MF Global (MF) Reports Q4 Results; $300M Backstop Commitment from JC Flowers
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MF Global Ltd (NYSE: MF) reported a GAAP net loss of $0.59 and adj-earnings of $0.48 per share, versus the consensus of a $0.20 loss. GAAP net revenues rose 10% to $412.7 million and adjusted net revenues rose 23% to a record $464.1 million.
Today, MF Global signed a definitive agreement with an affiliate of J.C. Flowers & Co. LLC in which J.C. Flowers has agreed to provide a backstop commitment of $300 million toward the sale of equity-linked securities. In connection with the investment, J.C. Flowers will have the right to appoint up to two directors to MF Global's board of directors.
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