC ) for $562 million or $2.45 per fully diluted share. Collectively, the transactions announced today represent total value for American Capital shareholders of $4.0 billion or approximately $17.40 per fully diluted share, representing a premium of 11.4% to American Capital's closing price on May 20, 2016 and a premium of 21.6% to American Capital's unaffected closing price on November 13, 2015.

Moody's assigns B2 rating to Private National's unsecured notes and affirms B1 corporate family rating

New York, May 16, 2016 -- Moody's Investors Service, ("Moody's") assigned a B2 Senior Unsecured rating to Private National Mortgage Acceptance Company, LLC's ("PennyMac") proposed $300 million of senior unsecured notes, and affirmed the B1 Corporate Family Rating ("CFR"). In addition, Moody's downgraded to B2 from B1 PennyMac's long-term issuer rating to reflect the increased amount of the company's senior unsecured obligations as a result of the proposed note issuance which will negatively affect senior unsecured creditors' loss given default. Moody's then withdrew the long-term issuer rating as Moody's does not typically assign issuer ratings for non-investment grade entities with senior unsecured ratings. The rating outlook is stable.

The following action was taken on Private National Mortgage Acceptance Compan, LLC:

....Senior Unsecured Regular Bond/Debenture, Assigned B2

.... Corporate Family Rating, Affirmed B1

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