Media / Telecommunications

  • Member of the bondholder steering committee in the 1993 restructuring of this Business to Business provider of information

  • Underwrote and subsequently worked out the asset based loan to this pay telephone provider on Long Island, NY

 

  • Managed JNL’s $30 mm position in subordinated debt of this television broadcaster

 

  • The restructuring resulted in a par + recovery

Maryland Cable (cable)

  • Managed JNL’s position in this regional cable operator

 

 

  • Principals of Water Tower acted as Exclusive Financial and Restructuring Advisor to Millennium Radio Group, LLC in connection with its reorganization.

 

  • Negotiated the sale of the Company to a joint venture sponsored by Oaktree Capital Management and GE.

 

  • Operating leverage was significantly reduced and the ownership transition was consensual.

Scott Cable (cable)

  • During 1997 and early 1998, PPMA accumulated a majority position in the Scott Cable senior PIK notes and was able to influence the sale process

 

  • Scott Cable signed a definitive agreement to be sold to Interlink in August 1998 for approximately $165 million cash in February 1999

 

  • The PPM Funds’ holdings were taken out at par plus accrued interest, representing approximately 134% of face value. PPMA realized a 32% annualized IRR on this investment

  • Spansion is a leading producer of NOR flash memory.  Principals of Water Tower acted as exclusive financial advisor to the Ad Hoc Equity Committee in connection with their motion to have an Official Equity Committee appointed in Spansion's Chapter 11.

SPI/Spectravision (pay per view)

  • Served on the bondholder committee during the 1992-1993 restructuring 

Star Cablevision (cable)

  • Served on the bondholder committee during the 1992-1993 restructuring 

  • Managed JNL’s $30 million position in the sub debt of this regional television broadcaster

 

  • Led the restructuring with two other institutional investors, which restructuring included an involuntary bankruptcy filing

 

  • Negotiated for conversion at par, of the subordinated debt into convertible, redeemable, callable, preferred shares with a cumulative dividend > the original coupon + warrants

 

  • Realized a recovery significantly > par upon the IPO of the company

Please reload

CAPITAL MARKETS SOLUTIONS FOR MIDDLE MARKET COMPANIES

Water Tower Capital, LLC     N30 W29393 Hillcrest Drive,  Pewaukee, WI  53072        300 South Wacker Drive  Suite 2300    Chicago, IL  60606

312. 373.8000       312.593.4450       Fax 800.258.6320      john@watertowercapital.com      © 2013 Water Tower Capital LLC