Nine Entertainment‘s creditors have approved a $3.6 billion recapitalisation scheme that will see US hedge funds take control of the business, paving the way for a possible listing in 2014, writes Reuters. US hedge funds Oaktree Capital and Apollo Global Management will swap debt to take a 95.5 percent stake in the company. The breakdown between the two funds has not been disclosed.
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Top 10 Posts Feature “Scouts” in Silicon Valley, Busy Lives of Executive Assistants and Oaktree’s Disappointing IPO (not Facebook)
Trending on peHUB this week: Sequoia Capital, VC “scouts,” Oaktree Capital, Water Street Healthcare, Apollo, Piper Jaffray, Nick Golding, NY City pensions, and the lean startup.
Carlyle’s IPO, in its first day of trade, barely stays above its $22 offer price.
With yet another buyout firm, The Carlyle Group, starting to trade shares publicly today, you might be curious to figure out what your firm would be worth if you chose to do the same.
Week’s Top Posts Focus on Facebook’s Purchase of Instagram, Fundraising by Bain and Foundation and IPO Market
Trending on peHUB this week: Facebook, Instagram, Sequoia Capital, Bain Capital, Foundation Capital, Fred Wilson, Mark Suster, Brad Feld, Oaktree Capital, Summit Partners, Q1 VC fundraising.
National Australia Bank has sold its entire A$86 million ($90 million) exposure in Nine Entertainment, writes Reuters. Nine’s owner, CVC Capital Partners, is fighting to retain control of the business as hedge funds led by Oaktree Capital and Apollo Global Management, circle, says Reuters. Reuters – National Australia Bank has sold its entire A$86 million [...]
Private equity firm CVC has failed to respond to a proposal by Oaktree Capital and Apollo Global Management who own a chunk of $2.9 billion in debt owed by its Australian TV network Nine Entertainment to convert their debt into equity, writes Reuters. The hedge funds put their restructuring proposal to CVC on Friday in [...]
The Washington State Investment Board, which manages more than $80 billion in pension assets, made more than $1 billion in commitments to a trio of private equity funds, two of which just started their fundraising efforts.
The Quadrangle Group is getting some good news.
Today, Cequel Communications Holdings I said that it plans to refinance an existing $2.525 billion loan with a new $2.7 billion credit facility. The new loan will consist of a $500 million revolver and a $2.2 billion term loan B. Proceeds will be used to fund a $370 million distribution in March PLUS another payout of $70 million in May, according to the statement.
Hedge funds owning a chunk of the $2.8 billion debt in Australia’s Nine Entertainment, owned by buyout firm CVC, have prepared a proposal to convert their debt into equity in the TV network, a source told Reuters, in a plan that would wipe out most of CVC’s equity. Nine’s board has declined to meet with [...]