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Quick Thoughts On Recent Events In MMA (4/6/10)

NEWARK, NJ - MARCH 27:  UFC fighter Shane Carwin celebrates defeating Frank Mir (not pictured) during their 'Interim' Heavyweight title bout at UFC 111 at the Prudential Center on March 27, 2010 in Newark, New Jersey. Carwin won by Technical Knock Out (Strikes) at 3:48 in the 1st round.  (Photo by Jon Kopaloff/Getty Images)
Jon Kopaloff/Getty Images
Andrew S.Contributor IApril 6, 2010

As I've been busy and haven't written in a while, here are my quick thoughts regarding the world of MMA:

Aldo v. Faber

I was very excited for the Aldo v. Faber fight until I learned that it will be on PPV. What's up with that, WEC? My cable bill is already topping $200 since I’m averaging two UFC purchases…not sure if I can handle much more. I’ll probably end of buying this one (reluctantly) because I’m a big fan of Aldo and predict he will take out Faber in the early rounds. However, I can’t forsee coughing up additional dollars for future cards.

Zuffa Taps the Debt Capital Markets

I recently received a loan market update from a large bank (public information) and as I was flipping through the presentation I noticed Zuffa as an issuer of $71mm under the recent dividend transaction section. For those who don’t know, Zuffa is the parent of the UFC & WEC. Interesting to note because the leveraged loan market remains challenging, especially if the purpose of the offering is a recapitalization/dividend. Looks like the Fertitta brothers are taking a little cash off the table. Other facts are that Zuffa is rated Ba3/BB- and has total leverage of approx. 3.4x. Further, it has a $100.0mm 1st lien tranche (pricing unknown) and $100.0mm institutional tranche (L+550bps).

Quick Observations on Watching UFC 111 Live

Mike A. (co-editor of UFCBanter.com) and I enjoyed watching UFC 111 live in Newark. Two thoughts: 1. As expected, favorite part of the evening was watching Mir v. Carwin. Carwin is a beast and it was fun watching the big boys in action; and 2. I was impressed with Hardy because of his fitness, resiliency, and size, but underimpressed with GSP given his inability to finish & overall lackluster performance.

 

-Andrew

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