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SPAC News: 13 Things to Know About a Finance of America IPO

October 13, 2020

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Finance of America news for Tuesday includes an initial public offering (IPO) through special purpose acquisition company (SPAC) Replay Acquisition (NYSE:RPLA).

Source: Shutterstock

Here’s what potential investors need to know about the SPAC news.

Finance of America will become a publicly-traded company by merging with Replay Acquisition.
This plan values the lending company at $1.9 billion.
The transaction already has $250 million in confirmed support from investors via a private investment in public equity (PIPE) of $10 per share.
Cash proceeds for the new company include that PIPE funding and $288 million of cash in trust belonging to Replay Acquisition.
This should allow the company to begin public operations with a minimum of $250 million in cash and cash equivalents.
One thing worth noting about this SPAC news is the support from Blackstone Tactical Opportunities.
This is a

13 Things to Know About a Finance of America IPO

October 13, 2020

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a close up of a clock: "Going Public" is displayed in white text on a digital ticker tape.

Finance of America news for Tuesday includes an initial public offering (IPO) through special purpose acquisition company (SPAC) Replay Acquisition (NYSE:RPLA).

a clock on the top of a green screen: "Going Public" is displayed in white text on a digital ticker tape.

© Provided by InvestorPlace
“Going Public” is displayed in white text on a digital ticker tape.

Here’s what potential investors need to know about the SPAC news.

Finance of America will become a publicly-traded company by merging with Replay Acquisition.
This plan values the lending company at $1.9 billion.
The transaction already has $250 million in confirmed support from investors via a private investment in public equity (PIPE) of $10 per share.
Cash proceeds for the new company include that PIPE funding and $288 million of cash in trust belonging to Replay Acquisition.
This should allow the company to begin public operations with a minimum of $250 million in cash and cash

Blackstone-Backed Finance of America Is Set for IPO

October 13, 2020

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Consumer-lending platform and

Blackstone Group Inc.

BX 0.46%

portfolio company Finance of America Equity Capital LLC is set to go public with a valuation of $1.9 billion through a blank-check merger, this year’s hottest way to list shares, according to people familiar with the matter.

Finance of America is set to merge with the special-purpose acquisition company, or SPAC,

Replay Acquisition Corp.

RPLA -0.58%

, the people said. In conjunction with the merger, institutional investors will also make a private investment of $250 million in the company. In all, the deal will leave the consumer lender’s founder and funds managed by Blackstone with a 70% ownership stake.

SPACs are all the rage in 2020, quickly having become a favored way for companies to go public in a year when initial public offerings are hotter than ever. Their popularity is a sign that there is more demand for newly listed companies

Nissan gives up on commercial vans in North America

October 10, 2020

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Nissan is done selling its NV line of commercial and passenger vans in the U.S. and Canada, Automotive News reported Friday, confirming a move that AN reported a few months ago. The automaker is going to push its sedans and SUVs for fleet sales instead.

Nissan will end production of its full-size NV vans in Canton, Miss., and the compact NV200 in Cuernavaca, Mexico, next summer.

A few factors went into the decision, not the least of which is Ford’s dominance in commercial vans. Nissan sold just under 39,000 units of the NV and NV200 in North America last year — while Ford sold just under a quarter of a million of the Transit and Transit Connect. In market share, Ford has nearly half of all large van sales, with Chevy taking a quarter, according to the Automotive News Data Center. Nissan’s market share? It’s 4.9 percent.

The other factor:

Schlumberger’s Failed Foray Into North America (NYSE:SLB)

October 9, 2020

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Source: Barron’s

Like many cyclical businesses, Schlumberger (NYSE:SLB) has been reeling from the knock-on effects of COVID-19. The pandemic has practically brought business activity to a standstill and created demand destruction for oil. SLB is down over 45% Y/Y; its Q2 revenue fell 28% Q/Q, while EBITDA was off 39%. The company announced a restructuring that would involve laying off about 21,000 employees. In my opinion, some of the company’s problems began with its ill-timed investment in North America.

The Situation

Schlumberger has been known as a well-diversified, international player in the oil services space. Baker Hughes (BKR) and Halliburton (HAL) have traditionally dominated the North America land drilling market. North America land drilling had previously been white hot, putting Halliburton and Baker Hughes in the catbird seat. Schlumberger’s revenue from North America had previously been in the 23% to 25% range pursuant to total revenue.

In early 2017, Schlumberger

Oil prices head for 11% weekly jump on North America, Norway outages

October 9, 2020

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By Shadia Nasralla

LONDON (Reuters) – Oil prices inched up on Friday, setting both benchmark contracts on track for their biggest weekly gains since early June, on the back of supply outages caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway.

Brent <LCOc1> was up 16 cents at $43.50 a barrel by 0748 GMT. U.S. West Texas Intermediate (WTI) crude <CLc1> rose 14 cents to $41.33.

Both contracts are on track for gains of around 11% this week, the first weekly rise in three weeks.

Brent’s six-month contango, a market structure where the front-month Brent futures are trading at a discount to later contracts implying current oversupply, has shrunk to around $1.90 a barrel from $3.24 less than a month ago.

Norwegian oil company and labour officials said they would meet with a state-appointed mediator on Friday in an attempt to bring

How America should address white collar crime: legal scholar

October 7, 2020

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Jennifer Taub is a legal scholar and advocate who’s testified as a banking law expert before Congress and appeared on MSNBC and CNN.
The following is an excerpt from her new book, “BIG DIRTY MONEY: The Shocking Injustice And Unseen Cost of White Collar Crime.”
In it, she examines white collar crime, its history, and why these offenders fail to face the consequences that street level criminals do from Congress and the Supreme Court.
She explains how the country’s biggest crimes — like the financial crisis in 2008 to the ongoing opioid epidemic — have taken a toll in its citizens on a systematic level and the US can do better moving forward.
Visit Business Insider’s homepage for more stories.

America, we have a big dirty money problem.

The corporate crime, elite impunity, and public corruption disease did not infect us overnight, though. We’ve been exposed now for so very

How America should be addressing its ‘dirty money’ problem around white-collar crimes, according to a legal scholar

October 7, 2020

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a small house in a body of water: John M Lund Photography Inc / Getty Images

Jennifer Taub is a legal scholar and advocate who’s testified as a banking law expert before Congress and appeared on MSNBC and CNN.
The following is an excerpt from her new book, “BIG DIRTY MONEY: The Shocking Injustice And Unseen Cost of White Collar Crime.”
In it, she examines white collar crime, its history, and why these offenders fail to face the consequences that street level criminals do from Congress and the Supreme Court.
She explains how the country’s biggest crimes — like the financial crisis in 2008 to the ongoing opioid epidemic — have taken a toll in its citizens on a systematic level and the US can do better moving forward.
Visit Business Insider’s homepage for more stories.

America, we have a big dirty money problem.

The corporate crime, elite impunity,

Toyota expects to roll out a pilot fuel cell electric big rig early next year in North America

October 5, 2020

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Plano-based Toyota Motor North America and the company’s truck and bus subsidiary, Hino USA, say they will jointly develop a heavy-duty fuel cell electric big rig for the North American market.

The companies will use Hino’s new XL Series chassis and Toyota’s fuel cell technology to deliver “exceptional capability without harmful emissions,” according to an announcement Monday. The collaboration expands on an existing partnership to develop a 25-ton fuel cell electric truck for the Japanese market, which was announced earlier this year.

The first demonstration vehicle is expected to arrive in the first half of 2021, Toyota said.

“A fuel cell powered version of the Hino XL Series is a win-win for both customers and the community. It will be quiet, smooth and powerful while emitting nothing but water,” said a statement from Tak Yokoo, senior executive engineer at Toyota Research and Development.

Toyota and Hino have been working on

Regal Cinemas Parent Company Cineworld Could Close All Theaters in America and UK

October 4, 2020

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As more and more movies have been pushed to 2021, Regal Cinemas’ parent company Cineworld could be closing all of its theaters in the U.S. and the UK Variety reports that the decision comes after the latest James Bond film, No Time to Die, had been delayed until next year due to coronavirus concerns.

The closures are expected to come within a week at the soonest, and the company has already confirmed the closures are currently being discussed. “We can confirm we are considering the temporary closure of our UK and U.S. cinemas, but a final decision has not yet been reached,” the Cineworld Cinemas Twitter account revealed. “Once a decision has been made we will update all staff and customers as soon as we can.”

We can confirm we are considering the temporary closure of our U.K. and US cinemas, but a final decision has not yet been