Silver Point Capital’s Bullish Q1 Moves Include New Stake in Embattled Drugmaker Valeant

#2. Caesars Acquisition Company (NASDAQ:CACQ)

– Shares owned by Silver Point Capital as of March 31: 815,000

– Value of Silver Point Capital’s holding as of March 31: $4.99 Million

Silver Point Capital added 739,700 shares of Caesars Acquisition Company (NASDAQ:CACQ) to its pool of holdings during the first quarter of the year, which lifted the Caesars Acquisition-position to 815,000 shares. The upped stake was worth $4.99 million at the end of the first quarter. Caesars Acquisition Company was formed in February 2013 to make an equity investment in a joint venture between CAC and subsidiaries of Caesars Entertainment Corporation. In December 2014, CAC and CEC inked a merger agreement, which is subject to the overall restructuring of CEOC. In mid-May, a Reuters article said that gaming holding company Caesars Acquisition received offers of more than $4 billion for its Interactive Entertainment unit, which owns the World Series of Poker and several social and mobile gaming brands such as Bingo Blitz and House of Fun. Caesars Acquisition shares are up 47% year-to-date. George Soros’ Soros Fund Management had 6.54 million shares of Caesars Acquisition Company (NASDAQ:CACQ) in its equity portfolio at the end of March.

#1. Valeant Pharmaceuticals Intl Inc. (NYSE:VRX)

– Shares owned by Silver Point Capital as of March 31: 165,000

– Value of Silver Point Capital’s holding as of March 31: $4.34 Million

The Connecticut-based asset manager added a 165,000-share position in Valeant Pharmaceuticals Intl Inc. (NYSE:VRX) to its portfolio during the first three months of 2016, which was valued at $4.34 million on March 31. The embattled Canadian drugmaker has a bumpy road ahead despite making significant changes at the helm of the company with the appointment of Joseph Papa as the new President and CEO, as well as significant changes in the boardroom. The reshuffled boardroom includes hedge fund manager Bill Ackman of Pershing Square Capital Management, who has lost a great deal of money on his investment in Valeant. The company’s weaker-than-expected first-quarter financial results released earlier this month were said to reflect the numerous disturbances Valeant has faced over the last nine months, including investigation over price increases of certain medications. The drugmaker has seen its market value plummet by 74% since the start of 2016, partially due to major concerns over the company’s huge debt load. Jeffrey Ubben’s ValueAct Capital was the owner of 14.99 million shares of Valeant Pharmaceuticals Intl Inc. (NYSE:VRX) on March 31.

Disclosure: None