Key facts
- Mark Walter offered to pledge his equity stake in Guggenheim Partners to raise billions for his insurance companies.
- Investors were offered double-digit yields to lend capital to Walter's TWG Global holding company.
- TWG Global is seeking to restructure loans on the balance sheets of its insurance companies, Delaware Life and Clear Spring Life and Annuity.
- The sale of the Los Angeles Lakers basketball team is proceeding.
- Rob Camacho is seeking to refinance loans held by TWG insurers as part of a plan developed with regulators.
Billionaire Mark Walter has reportedly offered to pledge his equity stake in Guggenheim Partners as part of a broader effort to raise billions of dollars for his insurance companies, according to a Bloomberg News report. Investors were presented with offers of double-digit yields to lend capital to Walter's TWG Global holding company.
TWG Global has been exploring various deals with investors to address loans on the balance sheets of its insurance entities, Delaware Life and Clear Spring Life and Annuity. These loans have reportedly drawn scrutiny from federal prosecutors. The discussions have continued even as a deal to sell Walter's Los Angeles Lakers basketball team was finalized.
Joshua Kushner and former Disney CEO Bob Iger are reportedly set to purchase the Lakers in a deal valued at a record $12.5 billion. Walter had acquired a majority stake in the NBA team last year at a valuation of $10 billion. Walter serves as CEO of the parent company of Guggenheim Securities and Guggenheim Investments.
Separately, Rob Camacho, who joined TWG Global from Blackstone, has approached investors to refinance some loans held by TWG insurers, as part of a plan developed with regulators, according to the Financial Times.