Griffin Represents Realpoint, LLC in its Private Placement of Subordinated Debt with F.N.B. Capital Corp.
Realpoint, LLC is a Horsham, PA-based provider of a broad range of commercial real estate research, bond surveillance, analytics and data management services to institutions engaged in real estate finance, such as asset managers, broker/dealers, hedge funds, insurance companies, finance companies and mortgage brokers. Realpoint’s services are delivered via a web-based portal on a subscription or contract-based pricing model.
The management team of Realpoint acquired the company from Capmark Investments, LP on August 31, 2007. The Realpoint purchase price was financed with a combination of senior debt from National Penn Bank and equity from the management team. A portion of the senior debt facilities included a 90-day bridge loan, which management intended to refinance with long term junior capital. Management and National Penn Bank, however, desired a high degree of comfort that the bridge loan would be repaid post-closing.
Management hired Griffin in early August to advise them on the acquisition and to raise the long term junior capital. Griffin quickly determined that the optimal structure for the junior capital would be subordinated debt. Within two weeks, Griffin and Realpoint conducted management meetings with interested subordinated debt providers, which resulted in the submission of numerous term sheets. This strong expression of interest enabled management and National Penn to fund on the August 31 closing date with a high degree of confidence that the bridge note would be repaid.
Realpoint selected F.N.B. Capital Corp as its subordinated debt provider and closed the transaction on November 15, 2007. F.N.B. Capital, based in suburban Pittsburgh, PA, is a wholly owned merchant banking subsidiary of F.N.B. Corporation (NYSE: FNB).
For more information on this transaction, please contact John A. Lee, Senior Managing Director, at 610.205.6106.