Leucadia报告声称，截止2015年年底，福汇2015年1月的融资中仍有1.927亿美元债务未偿还
在上周五收盘之后，Leucadia National Corporation公司宣布采取一项不寻常的举措。在外汇的世界里，Leucadia是因为在2015年1月15日瑞郎危机之后为福汇提供3亿美元融资闻名业界，把握这全球的代理业务。在此之后，福汇一直在销售其非核心资产来抵还债务并且正在将注意力慢慢放在外汇散户经纪人上。
作为第四季度业绩的一部分，Leucadia与福汇的关系有了新的发展。根据Leucadia发布的消息，截止2015年12月31日，在支付了1.447亿美元的本金利息和费用之后，福汇仍有1.927亿美元未偿还债务。福汇去年9月发布的2.03亿美元递减到1.927亿美元。
此外，Leucadia的交易包括超出支付债务的本金和利息部分的协议。这些支付包括下次3.5亿美元的百分之五十的一个支付，之后是5亿美元的百分之九十的支付，随后任意支付的百分之六十。通过这些支付，Leucadia从根本上将自身至于福汇出售事件的主角当众，它打算超过百分之五十的任意收购价格进行收回。同样也包括Leucadia要求福汇出售自己的权利，从而允许Leucadia获利的可变部分融资协议。
到2015年12月月底，福汇的股价飙升，从6美元升到略低于20美元。虽然空头回补被认为是为福汇股价的推动，同时帮助Leucadia债务重组协议的公司传言越演越烈，进而允许更多的福汇股东创造长期价值。
在这个问题上，Leucadia指出问题所在“讨论重组的可变部分分布的方式是一致的，可以持续的长期将两家公司进行增值性战略”。然而,它补充说,“并不能保证一定会达成协议”。
对于Leucadia来说，福汇股价的改善允许其增加在福汇的公允投资增加到6.257亿美元。2015年9月30日，Leucadia记录了该改善是从6.13亿美元向上增长的。总的来说，该公司表示，他们意识到4.913亿美元并没有获得实现，并且实现了2015年对福汇的投资。
展望未来，福汇打算在3月10日宣布其第四季度和2015年的全年业绩。在先前的声明中，福汇已经表示确信在今年可以全额偿还Leucadia的债务。出售资产来偿还债务的项目包括其在FastMatch的少数股份和Lucid Market的可变资金。值得注意的是，从2014年第四季度开始，福汇就已经增加了对零售收入的收取。
FXCM with $192.7m Debt, No Guarantee of Deal Restructuring with Leucadia
Leucadia reported that as of the end of 2015, $192.7 million of debt outstanding was still owed by FXCM from its January 2015 financing deal.
Taking the unusual step of reporting after the close on a Friday last week was Leucadia National Corporation. Within the forex world, Leucadia is best known for having provided $300 million in financing to FXCM following the January 15th 2015 Swiss franc crisis that nearly sent the global broker out of business. In the aftermath, FXCM has been selling non-core assets to cover the debt and is emerging as a retail focused forex broker.
As part of its Q4 results, Leucadia provided an update on its relationship with FXCM. According to Leucadia, as of December 31st 2015, FXCM had $192.7 million debt outstanding with it after having paid $144.7 million of principal, interest and fees during 2015. The $192.7 million figure is a decrease from the $203 million amountreported by FXCM for the end of September.
In addition, the deal with Leucadia included variable payments that would be owed to Leucadia beyond the debt’s principal and interest portion of their agreement. These payments include 50% of the next $350 million, then 90% of the next $500 million and 60% of any amount thereafter. By including these payments, Leucadia in essence has set itself up for a large payday in the event that FXCM is sold, with it slated to collect well over 50% in any acquisition price. Also included was the right by Leucadia to require FXCM to sell itself; thus allowing Leucadia to profit on the variable portion of their financing agreement.
Towards the end of December 2015, shares of FXCM rocketed higherfrom below $6 to just under $20. While short covering had been cited as providing a boost to FXCM’s shares, helping ignite the firm were also rumors of an agreement with Leucadia of a debt restructure to allow for more long term value creation for FXCM shareholders.
On this subject, Leucadia stated that it had in fact “discussed restructuring the variable portion of distributions in a manner that is consistent with a sustainable long-term and value-enhancing strategy for both companies”. However, it added that “there can be no assurances that an agreement will be reached”.
For Leucadia, the improvement in FXCM’s stock price allowed it to increase the stated fair value of its investment in FXCM to $625.7 million. This is an improvement from $613 million that was recorded by Leucadia in at September 30th 2015. Overall, according to Leucadia, the firm stated that it recognized $491.3 million of unrealized and realized gain on the FXCM investment for 2015.
Looking ahead for FXCM, the broker is slated to announce its Q4 and full year 2015 results on Thursday, March 10th. In prior statements, FXCM has stated its belief that it will repay the debt portion in full back to Leucadia this year. Assets set for sale to cover the debt are its minority stake in FastMatch and majority ownership in Lucid Markets. Beyond an update on asset sales, shareholders will be looking for any information about restructuring of the variable portion of payments with Leucadia. Also of note is that FXCM has increased retail revenue capture which has been poor since Q4 2014.
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