Founded in 1992 by senior executives with entrepreneurial, line operating, and bulge bracket investment banking experience.
During the month of March 2010, Avalon, as the sole placement agent, raised Frederick's of Hollywood Group Inc. $3mm in common stock and warrants.
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Tag Along Right
See Co-Sale Right.
Tax Loss Carry-forward
A tax loss that can be carried forward for a certain number of years to offset future taxable income and perhaps be utilized by another company in the event of a Merger or an acquisition.
Tender Offer
An offer to acquire the stock of a company.
Term Loan
Generally, a bank loan for a specified amount that matures between one and ten years and requires a specified repayment schedule.
Term Sheet
An agreement between a financial intermediary and an issuer or between a venture capital firm and a company in which it is investing (a portfolio company) that outlines the basic business, financial, and operating terms that will form the basis for an investment. Term sheets can be long or short and generally are subject to the execution of longer documents that fully explain all of the agreements between the parties (i.e., the definitive agreements). Common topics covered in a term sheet are capital structure and the nature, amount, and timing of the investment, antidilution protection, composition of the board of directors, employment agreements, non-competition agreements with the founders, registration rights, and investor exit strategies.
Terms of Exchange
The conditions of trade or buy-out ratio in a Merger or an acquisition.
Treasury Stock
Stock that has been issued by a company and then subsequently repurchased by the company (i.e., in a redemption) but that has not been retired and can therefore be reissued (i.e., sold again) by the company.
Trend Analysis
An analysis of an item made over a number of periods in order to ascertain significant patterns of change in that item.
Trust Receipt
An instrument issued by a trustee acknowledging that it holds an item in trust for the holder of the receipt.
Two-step Buy-out
An acquisition plan in which the acquiring company attempts to gain control of the target company by offering a very high cash price for a controlling interest. At the same time, the acquiring company announces a second lower price that will be paid, either in cash, stock, or bonds for the remaining stock.
Unannounced Deals
A transaction in which the buyer and seller do not want their transactions announced to avoid notifying customers, creditors, or suppliers.
Underwriter
The Investment Bank that coordinates the issuing of securities by a company, and which purchases all such securities directly from the company and then resells them to the ultimate buyers.
Underwriter's Cutback
The right of an underwriter to reduce the number of securities being sold in an offering, generally the number of those securities being sold by selling stockholders. This right is designed to facilitate the company's public offering. The cutback is usually pro rata to all selling stockholders in proportion to the shares they intend to sell. Also referred to as a haircut.
Underwriting Discounts and Commissions
The fees paid to the underwriter(s) in connection with a public offering. Discounts and commissions do not include the costs of a public offering such as SEC filing fees, printing, legal, or accounting costs, or stock transfer taxes.
Underwriting Syndicate
Investment banks that act as a group to market a public offering, purchase the securities from the issuer, and then resell the securities to the public.
Unit
A security that consists of two or more securities sold in combination to achieve a particular financial result, generally a financial result that is difficult to structure into a single security. A common example is a unit consisting of one security that provides for protection of principal and an interest component (such as subordinated debt or redeemable preferred stock) combined with a different security that has the potential for equity appreciation based on the success of the business, such as options, warrants, or common stock.
Unsecured Debt
Debt for which no specific assets have been pledged as collateral security for repayment of the debt.
Unsecured Note
A note evidencing indebtedness for which no security has been pledged or mortgaged.
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