Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2013
Recent Activities  

These financial statements include a discussion of material events that have occurred subsequent to September 30, 2013 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.


On October 30, 2013, Local Media Group repaid Newcastle $2.5 million for the contribution made by Newcastle on the acquisition date for Local Media Group’s working capital.


On October 31, 2013, Newcastle agreed to re-securitize approximately $110 million face amount of the senior class of CDO VI’s outstanding debt. Prior to this transaction, approximately $69 million face amount was owned directly by Newcastle, and the remainder was owned by CDO VIII and CDO IX. Following this transaction, this class was securitized into a $99 million senior tranche and an $11 million junior tranche. On November 1, 2013, Newcastle issued the senior tranche to a third party generating approximately $88 million of proceeds and retained the junior tranche on its balance sheet. Of the $88 million of proceeds, $47 million represented unrestricted proceeds to Newcastle and $41 million was used to pay off CDO VIII and CDO IX debt at par.