newspaper_shutterstock_124029454
425 Views

peHUB First Read

This midweek morning headlines include MassPRIM hiring for PE, Franklin Templeton closing its latest emerging markets fund and five ways to avoid losing money as an angel investor.

Stratasys finalises $250m revolving credit facility

Stratasys has entered into a credit agreement with Bank of America for a five year revolving credit facility of up to $250 million. The company has the right to request increases in the facility of up to an aggregate of $75 million, subject to the agreement of the lenders and certain other conditions.

ICV Partners’ SAFE Security Completes Refinancing

ICV Partners‘ portfolio company SAFE Security has completed the refinancing of its existing senior credit facility with a new $130 million debt facility led by Bank of America. The new credit facility, $55 million more than the previous $75 million debt facility, provides additional borrowing capacity for future acquisitions.

GTCR Buys Premium Credit for $1.4 Billion

GTCR, which is midway through its tenth buyout fund, has acquired Premium Credit. The transaction closed yesterday, says Collin Roche, a GTCR MD. The seller is MBNA Europe, a unit of Bank of America Corp., a statement says. Premium’s management is also investing, Roche says.

The Carlyle Group Invests in Avail-TVN

Avail-TVN has received $100 million in financing from investors including The Carlyle Group. Carlyle, which will be Avail-TVN’s largest investor, is putting in $50 million equity, a source says. Silicon Valley Bank, RBS Citizens and Bank of America, which are providing debt financing, are responsible for the other $50 million, the person says. Avail-TVN provides […]

Ex-BofA Banker’s fund Eyes Bank Mutiara

A private equity fund launched by a former Bank of America Corp executive, has expressed interest in buying Indonesia’s state-owned PT Bank Mutiara for about $750 million, writes Reuters. The fund, Yawadwipa, formed by ex-Bank of America Corp mergers and acquisitions banker Chad Holm last year, plans to raise $1 billion to invest in Indonesia. […]

Slideshow: The Private Equity Exodus

The last couple of years have seen a steady trickle of banks and insurers selling private equity assets and other non-core units as regulators globally toughen capital requirements.

In the US, the Volcker Rule, a part of the financial regulatory overhaul law that limits proprietary trading, or investments by banks using their own capital, has been forcing banks to sell part or all of their private equity portfolios.

In Europe, banks are selling their private equity assets to boost their balance sheets to prepare for the Basel III reform package which will impose capital constraints on investments. The new rules will come into force on January 1, 2013, with full implementation by 2019.

Today, we’ll take a look at some of the US and European institutions who have been offloading their private equity assets and what prices they have been getting. It also includes a couple that are on the sales block waiting to make their announcement. There are also a few among the bunch that, since being spun out, have commenced efforts–with varying degrees of success–to raise new funds. How successful these PE shops will be independently in some cases remains to be seen…

Equity Residential Acquires Interest in Archstone

Equity Residential is to acquire an approximate 26.5% ownership interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties, for $1.325 billion in cash. The ownership interests represent one half of the collective interests currently owned by affiliates of Bank of America and Barclays Bank. PRESS RELEASE Equity Residential EQR +0.22% today […]

Apollo, Goldman Sachs Enter MBNA Europe Auction: Report

(Reuters) – Apollo Global Management and Goldman Sachs have entered the auction for Bank of America Corp.’s British and Irish credit card portfolios, the Financial Times reported on Tuesday. The U.S. groups have joined forces to bid for the MBNA Europe Bank business — part of Bank of America’s MBNA credit card brand — the […]

Battery Ventures-Backed Angie’s List Plans August IPO — Source

(Reuters) – Angie’s List Inc., a website that compiles consumer reviews on everything from plumbers to pediatricians, has picked Bank of America Corp. to steer its initial public offering planned for August, a person briefed on the matter said on Saturday. The IPO for the Indianapolis-based company is expected to take in from $100 million […]

Global Secondary Market Expected to Surpass $25B, as Asian Deals Take Off

Private equity funds spent the last few years investing unprecedented sums in Asia. Now, secondary funds are swooping in for their share. That’s the impression from Monday’s announcement that a consortium of secondary investors has acquired a portfolio of stakes in Asia-based private companies from Bank of America valued around $400 million. The existing BofA […]

With HCA IPO, Bain, KKR and BAML Could Triple Their Money–On Paper, Anyway

Who wins with the HCA IPO? The PE firms do, that’s who.

Hospital operator HCA is expected to go public early next month (we’re hearing the pricing happens on March 9) and the offering represents a boon to its investors.

HCA, in case anyone has forgotten, was acquired by an investor group– comprised of Bain, KKR, Merrill Lynch Global Private Equity (now BAML Capital Partners), and affiliates of HCA founder Dr. Thomas Frist—in November 2006 for about $33 billion. The buyers invested $5.3 billion equity in the deal, according SEC filings.

Adknowledge Raises More Than $200 Mln

Adknowledge said Wednesday that it has raised over $200 million in debt and equity financing. JMI Equity led the equity investment while Bank of America led the debt financing. Adknowledge is a Kansas City-based provider of behavioral online advertising solutions. In 2006, the company secured $48 million in funding from Technology Crossover Ventures.

BlackRock Stake Likely Won’t Go To A PE Firm

Don’t bet on a private equity firm buying Bank of America’s 34% stake in BlackRock.

BofA is reportedly considering selling its 34% holding in the world’s largest asset manager. Any buyer would require considerable heft since BlackRock has a $29.12 billion market capitalization. A bid would be valued at roughly $10 billion.

“That’s really pricey,” a banker says.

BoA Reduces Private Equity Headcount

CHARLOTTE, N.C.(Reuters) – Bank of America Corp (BAC.N) is reducing its private equity investment business to prepare for a changing regulatory landscape, a move that affects roughly 30 employees. U.S. banks are under new regulatory pressure to rid themselves of private equity investment ventures. The new financial reform law signed by President Barack Obama this […]

PEHUB Community

Join the 12503 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget