Served as chief restructuring officer for radio content and syndications firm. Completed forbearances and refinancing. Preserved critical strategic relationships. Subsequently served as advisor in sale to industry buyer.
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$203 million financing for niche direct broadcast satellite system operator/programmer: $100 million refinance of senior debt; $50 million subordinated debt with warrants, $53 million equity. This represented the culmination of an advisory relationship that spanned seven years and encompassed 10 transactions, during which time the company experienced 11x growth in subscribers.
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David was an early advisor, investor and Board member in a company with niche products, helping it to grow to over $60 million in revenues before its sale in early 2019. Oversaw five acquisitions, two partial-liquidity events, and divestiture of non-core division. Since the last partial-liquidity event in late 2011 to the date of the sale, valuation increased over 13x, with the potential for an additional 6x with earn-outs.
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$37.5 million senior debt financing for a television broadcaster with distribution to over 4 million cable homes, broadcasting news and direct-response programming. The facility was increased to finance the acquisition of a television station in a major market, a transaction for which DAC created the strategy that led to success as the buyer in a complex, contentious chapter 11 reorganization. DAC represented this company for twelve years and completed five financings and numerous strategic assignments for them, in addition to operational and business development consulting projects.
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Represented a cable television network on three separate occasions in which our client restructured its relationship with a key strategic partner, subsequently merged with another network and then combined with a larger strategic partner that is today distributed to virtually every household.
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Acquisition and financing of a geothermal power plant and related assets in a series of eight transactions. David was one of the organizers of the company. He then managed a comprehensive capital improvement project, completed ahead of schedule and under budget, as well as obtained critical contracts for expansion.
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Managed a troubled cable system on behalf of its senior lender until its sale by DAC. This assignment involved forensic accounting as well as other turn-around activities. DAC then successfully sold the system, resulting in a full recovery of the bank’s principal.
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Represented group developing an electronic exchange for the sale of various types of direct-marketing advertising. Our client was acquired by a strategic buyer. DAC had worked with this management team for several years, assisting with the early go-to market strategy and securing a vital strategic partner.
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Structured and negotiated acquisition and financing of cable television systems with 17,000 subscribers in Virginia and West Virginia, totaling $33 million in financing, including capital improvements. Represented the company in its acquisition and financing of 8,500 additional subscribers which also involved a trade of some systems with a nearby cable operator.
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$12 million equity financing to effect the management buy-out of, and provide working capital for a cable television equipment manufacturer. David later served on the Board of the company.