Jefferies details manageable First Brands exposure; Q3 annualized net rev $8.2B, equity $10.5B

Jefferies Financial Group Inc.

Direct exposure: $43M indirect investment in First Brands receivables via Point Bonita, $2M in bank loans.
Jefferies Finance-managed CLOs hold $48M First Brands loans (mkt value ~$17M); indirect exposure ~$2M.
Fees from Point Bonita management are immaterial: 0.8% of net revenues over last 12 months.
SMBC expanded strategic alliance: $2.5B credit facilities, stake increase from 14.5% to up to 20%.
Jefferies states no knowledge of alleged fraud; learned publicly when First Brands stopped remitting.

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