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  "documentTitle": "Credit Suisse | Investment Banking Pitch Book | 49 slides",
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  "authorName": "Credit Suisse",
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  "presentationDate": "2017-10-01 00:00:00",
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  "notes": "The slide outlines the timeline of exclusivity, the financial terms of the offer, the status of legal documentation, and the scope of the financial analysis provided by Credit Suisse.",
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      "text": "CS has been directed to utilize and rely on management's updated September 2017 forecast and CVR assumptions for purposes of its preliminary financial analysis of Osprey. Following materials include for discussion with Osprey Board of Directors: (i) a summary of the GSO / FEIM proposed transaction; (ii) public market perspectives regarding Osprey; (iii) a preliminary overview of Osprey's financial performance and projections; (iv) a preliminary financial analysis framework; and (v) a preliminary financial analysis of Osprey.",
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      "text": "Following the August 31, 2017 Board of Directors telephonic meeting to review the latest terms of the GSO Capital Partners / First Eagle Investment Management (\"GSO\" / \"FEIM\") proposal to acquire Osprey, the terms of an exclusivity agreement were negotiated with GSO / FEIM. Exclusivity agreement was executed by Osprey and the counterparties on September 4, 2017 and subsequently expired at 11:59pm, New York time, on September 27, 2017; negotiations continued without extending exclusivity.",
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      "text": "GSO / FEIM proposal to acquire Osprey for headline merger consideration (undiscounted) of: $12.44 per share ($11.44 per share in cash plus undiscounted $1.00 per share in non-transferable contingent value right (\"CVR\"), assuming 2017 transaction close) or $12.32 per share ($11.44 per share in cash plus undiscounted $0.88 per share in non-transferable CVR, assuming Q1'18 transaction close). Implies ~10.9% and ~9.8% premium to Osprey's one-month volume-weighted average price (\"VWAP\") of $11.22 per share.",
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      "text": "Assuming Osprey and GSO / FEIM are able to successfully negotiate mutually acceptable transaction agreements, a go-shop process will commence. In connection with our Project Osprey engagement, CS was not previously directed to conduct a third-party solicitation process on behalf of Osprey.",
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      "text": "STB drafted and delivered a draft Merger Agreement and draft Asset Purchase Agreement based on the negotiated term sheet to Goodwin Proctor LLP (\"Goodwin\") and Sidley Austin LLP (\"Sidley\"). Both agreements as well as other transaction documentation, including Voting Agreements, Debt Commitment Letters, Equity Commitment Letters / Limited Partner Agreement and Blackstone Limited Guarantee are being negotiated with Goodwin and Sidley.",
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      "text": "GSO / FEIM substantially completed their due diligence investigation, with GSO focused on loan / asset level due diligence for its fund investors and FEIM on operational, tax, and legal due diligence of Osprey.",
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      "text": "Source: Merger Agreement draft dated 10/5/17, Asset Purchase Agreement dated 10/6/17, FactSet and Osprey management. (1) Based on fully diluted shares outstanding... (2) Upfront cash consideration... (3) Based on Bloomberg VWAP from 9/5/2017 - 10/3/2017.",
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