O'Leary, Christopher
June 2003
Investment Dealers' Digest;6/9/2003, Vol. 69 Issue 23, p8
Trade Publication
Saber Partners LLC, a New York City-based financial firm that is advising the Public Utilities Commission (PUC) of Texas on stranded asset deals, interrogated every co-manager aspirant on a pending deal in the $500 million range for Oncor Electric Delivery Co., a subsidiary of TXU Corp. It asked such detailed questions that some firms on the Wall Street in New York City, apparently unwilling to go through such an intensive process, simply withdrew. Typically a co-manager concludes a deal for a number of reasons, few of which are related to its actual ability to achieve restrained pricing and to expand the investor base for the deal. Saber, which has the highly unusual mandate to be an equal joint decision maker with the Texas PUC, asked several detailed questions to prospective co-managers for the Oncor deal.


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