NYCB gets $1B investment boost
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 7 March 2024
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Thursday, March 7th. I'm Julie Morgan. |
| 0:12.0 | NYCB gets a $1 billion. March 7th, I'm Julie Morgan. |
| 0:12.6 | NYC B gets a $1 billion cash infusion. |
| 0:16.3 | Tesla's Gigafactory in Germany |
| 0:18.6 | will be out of commission longer than anticipated. |
| 0:21.8 | And the maker of Fort Knight says, |
| 0:23.8 | Apple is not playing fair. |
| 0:26.8 | New York Community Bank is raising more than $1 billion |
| 0:30.3 | from a group of investors, |
| 0:31.8 | led by former Treasury Secretary Stephen Manutians firm. |
| 0:35.5 | Joseph Odding, a former comptroller of the currency, will become NYCB CEO, |
| 0:40.8 | and the company is also reconstituting its board. |
| 0:44.4 | Other investors include Hudson Bay Capital, Liberty Strategic Capital, |
| 0:49.2 | Reverence Capital, and Citadel Global Equities. |
| 0:53.0 | Under terms of the deal, NYCB will sell to investors shares of common stock at a price of $2 per share in a series of convertible preferred stock with a conversion price of $2 for an aggregate |
| 1:06.2 | investment of $1.05 billion. |
| 1:09.3 | The investors will also get 60% warrant coverage to purchase non-voting common equivalent stock with an exercise |
| 1:16.7 | price of $2.50 per share, a 25% premium to the price paid on the common stock. |
| 1:24.0 | The transaction is expected to close on March 11th. |
| 1:27.2 | And YCP said it will host a conference call today |
| 1:30.6 | at 8 a.m. Eastern time to discuss the equity capital raise. |
... |
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