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Amazon.com Inc. Message Board

davecarneyinc 2 posts  |  Last Activity: Jun 30, 2014 8:42 PM Member since: Mar 14, 2008
  • davecarneyinc davecarneyinc Jun 30, 2014 8:42 PM Flag

    Under the terms of the acquisition, Corinthian paid $395 million in exchange for all outstanding membership interests of Heald Capital LLC, including the assumption of approximately $23.4 million in debt related to a Heald subsidiary. Corinthian also paid an estimated working capital adjustment of $22.2 million that is subject to revision once the closing balance sheet is finalized.

    By virtue of Heald's limited liability ownership structure, Corinthian will receive a tax "step up" in the assets of Heald Capital LLC and its subsidiaries that is expected to provide substantial future tax benefits to Corinthian. Assuming a discount rate of 8% and an effective tax rate of 40%, these benefits have a net present value to Corinthian of approximately $70 million, implying an effective net purchase price of $325 million, or 8.5 times Heald's projected fiscal 2009 adjusted EBITDA.

    Corinthian financed the acquisition through a combination of cash and debt, including borrowings under its $280 million credit facility and available cash

  • Even if they get only half what they paid for Heald, that's $200 Million - which is 8 times what the entire company is trading for here!

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