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PE Debt Watch (Upgrades & Downgrades)
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 This week Moody’s has some distaste for the Intergraph dividend recap, downgrading the company’s corporate family rating and calling the payment, which increases the company’s leverage by one and a half turns, “aggressive.” Company: HCA Inc. Sponsor: Bain Capital, KKR. Action: Moody's Investors Service assigned a Ba3 rating to the company’s proposed offering of $1.0 billion of first lien senior secured notes due 2020. Moody's also affirmed the existing ratings of HCA, including the B2 corporate family and probability of default ratings. Highlight: "Much like the secured note offerings completed in 2009, the current transaction continues to chip away at the considerable amount of bank debt scheduled to mature in the 2012 and 2013 time frame," said Dean Diaz, Vice President -- Senior Credit Officer at Moody's. Read more »
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Sensata Shares Rise on Debut
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Hopes for a recovering auto industry buoyed car parts maker Sensata Technologies Holding (ST.N) in its market debut on Thursday, sending its shares up as much as 5.6 percent. Read more » |
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Skillsoft Go-Shop Goes Nowhere
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E-learning software maker SkillSoft Plc (SKIL.O) said the $1.1 billion offer made by a group of private-equity firms was the only option left at the end of its go-shop period, disappointing investors who were expecting better.
The news sent the American depositary shares of the company down more than 5 percent on heavy volumes on Thursday. The cash offer of $10.80 per share was made last month by SSI Investments III Ltd, a company formed by funds owned by Berkshire Partners, Advent International and Bain Capital. Read more » |
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Sensata IPO Prices At Bottom Of Range
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NEW YORK (Reuters) - Car parts maker Sensata Technologies Holding (ST.N) priced shares in its initial public offering at the bottom of the expected range on Wednesday. The company sold 31.6 million shares for $18 each, raising about $568.8 million. It had planned to sell 31.6 million shares for $18 to $20 each. Sensata makes most of its money by manufacturing sensors for automakers, but also makes thermal circuit breakers for aircraft, temperature controllers for electric motors, and other industrial technology. The company, backed by funds associated with private equity firm Bain Capital, posted net revenue of $1.1 billion in the year ended Dec. 31, about |
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Laundry Room Chronicles: Talking RMB Funds
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| Posted on: March 2nd, 2010 |
RMB funds are all the rage among big buyout firms wanting to do business in China. The latest to join the party is expected to be Bain Capital, based on comments made yesterday by managing director Ma...
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Bain Capital Buying Styron for $1.63 Billion
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| Posted on: March 2nd, 2010 |
NEW YORK (Reuters) - Dow Chemical Co (DOW.N) said it would sell its Styron basic plastics unit to private equity firm Bain Capital Partners for $1.63 billion.
The sale of the unit, which makes late...
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Bain The Next to Raise an RMB Fund?
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| Posted on: March 1st, 2010 |
Bain Capital may be the next mega-buyout firm to raise a renminbi-denominated private equity fund, in order to better facilitate Chinese transactions. Bain managing director Mark Nunnelly explained ...
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Advent, Bain Team Up for IDC Bid
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| Posted on: February 19th, 2010 |
LONDON/NEW YORK (Reuters) - Private equity firms Advent International and Bain Capital are working together on a bid for financial market data provider Interactive Data Corp (IDC.N), a person familiar...
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PE Debt Watch (Upgrades and Downgrades)
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| Posted on: February 12th, 2010 |
Bain Capital MidOcean Partners THL Partners Wasserstein Ventures |
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service.
Company: Pe...
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Clear Channel Bankruptcy No Longer Imminent
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| Posted on: February 12th, 2010 |
Today Moody's upgraded its debt ratings on PE-backed Clear Channel with the expectation that "a full restructuring or bankruptcy filing is no longer imminent."
The ratings agency upgraded Clear Cha...
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A Few Surprises About the Year’s Biggest Take-Private
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| Posted on: February 12th, 2010 |
Advent International Bain Capital Berkshire Partners SkillSoft |
Advent International, Bain Capital and Berkshire Partners today announced an agreement to acquire Skillsoft (Nasdaq: SKIL), a Dublin, Ireland-based provider of e-learning and performance support SaaS...
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SkillSoft Going Private in $1.1 Billion Deal
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| Posted on: February 12th, 2010 |
Advent International Bain Capital Berkshire Partners SkillSoft |
SkillSoft PLC (Nasdaq: SKIL), a Dublin, Ireland-based provider of e-learning and performance support SaaS solutions, has agreed to be acquired by Advent International, Bain Capital and Berkshire Partn...
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KKR, Bain, TPG Vie for Morgan Stanley CICC stake
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| Posted on: February 2nd, 2010 |
HONG KONG (Reuters) - Three U.S. private equity firms are on a shortlist to submit final bids for Morgan Stanley's (MS.N) $1 billion plus stake in China's top investment bank, three sources briefed on...
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Bain Capital Buys Domino’s Pizza in Japan
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| Posted on: January 25th, 2010 |
TOKYO (Reuters) - U.S. private equity firm Bain Capital said on Monday it would acquire the Japan franchisee of Domino's Pizza (DPZ.N) as it sees opportunities in the country's niche pizza delivery ma...
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Pagliuca Reflects On His Senate Race
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| Posted on: January 11th, 2010 |
As regular readers surely know, I have two primary addictions: Politics and sports (well, three addictions if you include cheese, but that isn’t relevant to this particular item). So when the two ov...
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Bain To Invest $124 Million Into India’s Himadri Chemicals
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| Posted on: January 2nd, 2010 |
Bain Capitalhas agreed to invest to up $124 million into Himadri Chemicals & Industries Ltd., an Indian maker of coal tar pitch and other carbon products. The deal would give Bain a maximum owners...
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Bain Capital Completes BellSystem Buyout
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| Posted on: December 31st, 2009 |
Bain Capital has completed its $1.1 billion buyout of Japanese call center operator Bellsystem24, from Citigroup.
PRESS RELEASE
Bain Capital today announced that it has completed the acquisition o...
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Clear Channel Completes $2.5 Billion Debt Sale
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| Posted on: December 28th, 2009 |
NEW YORK (Reuters) - Debt-laden radio company Clear Channel on Monday said its outdoor unit completed raising $2.5 billion in the high-yield debt market, removing concerns about the company's short-te...
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WSJ: Clear Channel In Talks To Raise $2.5 Billion in Debt
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| Posted on: December 7th, 2009 |
(Reuters) - Clear Channel Communications Inc's outdoor advertising business is in talks with lenders to raise as much as $2.5 billion in the high-yield market, the Wall Street Journal reported, citing...
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Apple Downloads LaLa
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| Posted on: December 5th, 2009 |
Apple Bain Capital Ignition Partners La La Media Warner Music |
Late Friday, the dominant online music retailer Apple confirmed what had been rumored all day long, that it bought La La Media, operators of the digital music service known as Lala.
The deal terms ...
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InBev Calls Off Sale of Beck’s to Bain
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| Posted on: November 29th, 2009 |
FRANKFURT (Reuters) - Anheuser-Busch InBev (ABI.BR) has walked away from a planned sale of its German beer brand Beck's to U.S. buyout firm Bain Capital, a German magazine reported.
Contracts had b...
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Bain-Backed Sensata Files for $500 Million IPO
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| Posted on: November 25th, 2009 |
Sensata Technologies Inc., an Attleboro, Mass.-based sensors and controls company, has filed for a $500 million IPO. It plans to trade on the NYSE, with Morgan Stanley, Barclays Capital and Goldman Sa...
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Bain Agrees To Buy Bellsystem24
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| Posted on: November 15th, 2009 |
TOKYO (Reuters) - Citigroup Inc (C.N) said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for 93.5 billion yen ($1 billion).
...
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Bain Finalizing $1.1 Billion Deal for Bellsystem24
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| Posted on: November 12th, 2009 |
TOKYO/NEW YORK (Reuters) - Bain Capital is finalising a roughly 100 billion yen ($1.1 billion) deal to buy Japanese telemarketer Bellsystem24 from Citigroup Inc (C.N), three sources familiar with the ...
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3Com Trades: What Is Wrong With This Picture?
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| Posted on: November 11th, 2009 |
Hewlett-Packard just announced that it has agreed to buy 3Com Corp. for $7.90 per share, or approximately $2.7 billion. Two thoughts:
1. It's a good thing the SEC is off for Veteran's Day, or else ...
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Bain In Exclusive Talks for Citi’s Bellsystem24
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| Posted on: November 4th, 2009 |
TOKYO (Reuters) - Bain Capital has won exclusive rights to negotiate with Citigroup Inc (C.N) to buy its Japanese telemarketer in a deal that could be worth more than $1 billion, three people with kno...
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Sankaty DIP Fund Beats Target
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| Posted on: November 3rd, 2009 |
Sankaty Advisors, the credit affiliate of Bain Capital, has closed on $672 million from 740 investors for its DIP Opportunities Fund, according to regulatory filings. That includes $388.4 million in...
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Bain, General Atlantic Eye Morgan Stanley Stake in CICC
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| Posted on: November 3rd, 2009 |
HONG KONG (Reuters) - Private equity firms Bain Capital and General Atlantic are among those eyeing Morgan Stanley's (MS.N) stake in China International Capital Corp (CICC), the country's largest inve...
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