BankUnited Seeks I.P.O. - NYTimes Court Exhibit

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The New York Times

12/6/2010 BankUnited Seeks $300 Million in I.P.O

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November 1, 2010, 7:25 amI.P.O./Offerings

BankUnited Seeks $300 Million in I.P.O.

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BankUnited, the Florida lender bought out by a group ofprivate equity investors last year, is planning to raise as

much as $300 million in an initial public offering.

BankUnited said on Friday that it planned to put the proceeds toward general corporate purposes. Reuters

said in a report last week, however, that BankUnited was planning to use the funds from the offering to buy other

banks. The company did not disclose the amount of shares it planned to sell or the estimated price range for the

offering.

In May 2009, BankUnited was seized by the Federal Deposit Insurance Corporation and sold to a consortiumof private equity firms including Wilbur Rosss WL Ross & Company, the Carlyle Group, the Blackstone

Group and Centerbridge Partners.

Under the terms of the deal, the private equity firms agreed to inject $900 million of new equity into BankUnited

and assume $12.7 billion in assets and $8.3 billion in deposits. The F.D.I.C., meanwhile, agreed to share in any

losses on $10.7 billion of the banks assets, which mainly consisted of loans to risky borrowers.

After the BankUnited deal, the F.D.I.C. changed the rules, making it harder for private equity firms to buy failed

banks. Breakingviews has suggested that the offering cold prove embarrassing for the F.D.I.C. if the private

equity investors manage to sell BankUnited for a large multiple to what they paid for it.




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Morgan Stanley, Bank of America Merrill Lnych, Deutsche Bankand Goldman Sachs are serving as

underwriters, the company said in a filing with the Securities and Exchange Commission.

Go to S.E.C. Filing from BankUnited

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Bank of America-Merrill Lynch, BankUnited, Blackstone Group, Carlyle Group, Centerbridge Capital Partners,

Deutsche Bank, Goldman Sachs, Morgan Stanley, Wilbur Ross, WL Ross & Co

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Alan

San Angelo, TX

November 1st, 2010

11:10 am

The S-1 states that BankUnited received $2.3 billion in cash from the FDIC. PEU investors put up $945 million.

For two-thirds of the new capital, the FDIC got what? An option to buy warrants.

Carlyle, Blackstone, Wilbur Ross and Centerbridge took $40 million in transactions fees and dividends. They

also plan to take part of the IPO proceeds, as dividends fall under general corporate purchases.

Recommend Recommended by 0 Readers




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BankUnited Seeks I.P.O. - NYTimes Court Exhibit