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| | | | |||||
| | | | |||||
| | | | |||||
| | | |
Implied per Share Equity Value Reference Range
|
| |
Merger Consideration
|
| |||
$5.95 – $15.95
|
| | | $ | 15.00 | | |
Implied per Share Equity Value Reference Range
|
| |
Merger Consideration
|
| |||
$9.90 – $15.95
|
| | | $ | 15.00 | | |
| | |
Perpetuity Growth Rate
|
| |
Implied Equity Value per Share of
Class A Common Stock |
|
Discount Rates of 8.0% – 8.5%
|
| |
3.0% – 3.5%
|
| |
$6.96 – $15.10
|
|
| | |
EV /
2022A/E TCF |
| |
EV /
2023E TCF |
| |
EV /
2022A/E EBITDA |
| |
EV /
2023E EBITDA |
| ||||||||||||
Mean
|
| | | | 19.2x | | | | | | 18.2x | | | | | | 21.0x | | | | | | 19.1x | | |
Median
|
| | | | 18.9x | | | | | | 18.1x | | | | | | 22.3x | | | | | | 19.3x | | |
| | |
EV /
2022A/E EBITDA |
| |
EV /
2023E EBITDA |
| ||||||
Mean
|
| | | | 17.5x | | | | | | 16.1x | | |
Median
|
| | | | 19.6x | | | | | | 18.3x | | |
| | |
Implied
Capitalization Rate |
| |
Inverse Implied
Capitalization Rate |
| ||||||
Mean
|
| | | | 6.7% | | | | | | 15.6x | | |
Median
|
| | | | 6.4% | | | | | | 15.6x | | |
| | |
Low
|
| |
High
|
| ||||||
Implied equity value per share of Class A Common Stock
|
| | | $ | 12.51 | | | | | $ | 15.36 | | |
| | |
Selected NTM EV / GCF
Multiple Range |
| |
Implied Equity Value per Share of
Class A Common Stock |
| ||||||
Discount Rate of 12.4% – 13.3%
|
| | | | 15.5x – 17.5x | | | | | $ | 8.81 – $15.09 | | |
| | |
June 30, 2022 – 2032 Management Forecast
Years Ending June 30, |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| |||||||||||||||||||||||||||||||||
Annualized In-Place Rents(1)
|
| | | $ | 136 | | | | | $ | 174 | | | | | $ | 213 | | | | | $ | 246 | | | | | $ | 279 | | | | | $ | 307 | | | | | $ | 336 | | | | | $ | 366 | | | | | $ | 397 | | | | | $ | 429 | | | | | $ | 462 | | |
Ground Cash Flow(2)
|
| | | | 134 | | | | | | 153 | | | | | | 191 | | | | | | 226 | | | | | | 258 | | | | | | 288 | | | | | | 316 | | | | | | 345 | | | | | | 375 | | | | | | 406 | | | | | | 439 | | |
Adjusted EBITDA(3)
|
| | | | 35 | | | | | | 71 | | | | | | 103 | | | | | | 149 | | | | | | 180 | | | | | | 220 | | | | | | 246 | | | | | | 273 | | | | | | 301 | | | | | | 330 | | | | | | 360 | | |
Acquisition Capex(4)
|
| | | | 495 | | | | | | 500 | | | | | | 500 | | | | | | 400 | | | | | | 400 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | |
| | |
December 31, 2023 – 2032 Management Forecasts
Years Ending December 31, |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| ||||||||||||||||||||||||||||||
Annualized In-Place
Rents(1) |
| | | $ | 200 | | | | | $ | 242 | | | | | $ | 278 | | | | | $ | 315 | | | | | $ | 347 | | | | | $ | 379 | | | | | $ | 413 | | | | | $ | 448 | | | | | $ | 484 | | | | | $ | 522 | | |
Ground Cash Flow(2)
|
| | | | 170 | | | | | | 212 | | | | | | 250 | | | | | | 285 | | | | | | 318 | | | | | | 349 | | | | | | 380 | | | | | | 413 | | | | | | 447 | | | | | | 483 | | |
Adjusted EBITDA(3)
|
| | | | 76 | | | | | | 111 | | | | | | 160 | | | | | | 193 | | | | | | 236 | | | | | | 264 | | | | | | 294 | | | | | | 324 | | | | | | 356 | | | | | | 388 | | |
Acquisition Capex(4)
|
| | | | 500 | | | | | | 500 | | | | | | 400 | | | | | | 400 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | |
Name
|
| |
Unvested
LTIP Units (#) |
| |
Value of
Unvested LTIP Units ($) |
| |
Vested
LTIP Units (#) |
| |
Value of
Vested LTIP Units ($) |
| |
Total
($) |
| |||||||||||||||
Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William H. Berkman
|
| | | | 1,768,573 | | | | | | 21,516,585 | | | | | | 1,557,087 | | | | | | 23,356,305 | | | | | | 44,872,890 | | |
Scott G. Bruce
|
| | | | 825,914 | | | | | | 9,238,710 | | | | | | 632,755 | | | | | | 9,491,325 | | | | | | 18,730,035 | | |
Richard I. Goldstein
|
| | | | 825,914 | | | | | | 9,238,710 | | | | | | 572,755 | | | | | | 8,591,325 | | | | | | 17,830,035 | | |
Glenn J. Breisinger
|
| | | | 544,541 | | | | | | 5,912,715 | | | | | | 396,289 | | | | | | 5,944,335 | | | | | | 11,857,050 | | |
Jay L. Birnbaum
|
| | | | 426,697 | | | | | | 4,562,715 | | | | | | 231,289 | | | | | | 3,469,335 | | | | | | 8,032,050 | | |
Name
|
| |
Cash ($)(1)
|
| |
Equity ($)(2)
|
| |
Total ($)(3)
|
| |||||||||
William H. Berkman
|
| | | | 3,248,103 | | | | | | 44,872,890 | | | | | | 48,120,993 | | |
Scott G. Bruce
|
| | | | 3,081,078 | | | | | | 18,730,035 | | | | | | 21,811,113 | | |
Richard I. Goldstein
|
| | | | 3,080,066 | | | | | | 17,830,035 | | | | | | 20,910,101 | | |
Name
|
| |
Cash
Severance ($) |
| |
Pro-Rated
Annual Bonus ($) |
| |
COBRA
Payments ($) |
| |
Total
($) |
| ||||||||||||
William H. Berkman
|
| | | | 2,753,000 | | | | | | 428,250 | | | | | | 66,853 | | | | | | 3,248,103 | | |
Scott G. Bruce
|
| | | | 2,721,000 | | | | | | 299,250 | | | | | | 60,828 | | | | | | 3,081,078 | | |
Richard I. Goldstein
|
| | | | 2,721,000 | | | | | | 299,250 | | | | | | 59,816 | | | | | | 3,080,066 | | |
| | |
Shares Beneficially Owned
(#) |
| |
Percentage
of Total Voting Power (%) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Series A Founder
Preferred |
| |
Series B Founder
Preferred |
| ||||||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Centerbridge Partners, L.P.(1)
|
| | | | 10,925,000 | | | | | | 11.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9.7 | | |
375 Park Avenue, 11th Flr New York, NY 10152 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
DKLDO V Trading Subsidiary LP(2)
|
| | | | 7,973,883 | | | | | | 8.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7.1 | | |
c/o Davidson Kempner
Capital Management LP 520 Madison Avenue, 30th Floor New York, NY 10022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
BlackRock, Inc.(3)
|
| | | | 5,578,795 | | | | | | 5.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.9 | | |
55 East 52nd Street
New York, NY 10055 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Magnetar Capital LLC(4)
|
| | | | 5,494,610 | | | | | | 5.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.9 | | |
1603 Orrington Avenue, 13th Floor
Evanston, IL 60201 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Westwood Management Corp.(5)
|
| | | | 5,057,774 | | | | | | 5.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.5 | | |
200 Crescent Court, Suite 1200
Dallas, TX 75201 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Imperial Landscape Sponsor LLC(6)
|
| | | | 5,023,172 | | | | | | 5.0 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 4.4 | | |
888 7th Avenue, 27th Floor New York, NY 10019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
TOMS Acquisition II LLC(7)
|
| | | | 2,727,606 | | | | | | 2.7 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 2.4 | | |
450 W. 14th Street, 13th Floor
New York, NY 10014 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William H. Berkman(8)
|
| | | | — | | | | | | — | | | | | | 5,437,344 | | | | | | 46.2 | | | | | | — | | | | | | — | | | | | | 1,236,033 | | | | | | 89.2 | | | | | | 4.8 | | |
Scott G. Bruce(9)
|
| | | | 142,440 | | | | | | * | | | | | | 1,471,697 | | | | | | 12.5 | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | 5.4 | | | | | | 1.4 | | |
Richard I. Goldstein(10)
|
| | | | 142,440 | | | | | | * | | | | | | 1,398,669 | | | | | | 11.9 | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | 5.4 | | | | | | 1.4 | | |
Glenn Breisinger(11)
|
| | | | — | | | | | | — | | | | | | 940,830 | | | | | | 9.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Jay Birnbaum(12)
|
| | | | — | | | | | | — | | | | | | 657,986 | | | | | | 6.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Michael D. Fascitelli(6)
|
| | | | 5,023,172 | | | | | | 5.0 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 4.4 | | |
Noam Gottesman(7)
|
| | | | 4,484,244 | | | | | | 4.4 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 4.0 | | |
William D. Rahm
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul A. Gould(13)
|
| | | | 34,878 | | | | | | * | | | | | | 18,580 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Antoinette Cook Bush
|
| | | | 40,266 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Thomas C. King
|
| | | | 40,266 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Nick S. Advani
|
| | | | 40,266 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Ashley Leeds
|
| | | | 25,956 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
All executive officers and directors as a group
(13 persons)(14) |
| | | | 9,973,928 | | | | | | 9.9 | | | | | | 9,925,106 | | | | | | 84.4 | | | | | | 1,600,000 | | | | | | 100.0 | | | | | | 1,386,033 | | | | | | 100.0 | | | | | | 17.6 | | |
| | |
Page
|
| |||
ARTICLE I
|
| ||||||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-4 | | | |
ARTICLE II
|
| ||||||
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-5 | | | |
| | | | A-6 | | | |
| | | | A-8 | | | |
| | | | A-10 | | | |
ARTICLE III
|
| ||||||
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-23 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | |
| | |
Page
|
| |||
ARTICLE IV
|
| ||||||
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
ARTICLE V
|
| ||||||
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-34 | | | |
| | | | A-37 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
ARTICLE VI
|
| ||||||
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
ARTICLE VII
|
| ||||||
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-51 | | |
| | |
Page
|
| |||
ARTICLE VIII
|
| ||||||
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-67 | | | |
| | | | A-67 | | |
| | |
Section
|
|
Acceptable Confidentiality Agreement | | | Section 5.02(b) | |
Actions | | | Section 3.06 | |
Adverse Recommendation Change | | | Section 5.02(d) | |
Affiliate | | | Section 8.13 | |
Agreement | | | Preamble | |
All-In Yield Threshold | | | Section 8.13 | |
Annual Incentive Plan | | | Section 5.08(e) | |
Anti-Corruption Laws | | | Section 8.13 | |
Antitrust and Foreign Investment Laws | | | Section 8.13 | |
Appraisal Shares | | | Section 2.03(a) | |
Asset Tape | | | Section 3.15(a) | |
Assignment of Rents | | | Section 3.15(g) | |
Bankruptcy and Equity Exception | | | Section 3.03(a) | |
Book Entry Interests | | | Section 2.02(d)(i) | |
Burdensome Condition | | | Section 8.13 | |
Business Day | | | Section 8.13 | |
Capitalization Date | | | Section 3.02(a) | |
Capped Call Counterparties | | | Section 8.13 | |
Capped Call Documentation | | | Section 8.13 | |
Capped Call Transactions | | | Section 8.13 | |
Carry Unit | | | Recitals | |
Claim | | | Section 5.06(b) | |
Class A Book Entry Share | | | Section 2.02(c)(i) | |
Class A Common Stock | | | Recitals | |
Class B Common Stock | | | Recitals | |
Class A Common Units | | | Section 8.13 | |
Class B Common Units | | | Section 8.13 | |
Closing | | | Section 1.02 | |
Closing Date | | | Section 1.02 | |
Closing Equity Award Consideration | | | Section 2.05(b) | |
Closing LTIP Consideration | | | Section 2.05(b) | |
Closing Option Consideration | | | Section 2.05(b) | |
Closing Restricted Stock Consideration | | | Section 2.05(b) | |
Closing Year Bonus | | | Section 5.08(e) | |
Code | | | Section 8.13 | |
Company | | | Preamble | |
Company Acquisition Agreement | | | Section 5.02(d) | |
Company Benefit Plans | | | Section 8.13 | |
Company Board | | | Recitals | |
Company Board Recommendation | | | Section 3.03(c) | |
| | |
Section
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|
Company Bylaws | | | Section 8.13 | |
Company Capital Stock | | | Recitals | |
Company Certificate of Merger | | | Section 1.03(b) | |
Company Charter | | | Section 8.13 | |
Company Collective Bargaining Agreement | | | Section 8.13 | |
Company Common Stock | | | Recitals | |
Company Disclosure Letter | | | Article III | |
Company Employee | | | Section 5.08(a) | |
Company Equity Awards | | | Section 8.13 | |
Company ESPP | | | Section 8.13 | |
Company Merger | | | Recitals | |
Company Merger Effective Time | | | Section 1.03(b) | |
Company Participant | | | Section 8.13 | |
Company Parties | | | Preamble | |
Company Preferred Stock | | | Recitals | |
Company Related Parties | | | Section 7.03(e) | |
Company Restricted Stock | | | Section 8.13 | |
Company SEC Documents | | | Section 3.04(a) | |
Company Securities | | | Section 3.02(c) | |
Company Stock Option | | | Section 8.13 | |
Company Stock Option Consideration | | | Section 2.05(a)(i) | |
Company Stock Plan | | | Section 8.13 | |
Company Stockholder Approval | | | Section 3.03(c) | |
Company Stockholders’ Meeting | | | Section 5.17(a) | |
Company Termination Fee | | | Section 7.03(a)(iii) | |
Compensation Committee | | | Section 8.13 | |
Confidentiality Agreement | | | Section 8.13 | |
Contract | | | Section 8.13 | |
control | | | Section 8.13 | |
controlled | | | Section 8.13 | |
Convertible Notes | | | Section 8.13 | |
Copyrights | | | Section 8.13 | |
COVID-19 | | | Section 8.13 | |
COVID-19 Changes | | | Section 5.01(a) | |
COVID-19 Measures | | | Section 8.13 | |
Current Monthly Cash Flow (local currency) | | | Section 3.15(a) | |
Customer | | | Section 3.15(a) | |
Debt Agreements | | | Section 8.13 | |
Debt Default | | | Section 5.14(a) | |
DGCL | | | Section 1.01(b) | |
Distribution Documents | | | Section 3.23 | |
Divestiture Action | | | Section 5.03(c) | |
DLLCA | | | Section 1.01(a) | |
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Section
|
|
DWIP Waiver Agreement | | | Section 8.13 | |
Easement | | | Section 3.15(e) | |
Easement Property | | | Section 8.13 | |
End Date | | | Section 7.01(b)(i) | |
Environmental Law | | | Section 8.13 | |
Environmental Permit | | | Section 3.11(a) | |
Equity Award Consideration | | | Section 2.05(b) | |
Equity Financing | | | Section 4.07(a) | |
Equity Funding Letters | | | Section 4.07(a) | |
ERISA | | | Section 8.13 | |
ERISA Affiliate | | | Section 8.13 | |
Exchange Act | | | Section 8.13 | |
Exchange Fund | | | Section 2.04(a) | |
Exchange Ratio | | | Section 8.13 | |
executive officer | | | Section 8.13 | |
Existing Specified Debt | | | Section 8.13 | |
Facility Agreement Waiver Agreement | | | Section 8.13 | |
GAAP | | | Section 8.13 | |
Governmental Antitrust and Foreign Investment Authority | | | Section 5.03(b) | |
Governmental Authority | | | Section 8.13 | |
Hazardous Materials | | | Section 8.13 | |
Indebtedness | | | Section 8.13 | |
Indemnitee | | | Section 5.06(a) | |
Indenture | | | Section 8.13 | |
Intellectual Property | | | Section 8.13 | |
Interim Debt | | | Section 5.01(a)(B)(iv) | |
Intervening Event | | | Section 8.13 | |
IRS | | | Section 8.13 | |
IT Systems | | | Section 3.12(f) | |
Knowledge | | | Section 8.13 | |
Law | | | Section 3.03(e) | |
Lease | | | Section 3.15(c) | |
Leased Real Property | | | Section 3.15(c) | |
Liens | | | Section 8.13 | |
LTIP Payment Right | | | Section 2.05(a)(iv) | |
LTIP Units | | | Recitals | |
Material Adverse Effect | | | Section 8.13 | |
Material Contract | | | Section 3.16(a) | |
Material Customers | | | Section 3.22 | |
Merger Consideration | | | Recitals | |
Merger Sub I | | | Preamble | |
Merger Sub II | | | Preamble | |
| | |
Section
|
|
Merger Transactions | | | Section 8.13 | |
Mergers | | | Recitals | |
Monthly Recurring Revenue | | | Section 8.13 | |
NASDAQ | | | Section 3.03(f) | |
New Operator Contract | | | Section 8.13 | |
No-Shop Period Start Date | | | Section 5.02(a) | |
Non-Eligible Contract | | | Section 8.13 | |
OFAC | | | Section 8.13 | |
OpCo | | | Preamble | |
OpCo Book Entry Unit | | | Section 2.01(c) | |
OpCo Certificate of Merger | | | Section 1.03(a) | |
OpCo Class A Common Unit | | | Section 8.13 | |
OpCo Class B Common Unit | | | Section 8.13 | |
OpCo Common Unit | | | Section 8.13 | |
OpCo LLC Agreement | | | Recitals | |
OpCo Merger | | | Recitals | |
OpCo Merger Effective Time | | | Section 1.03(a) | |
OpCo TMA | | | Section 8.13 | |
Operator | | | Section 8.13 | |
Operator Contracts | | | Section 8.13 | |
Option Payment Right | | | Section 2.05(a)(i) | |
Order | | | Section 3.03(e) | |
Organizational Documents | | | Section 8.13 | |
Original Operator Contract | | | Section 8.13 | |
Owned Company Common Stock | | | Section 2.02(b) | |
Owned OpCo Common Unit | | | Section 2.01(b) | |
Owned Real Property | | | Section 3.15(b) | |
Parent | | | Preamble | |
Parent Disclosure Letter | | | Article IV | |
Parent Material Adverse Effect | | | Section 8.13 | |
Parent Parties | | | Preamble | |
Parent Related Parties | | | Section 7.03(e) | |
Parent Termination Fee | | | Section 7.03(b) | |
Patents | | | Section 8.13 | |
Paying Agent | | | Section 2.04(a) | |
Permits | | | Section 3.07(a) | |
Permitted Liens | | | Section 8.13 | |
person | | | Section 8.13 | |
Personally Identifiable Information | | | Section 8.13 | |
Post-Closing Bonus | | | Section 5.08(e) | |
Pre-Closing Bonus | | | Section 5.08(e) | |
Promissory Certificates Waiver Agreement | | | Section 8.13 | |
Property Assets | | | Section 3.15(g) | |
| | |
Section
|
|
Property Contract | | | Section 8.13 | |
Proxy Statement | | | Section 3.03(f) | |
Refinancing Specified Debt | | | Section 8.13 | |
Registered Intellectual Property | | | Section 8.13 | |
Registration Rights Agreements | | | Section 8.13 | |
Regulation S-K | | | Section 8.13 | |
Regulation S-X | | | Section 8.13 | |
Release | | | Section 8.13 | |
Remedial Action | | | Section 5.03(c) | |
Rental Property | | | Section 3.15(g) | |
Representatives | | | Section 8.13 | |
Restraints | | | Section 6.01(a) | |
Restricted Remedy | | | Section 8.13 | |
Rollover Agreement | | | Section 8.13 | |
Rollover Amount | | | Section 8.13 | |
Rollover Equity | | | Section 8.13 | |
RS Payment Right | | | Section 2.05(a)(iii) | |
Sanctioned Country | | | Section 8.13 | |
Sanctioned Person | | | Section 8.13 | |
Sanctions | | | Section 8.13 | |
Sarbanes-Oxley Act | | | Section 8.13 | |
SEC | | | Section 8.13 | |
Secretary of State | | | Section 1.03(a) | |
Section 409A | | | Section 2.05(b) | |
Securities Act | | | Section 8.13 | |
Selected Courts | | | Section 8.07(b) | |
Series A Book Entry Share | | | Section 2.02(d)(i) | |
Series A Founder Preferred Stock | | | Recitals | |
Series A LTIP Unit | | | Section 8.13 | |
Series A Rollover Profits Units | | | Recitals | |
Series B Founder Preferred Stock | | | Recitals | |
Series B LTIP Unit | | | Section 8.13 | |
Series B Rollover Profits Unit Consideration | | | Section 2.05(b) | |
Series B Rollover Profits Units | | | Recitals | |
Series C LTIP Unit | | | Section 8.13 | |
Shareholders Agreement | | | Section 8.13 | |
Significant Subsidiary | | | Section 3.01(b) | |
Specified Debt | | | Section 8.13 | |
Specified Debt Agreements | | | Section 8.13 | |
Sponsors | | | Recitals | |
Subsidiary | | | Section 8.13 | |
Superior Proposal | | | Section 5.02(g) | |
Surface Right | | | Section 3.15(f) | |
| | |
Section
|
|
Surviving Corporation | | | Section 1.01(b) | |
Surviving Entities | | | Section 1.01(b) | |
Surviving LLC | | | Section 1.01(a) | |
Takeover Laws | | | Section 3.13(b) | |
Takeover Proposal | | | Section 5.02(f) | |
Tax Return | | | Section 8.13 | |
Taxes | | | Section 8.13 | |
Taxing Authority | | | Section 8.13 | |
Termination Equity Commitment Letters | | | Section 4.08 | |
Trademarks | | | Section 8.13 | |
Transaction Committee | | | Recitals | |
Transaction Litigation | | | Section 8.13 | |
Transactions | | | Section 8.13 | |
Unvested LTIP Consideration | | | Section 2.05(b) | |
Unvested Option Consideration | | | Section 2.05(b) | |
Unvested Restricted Stock Consideration | | | Section 2.05(b) | |
USRPIs | | | Section 2.04(f)(iii) | |
Usufruct | | | Section 3.15(d) | |
Waiver Agreements | | | Section 8.13 | |
WARN Act | | | Section 3.10(d) | |
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745 Seventh Avenue
New York, NY 10019 United States |
|
| | | | Very truly yours, | |
| | | |
/s/ Barclays Capital Inc.
BARCLAYS CAPITAL INC.
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Exhibit 107
CALCULATION OF FILING FEE TABLES
Schedule 14A
(Form Type)
RADIUS GLOBAL INFRASTRUCTURE, INC.
(Exact Name of Registrant as Specified in its Charter)
Table 1—Transaction Valuation
Proposed Maximum Aggregate Value of Transaction |
Fee Rate |
Amount of Filing Fee | |
Fees to Be Paid | $1,712,918,036.65 (1)(2)(3) | .0001102 | $188,763.57(4) |
Fees Previously Paid | — | — | |
Total Transaction Valuation | $1,712,918,036.65 | ||
Total Fees Due for Filing | $188,763.57 | ||
Total Fees Previously Paid | — | ||
Total Fee Offsets | — | ||
Net Fee Due | $188,763.57 |
Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of March 1, 2023, by and among the Radius Global Infrastructure, Inc. (the “Company”), APW OpCo LLC (“OpCo”), Chord Parent, Inc., Chord Merger Sub I, Inc., and Chord Merger Sub II, LLC.
(1) | Title of each class of the Company’s securities to which the transaction applies: (a) Class A common stock, par value $0.0001 per share, of the Company (“Class A Common Stock”), (b) preferred stock, par value $0.0001 per share, of the Company designated as “Series A Founder Preferred Stock” (“Series A Founder Preferred Stock”) and (c) limited liability company interests of OpCo designated as “Class B Common” unit (“OpCo Class B Common Units”). |
(2) | Aggregate number of securities to which the transaction applies: |
a. | As of the close of business on March 24, 2023, the maximum number of shares of Class A Common Stock to which this transaction applies is estimated to be 112,022,249, which consists of: |
i. | 98,284,836 issued and outstanding shares of Class A Common Stock; |
ii. | 4,315,915 shares of Class A Common Stock subject to issuance pursuant to the exercise of outstanding options to purchase shares of Class A Common Stock (“Company Stock Options”); |
iii. | 1,247,688 shares of Class A Common Stock underlying the outstanding shares of restricted Class A Common Stock (“Company Restricted Stock”); |
iv. | 391,996 shares of Class A Common Stock underlying the outstanding units of OpCo designated as a “Series B Rollover Profits Unit” pursuant to the OpCo LLC Agreement (“Series B Rollover Profits Units”); and |
v. | 7,781,814 shares of Class A Common Stock underlying the outstanding class of partnership units of OpCo designated as an “LTIP unit” (“LTIP Units”). |
b. | As of the close of business on March 24, 2023, the maximum number of shares of Series A Founder Preferred Stock and OpCo Class B Common Units to which this transaction applies is estimated to be: |
i. | 1,600,000 issued and outstanding shares of Series A Founder Preferred Stock; and |
ii. | 3,590,550 issued and outstanding OpCo Class B Common Units. |
(3) | Per unit price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Solely for the purpose of calculating the filing fee, as of the close of business on March 24, 2023, the underlying value of the transaction was calculated as the sum of: |
a. | the product of 98,284,836 shares of Class A Common Stock multiplied by the Merger Consideration of $15.00; |
b. | the product of 4,315,915 shares of Class A Common Stock subject to issuance pursuant to the exercise of outstanding Company Stock Options multiplied by $4.51 (which is the difference between $15.00 and the weighted average exercise price of $10.49 per share); |
c. | the product of 1,247,688 shares of Class A Common Stock underlying the outstanding shares of Company Restricted Stock multiplied by the Merger Consideration of $15.00; |
d. | the product of 391,996 shares of Class A Common Stock underlying the outstanding Series B Rollover Profits Units multiplied by the Merger Consideration of $15.00; |
e. | the product of 7,781,814 shares of Class A Common Stock underlying the outstanding LTIP Units multiplied by the Merger Consideration of $15.00; |
f. | the product of 1,600,000 shares of A Founder Preferred Stock multiplied by the Merger Consideration of $15.00; and |
g. | the product of 3,590,550 OpCo Class B Common Units multiplied by the Merger Consideration of $15.00 (such sum, the “Total Consideration”). |
(4) | In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the Total Consideration by .0001102. |