To: jeevacation@gmail.com[jeevacation@gmail.com]; Jeffrey Epsteinueevacation@gmail.com]
From: David Stem
Sent: Fri 3/9/2012 11:26:07 AM
Subject: Deal EDM
Deal:
David,
These are super confidential numbers / info.
Proposed Transaction:
• Endemol, equity owned by Goldman & Berlusconi & Cyrte, defaulted on debt, equity
worthless
• Total debt €1.8bn outstanding
• EV approx. €1.1bn; 6.4x — 6.1x FYE 2012 EBITDA of O.70ml' - €180mil (2011 €164mi1)
• Cyrte (institutional fund set up by Endemol founder John de Mol, now only minor holding in
Cyrte) buying senior debt -
(Debt acquisition only possible on inter-creditor basis)
o Holds 22% of senior
• Loan to value 20%
o Secured / Buying additional 18% of senior from Barclays
• With 40% negative control
o In negotiations to buy additional 27% for full control
• Held by banks, Goldman, Apollo
• Depending on negotiations (ongoing) €100mil — 200mi1 price tag
• INVESTOR to join forces with Cyrte, inject €100mil - €200mi1 to buy up to control level (67%)
• Follow on consolidation acquisitions lined up in industry
• Exit in 2 — 3 years
http://www.endemol.com/
EFTA_R1_00492346
EFTA01997190