People. Ideas. Success.
Monetizing Your Parking Assets
December 10, 2012
Reliance
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written approval of Guggenheim Securities.
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such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the
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prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and
forecasts obtained from public sources, represent reasonable estimates). Guggenheim Securities has not assumed any responsibility or
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such activities in or with respect to debt or equity securities and/or bank debt of, and/or derivative products relating to the Recipient and/or
other potential parties to the Transaction.
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Reliance
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These Materials are for discussion purposes only. You should consult with your own legal, accounting, tax and financial advisors to
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your favor.
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SECTION 1
Firm Overview
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Firm Overview
Guggenheim Partners, LLC is a privately held global
financial services firm that provides asset management,
investment banking and capital markets services,
insurance, institutional finance and investment advisory
solutions to institutions, governments and agencies,
corporations, investment advisors, family offices and
individuals.
We combine innovative thinking and time-tested
investment management and advisory skills to offer our
clients a sophisticated array of products and services,
trusted counsel and exceptional value.
Our commitment is to create opportunities for our clients
to grow their wealth, access innovative investment
products and solutions and execute strategic
transactions.
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Guggenheim Global Reach
Guggenheim Partners Overview
ASSETS
EMPLOYEES
OFFICES
More than $125 billion
under management
2,200 worldwide
We are headquartered in New York and
Chicago and serve our clients from more than
25 offices in 10 countries.
As of 4/8/2012
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Our Core Values and Culture
Preservation
Integrity
Excellence
We are dedicated to the
preservation and growth
of our clients’ wealth,
our unique culture
and honoring the legacy
of our firm’s name.
We do the right thing,
for the right reasons.
We pride ourselves
on the quality of our
work and seek to
exceed expectations.
Innovation
Entrepreneurship
Talent
We strive to create
opportunities
with new approaches
and resources.
We believe in fostering
individual creativity and
a sense of ownership.
We believe that great
organizations are built
by employing and
partnering with the best
and the brightest people.
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Primary Business Areas
Guggenheim Partners is comprised of six primary businesses:
Investments
Securities
Insurance
Fixed Income
Advisory
Life and Annuity
Equities
Financing
Capital
Solutions
Alternatives
Sales &Trading
Hedge Fund Managed
Account Solutions
Research
Institutional
Finance
Investment
Advisory
Funding
Solutions for
Financial
Institutions
Investment
Advisory Solutions
Global Trading
Multi-Strategy
Private Trading
Initiative
Consulting
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Guggenheim Securities
Guggenheim Securities is the Investment Banking and Capital Markets business of Guggenheim. We offer a
full range of services that fall into the four broad categories:
1
2
ADVISORY
FINANCING
• We serve as trusted advisor
to our clients in connection
with a full range of advisory
services including mergers,
acquisitions, divestitures,
restructurings, spin/split-offs,
join ventures, leveraged
buyouts, capital raisings,
recapitalizations, exchange
offers, takeover defenses,
special committee
assignments, fairness
opinions and other special
situations. Our senior
professionals have advised
on some of the largest and
most complex transactions in
their industries
• We have broad distribution
capabilities for debt and
equity securities and
structured products. We are
able to effectively place and
syndicate securities through
our deep relationships with
institutional investors and
access to unique sources of
capital, including our ability to
act as a principal in select
situations.
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4
SALES & TRADING
RESEARCH
• We provide a broad array of
sales and trading services to
institutional clients. Our
experienced professionals
deliver customized services
with unconflicted execution
• Our research team delivers
insights on macroeconomic
trends, industry specific
themes and individual
companies. Our analysts
assess companies’ entire
capital structures and provide
unique investment
perspectives pertaining to
debt and equity securities.
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Guggenheim Securities
FINANCING
We have broad distribution capabilities for debt and equity securities and structured products. We are able to
effectively place and syndicate securities through our deep relationships with institutional investors and access to
unique sources of capital, including our ability to act as a principal in select situations.
Our services include, as relevant, assessing an institution’s optimal capital structure and sources of additional
capital, effectively positioning an issuer to investors, targeting investor pools, introducing investors, underwriting debt
and equity securities, distributing structured products and performing capital structure related management.
We offer a full range of financing products, which include, among others:
Fixed Income
Equities
Structured Products
Capital Structure
Management
Senior
IPOs/follow-on offerings
CDOs/CLOs
Repurchases
Subordinated
PIPES
CMOs
Tenders
Mezzanine
Private placements
RMBs
Exchanges
Convertibles
At-the-market offerings
CMBS
Hybrids
Direct stock purchase
programs
Consumer ABS
Amendments/consent
solicitations
ESPCs
Aircraft Debt Securities
Guggenheim Partners Overview
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SECTION 2
Asset Monetization
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Two Distinct Asset Management Models
Public Ownership
P3 Concession
Provide service
Maximize net revenues
Employment not a negative
Efficient operations
Cap Ex
Limited in scope
Upgrades and new technology applications
Capital
Low cost tax-exempt debt
Bank debt plus risk equity
To municipality (often)
To equity investors
Key Objective
Operations
Dividends
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Public Asset Monetization
Public Ownership
Public Monetization
P3 Concession
Provide service
Service and net revenues
Maximize net revenues
Employment not a negative
Efficient operations
Efficient operations
Cap Ex
Limited in scope
Upgrades and new technology
applications
Upgrades and new technology
applications
Capital
Low cost tax-exempt debt
Low cost tax-exempt debt
Bank debt plus risk equity
To municipality (often)
To municipality
To equity investors
Key Objective
Operations
Dividends
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Employ Professional Management
Municipal Authority
System Assets
Ownership
Asset Manager
Acts as Authority’s agent and fiduciary
Asset Operator
Operates individual assets
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Maximizing Value for the Public Good
Public benefits from
modernization and private
sector expertise to optimize
revenues
Asset Revenues
Private management to
create efficiency
Operating Expenses
Senior Lien Debt Service
Junior Lien Debt Service
Public ownership
minimizes cost with taxexempt cost of capital and
avoids the need to pay
equity returns
Balance
Capital
Reserves
Public
Benefits
Constant Reinvestment in
Assets
Assets and All Surplus
Cash Revert to Owner
Without a need to pay equity returns,
all excess cash flow is reinvested into the
assets with the ultimate return of the
assets and surpluses to the owner
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Summary
 Keep the Assets in public hands
 Deliver meaningful upfront proceeds to the Owner
 Capture and pledge all cash flow to repay debt and maintain the Assets
 Professionally manage the Assets full term; employ new technologies and other cost-effective cap ex
 Alignment of interests of Owner, professional managers and capital sources full term
 Rate of return on Assets goes to Owner rather than equity investor
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