Flightglobal  Jun 19  Comment 
Tecnam has secured a repeat order for four P2006Ts from US-based IASCO Flight Training (IFT), as part of its fleet replacement programme.
Yahoo  Mar 9  Comment 
Mexico's telecoms regulator said on Thursday that billionaire Carlos Slim's America Movil has 65 working days to present a proposal for the legal separation of a part of its fixed-line unit Telmex. The ...
Benzinga  May 3  Comment 
MiX Telematics Ltd (NYSE: MIXT) disclosed that it struck a deal to buy back all of its shares currently held by Imperial Holdings Limited. According to the company, that would equate to 200.83 million shares representing 25.33 percent of the...
Reuters  Oct 11  Comment 
Mexican telecoms regulator IFT said on Sunday that it will force Telmex to offer competitors better terms as it seeks to open up its local network, part of an effort...
Benzinga  Jul 16  Comment 
Imperial Holdings, Inc. (NYSE: IFT) ("Imperial") announced today that one of its affiliates has obtained a seven-year, $110 million credit facility, secured by a portfolio of 159 of Imperial's life insurance policies having an aggregate face value...


Imperial Holdings (NYSE:IFT) is a specialty finance firm that originates loans that are collateralized by life insurance policies. They make money from in the interest charged on loans, on fees from originating the loan, and from fees from referring agents. Imperial Holdings historically took on debt to finance its business. However, the 2008 Financial Crisis significantly increased the interest rate on this debt and so the financing costs of operating rose. Imperial Holdings went public with the intention of using the IPO proceeds to finance operations.[1]

Imperial Holding plans to alter its pre-IPO business plan and refocus. First, it plans to eliminate the use of debt financing to fund its premium operations. The company expects that by relying on debt financing it can improve margins substantially. Next, Imperial plans to eliminate its use of lender protection insurance. This insurance was necessary pre-IPO due to the debt financing, but without the insurance, Imperial save money and be able to originate more loans since the insurance coverage had limits. Finally, Imperial hopes to expand its structure settlement business. A structured settlement consists of an exchange were the recipient of a deferred payment stream sells this stream in return for an single, upfront, lump sum payment. In other words, rather than receive a series of payments spread across into the future, a client of Imperial can exchange this payment stream for a single lump sum. Because it is paid upfront, Imperial pays its client a discounted sum.[2]

The company's initial public offering of stock on the NYSE occurred on February 7, 2011. The company offered 16.7M shares each for $10.75. This was just below the midpoint of the revised range of $10-$12. This brought the final deal to $179M. The deal was originally planned to price in the $14-$16 range which would have made the deal worth $250M. The lead underwriter of the IPO was FBR Capital Markets Corp (FBCM).[3].

For the full year 2009, Imperial's total revenue was $97M. For the first 9 months of 2010, this total revenue was $60M. Imperial reported a net loss however for 2009 of $8.6M. The first 9 months of 2010 also ended with a net loss of $16.4M. These net losses were caused by a significant rise in the interest expense paid by Imperial. From 2007 to 2008, it increased from $1.3M to $12.8M. From 2008 to 2009, it increased again to $33.8M.[4]


  1. IFT S-1/A 2011 PROSPECTUS SUMMARY "Overview" pg 1
  2. IFT S-1/A 2011 PROSPECTUS SUMMARY "Strategy" pg 2
  3. Renaissance Capital - IPO Home "Imperial Holdings prices IPO at $10.75, within its revised range" 7 Feb 2011
  4. [http://www.sec.gov/Archives/edgar/data/1494448/000095012311009470/w7883110sv1za.htm IFT S-1/A 2011 PROSPECTUS SUMMARY "Summary Historical and Unaudited Pro Forma Consolidated and Combined Financial and Operating Data" pg 9]
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