My Age of Investment

"No problem, Mr. Xia, just tell me, how much interest rate do you want?"

Richard raised his hand and said, and finally picked up the coffee on the table and took a sip.

I had no confidence in the purpose of this trip before, and I didn't even feel like drinking coffee.

It's different now, through a brief chat, he has somewhat gained some ground.

The young rich man wanted a lot of money, and he wanted it to be cheap.

And these, Morgan Stanley can provide, and can provide the best.

Xia Jingxing answered, "The annual interest rate is 2%, and I want to borrow it for ten years."

Richard almost spit out the coffee in his mouth, and shook his head again and again: "No, no, Mr. Xia, this is unrealistic. No institution is willing to provide such a long-term loan, especially when Facebook is just a future company. Listed, unprofitable companies.

In addition, the loan interest rate cannot be so low, with an annual interest rate of 2%, let alone making money, we have to discount the interest. "

Xia Jingxing shrugged and said with a smile: "Didn't the market say that Morgan Stanley is supernatural and omnipotent? This shouldn't bother you, right?

If it's just a simple financial operation, we won't bother you. "

Richard pondered Xia Jingxing's words, daydreaming endlessly.

Just as I was playing with the opponent's idea, the other party was probably playing with my own idea, or the idea of ​​playing with the sign behind myself.

This is almost obvious, otherwise it would be good to just find a few banks to negotiate a syndicated loan, why do you need to find them Morgan Stanley to match.

As an investment bank and an intermediary, Morgan Stanley eats this bowl of rice, and has a great influence in the US financial industry, and even the world financial industry.

It is definitely more convenient for them to come forward to arrange a syndicated loan and sell the equity pledged loan as a financial product than Xia Jingxing's personal search for a loan, and it can even save some interest.

After trying to understand the key point, Richard said with a smile: "Mr. Xia, do you think this will work?

We will give you an annual interest rate of 3%, a loan period of five years, and one-time repayment of principal and interest at maturity, so as to maximize the utilization of funds. "

For this condition,

Xia Jingxing was basically satisfied, because Yang Niu's equity-pledged loan brokered by Goldman Sachs was at this level of interest rate and loan term.

The economic development of developed countries is slow, deposit interest is low, and there are even things where deposit interest is not paid, and depositors pay bank management fees.

This is very strange in the eyes of developing countries. In fact, it reflects the problems of slow economic development, low capital appreciation rate, and difficult appreciation.

In the past few years, the market interest rate in the United States was even lower, only a few percent, which has something to do with the bursting of the Internet bubble, and interest rate cuts have promoted economic recovery.

In the past two years, the economy has started to revive again. Since June 2004, the Federal Reserve has started raising interest rates for ten consecutive rounds, and has not stopped, and continues to raise interest rates.

This interest rate increase is not an increase in deposit interest, but the federal funds rate, which is called the interbank offered rate in China.

The increase in this interest rate index means that the cost of bank funds has increased, and the interest rate for external lending will also increase accordingly.

Xia Jingxing asked, "Tell me, do you have any additional conditions?"

Seeing that Xia Jingxing was so direct, Richard, who wanted to be more tactful, no longer pretended to be so, and saw his own or Morgan Stanley's main purpose: "When Facebook goes public, we hope that Morgan Stanley will be the chairman. underwriter."

What is PY transaction?

That's it.

Xia Jingxing had already guessed that the other party might make this request, because when the foreign girl was looking for a loan from Goldman Sachs, the investment bank also made the same request.

Compared with earning some interest money, investment banks such as Goldman Sachs and Morgan Stanley want to win the list of underwriting and listing.

Not to mention making a lot of money from such large orders, large-scale IPOs are also the cornerstone of enhancing or stabilizing the important influence of top investment banks on Wall Street and the world's financial industry.

This point is similar to VC and PE not wanting to miss the best start-up companies.

As long as the influence is still there, there should not be too many opportunities to make money elsewhere.

"Is it too early? Facebook is still a long way from going public."

Richard waved his hand, "Before it was too early, we like to help those friends who are still growing up.

There is a saying in China that is not called that... Blizzard weather gives charcoal! "

Xia Jingxing smiled. He felt that the managing director must have studied himself before he came, and maybe even learned a little bit of Chinese culture by surprise.

"Whoever the underwriter chooses, I have already left Facebook, so I may not be able to make the decision."

Xia Jingxing wanted to test it out and mentioned it on purpose.

Richard shook his head, "No, Mr. Xia, although you have left Facebook, you are still a major shareholder holding more than half of Facebook's shares and can exert significant influence on this company.

As long as you speak, I believe that the current Facebook management will definitely listen to your suggestions. "

Xia Jingxing already knew that his small tricks of hiding shares could not be hidden from these top investment banks.

These institutions have established many eyes and ears, and have rich channels for obtaining information, and can inquire about many important business information that ordinary people cannot access.

However, he didn't want to hide it all the time, because when the equity pledge was registered, the creditor would fully adjust Facebook and seek the approval of more than half of the shareholders.

He thought about asking Goldman Sachs for a loan before, but he had nothing to exchange, because when Yang Niu took out the loan, she had already promised Goldman Sachs a lead underwriter seat.

Therefore, he put his mind on Morgan Stanley, which is tied with Goldman Sachs.

There is no loss of any benefits, and everyone gets what they need.

In fact, there are not many underwriters to choose from for a large-scale IPO such as Facebook, and only a few top investment banks can be selected, because only they have the strength and influence to operate and issue those super-large-scale fundraising.

Because he was already mentally prepared, Xia Jingxing said straightforwardly, "Well, I agree. I will go to persuade the Facebook management to let them reserve a lead underwriter seat for Morgan Stanley."

Richard smiled, which was exactly the answer they wanted.

Goldman Sachs blocked Facebook in advance, they have already seen it in their eyes, and have been looking for opportunities to establish contact with Facebook's management and shareholders.

Xia Jingxing's appearance was like falling asleep and someone gave him a pillow.

Naturally, they had to take advantage of such a good opportunity.

Now that the goal has been achieved, he is also very happy. If Facebook continues to develop at this momentum, it is destined to be a super-large IPO that will not be weaker than Google.

As the main handler of the transaction, his credit will not be small.

Xia Jingxing said suddenly, "By the way, I have one more condition."

Richard felt a little uneasy. At this juncture, don't make any fools. He pretended to be calm and asked, "What conditions?"

"After the five-year loan period expires, the loan is allowed to be extended, or according to the development of Facebook at that time, a new loan will be made to cover the original loan principal and interest."

Richard was a little hesitant, did he want to pay back the money?

However, he did not question it directly, but asked calmly: "The development of Facebook at that time, does it mean that it is listed or not?"

"Regardless of whether it is listed or not, as long as the valuation has increased, and it has been recognized by the market, or endorsed by a third-party evaluation report, I hope that the loan can be extended.

Of course, the interest will also accumulate naturally, but the loan period will be extended for a period of time. "

Richard frowned. The equity pledge loan is actually not a low-risk loan project.

Among them, the evaluation and disposal of mortgage assets is very important.

Facebook's valuation is mainly endorsed by DST's acquisition of old shares and Microsoft's shareholding.

In addition, Google, Yahoo, and even Microsoft, the major Silicon Valley giants are all greedy for the social track and Facebook.

If Xia Jingxing fails to repay the loan on time, the pledged equity should not worry about leaving home.

This link must be considered in the operation of equity pledge loans, and it cannot be left in the hands.

In addition, they will continue to pay attention to the development of Facebook. Once they find that there is a decline in valuation or business, they will trigger an additional agreement, requiring the borrower to increase the deposit and collateral.

Since it is not a listed company, there is no securities liquidation operation, and the liquidity of assets is relatively poor, so it is relatively troublesome to deal with.

So, Richard asked his subordinates to hand over a thick stack of additional agreements, and began to discuss the relevant terms with Xia Jingxing in detail.

When Yang Niu was making a loan, Xia Jingxing also witnessed the whole process, knowing that it was a routine operation.

However, he did not dare to sign a loan agreement involving such a large amount indiscriminately, and the legal team of Envision Capital had to review it over and over again.

He glanced through the thick stack of agreements, put them aside, and chatted with Richard about the general content.

After talking for almost two hours, a framework agreement was basically reached, and the follow-up work will be handed over to the executive department of Envision Capital.

Richard declined Xia Jingxing's invitation to have lunch together, and hurried back to New York with a team of subordinates.

As soon as he arrived at the company, Richard began to contact various banks and insurance companies, preparing to give Xia Jinghang a specific loan plan.

On Xia Jingxing's side, Gulfstream's salesman and real estate agent Yu An'an were all secretly urging the transaction money.

Without getting tired of it, Xia Jingxing approached the Liqiu Fund to advance a sum of money and paid off several transactions.

The money is regarded as an advance fund, and when the equity pledge loan arrives, the money will be returned.

Because it is a company fully controlled by individuals, no one jumps out to criticize or hinder it, it just adds a little burden to the accounting work.

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