Presentation for speakers from the 2/25/10 event including slides from Credit Suisse, Manatt, and SingerLewak

2. TODAY'S PANEL
HERSHEL GERSON
VP INVESTMENT BANKING
JIM VIECELI
PARTNER
JIM PITRAT
PARTNER

3. TODAY'S OBJECTIVES
INVESTMENT BANKING
HERSHEL GERSON – CREDIT SUISSE
Current State of the Leveraged Finance Market
Review of 2009 M&A Activity
2010: What Lies Ahead
LEGAL
JIM VIECELI – MANATT, PHELPS & PHILLIPS, LLP
2010 Proxy Season
Antitakeover Measures / Review Defensive Profile
M&A in 2010?
FINANCIAL REPORTING
JIM PITRAT – SINGERLEWAK
Business Combinations
Fair Value
Revenue Recognition
Non-GAAP Measures

4. INVESTMENT
BANKING

5. CAPITAL MARKETS AND M&A
HERSHEL GERSON, VP INVESTMENT BANKING – CREDIT SUISSE
RESURGENCE OF THE LEVERAGED FINANCE MARKETS
Equity markets have been on an unprecedented bull run during 2009 after the
credit crisis of late 2007 / 2008
A stabilizing economy, low benchmark rates, and record investor returns in 2009
continue to fuel demand
A wave of liquidity has been driving more aggressive deal terms – leverage
higher, pricing lower, looser covenants
1. Despite a dearth of new CLO formation, significant refunding of loans has left
existing CLOs with large cash balances to deploy
Pent-up demand from investors and significant cash balances in investors’ pockets
drove record issuance in 2009
1. Record positive inflows into high yield mutual funds continue to drive demand
2. High yield new issuance of $195 billion in 2009 is a new record
Bridge financing has emerged for well-structured, good credit stories
Secondary levels in institutional loans have come back in 2009