Michael Baker International, engineering, S&P, Moody's, Global Knowledge, private equity, Rhone Capital, DC Capital Partners
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Leveraged Loans: Michael Baker pared at S&P; Moody’s cuts GK

Michael Baker International was downgraded at Standard & Poor’s after the global engineering and construction firm postponed a plan to refinance debt. S&P pared the corporate-credit rating on MBI to B- from B+ and made the same cut on its $350 million of senior secured notes. The outlook on MBI, which is backed by DC […]

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Voiceitt secures $2 mln from Cahn Capital, Dreamit Ventures, others

Voiceitt, the Ramat Gan, Israel-based developer of translation technology for people with speech disabilities, closed $2 million of funding. Investors include Cahn Capital, Amit Technion, the venture unit of the Technion, Israel’s Institute of Technology, Quake Capital Partners, Dreamit Ventures, Buffalo Angels and a number of individuals. The company, formally Technologies of Voice Interface Ltd, was founded in 2012 by CEO Danny Weissberg and Chief Technology Officer Stas Tiomkin.

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Carmera zooms off with $6.4 mln

Carmera, the Brooklyn, New York-based startup developing a street-level mapping and intelligence platform for autonomous vehicles, closed $6.4 million in venture funding, according to a blog post. The Series A round was led by Matrix Partners, with Resolute Ventures, Notation Capital and other funds and angels participating. Matrix’s Hardi Meybaum joins Carmera’s board.

Nine West, Cole Haan, apparel, footwear, private equity, retailing, Moody's, S&P
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S&P: Nine West more likely to revamp debt; Moody’s pares Cole Haan rating

Nine West, the New York women’s apparel, footwear and accessories designer and retailer, is likely to restructure its debt because “its capital structure is unsustainable,” Standard & Poor’s says. Nine West recently retained Lazard Frères to figure out a capital-structure solution. At Dec. 31, Nine West, backed by the private equity firm Sycamore Partners, had […]

CityMD, healthcare, private equity, urgent care, medical services, Warburg Pincus
239 Views

City MD expansion proceeds well, entails risks: S&P

A strategy of rapid growth at City MD, the provider of urgent-care services largely in the New York City metro area, is proceeding well but entails “considerable” risk, Standard & Poor’s reported. Analyst Matthew O’Neill assigned a B- corporate-credit rating and a stable outlook to what is formally WP CityMD Bidco LLC. The analyst also […]

Israeli high-tech fundings rack up over $1 bln in Q1 ’17, says new report

Israel’s high-tech companies raised a total of $1.03 billion in Q1 2017, an 8 percent decline from the year-earlier period and a 4 percent drop from Q4 2016, according to a report from IVC Research Center, the trade group and law firm Zysman, Aharoni, Gayer & Co. The report also noted that the first-quarter financings were made in  155 deals, which is down 11 percent from a year earlier.

Lev Loans Ferrara Red Hots Graphic
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Leveraged Loans: S&P cuts rating at Catterton’s Ferrara Candy

Standard & Poor’s pared the rating for Ferrara Candy Co, producer of some iconic brands including Chuckles, Jujyfruits, Now & Later and Red Hots. The credit-rating firm cut the corporate rating on the L Catterton-backed candy maker to B- from B, citing “wholesale-pricing missteps” and some customers’ move to private-label products. S&P made the same […]

Immucor, S&P, Standard & Poor's, bonds, debt, private equity, TPG
213 Views

TPG-backed Immucor outlook cut to negative at S&P on refinance concern

TPG Capital-backed Immucor saw its outlook cut to negative from stable by Standard & Poor’s, which said the provider of blood-transfusion- and transplant-diagnostic products and services may have a tough time refinancing a term loan coming due in Aug. 2018. The credit-rating firm said it expected Immucor’s profitability to “remain pressured over the next 12 months” […]

Foresight Energy, Carlyle Group, Riverstone Holdings, Murray Energy, private equity, mining coal, debt
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PE-backed Foresight Energy debt revamp prompts S&P to lift outlook

Foresight Energy LP’s debt revamp and an equity infusion prompted S&P Global Ratings to upgrade the St. Louis coal producer’s outlook. Foresight, one of the largest holders of coal reserves in the U.S., is backed by Carlyle Group and Riverstone. A $60 million cash equity infusion is coming from Murray Energy Corp, the U.S.’s largest underground coal […]

PaperWorks Industries, Sun Capital, private equity, debt, leverage
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PaperWorks, backed by Sun Capital, weighed down by leverage: Moody’s

Moody’s Investors Service pared the credit rating of Sun Capital-backed PaperWorks Industries, citing the food-packaging producer’s weighty leverage, relatively small scale and concentrated product line. The credit-rating firm cut the corporate family rating of the Bala Cynwyd, Pennsylvania, company to Caa1 from B3. And it downgraded the probability-of-default rating to Caa1-PD from B3-PD. The ratings […]

Payless Inc., apparel, footwear, retail, private equity, Blum Capital, Golden Gate Capital, debt
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PE-backed Payless is seen restructuring debt within a year: S&P

Payless Inc, the footwear retailer, is increasingly likely to restructure its debt because its free operating cash flow has been persistently negative and liquidity is weaker as the availability of its revolving credit line is expected to shrink, S&P Global Ratings said. Payless is backed by Blum Capital and Golden Gate Capital. Spokesmen for the company and […]

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Copia targets $50 mln for new Israeli agro/food tech fund

Copia Agro & Food, a Tel Aviv fund focused on agriculture and food products, is raising $50 million for investment in Israeli technologies addressing issues including climate change and food shortages. Managing the fund will be Ohad Zuckerman, former CEO of Zeraim Gedera and Eyal Cohen, managing partner at Copia.

VC-backed Gamida Cell adds Adams to board

Gamida Cell, a Jerusalem-based developer of cellular and immune therapies that treat cancer and genetic diseases, has named Dr. Julian Adams as chairman of its board of directors. Adams, who succeeds Ruben Krupik as Gamida’s chairman, is president of R&D at Infinity Pharmaceuticals. Gamida is backed by investment firms including Israel Healthcare Ventures, Denali Ventures and Auriga Ventures.

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Missouri and Israel seal co-investment pact to develop tech jobs

Missouri and Israel signed a co-investment agreement, designed to develop projects and create jobs. Missouri Gov. Jay Nixon and Israel Chief Scientist Avi Hasson said in a Nov. 17 joint statement that the accord creates a framework through which for-profit companies in the state and nation can develop and commercialize technologies in aerospace and defense, cybersecurity, biotechnology and agriculture.

Israel Q3 tech funding up 14 percent, deals down 13 percent: IVC/KPMG survey

Israel’s third-quarter technology funding rose 14 percent on 13 percent fewer deals, according to a survey by the IVC Research Center of Tel Aviv and consultants KPMG Somekh Chaikin. Israeli high-tech companies raised $1.19 billion in the quarter, compared with $1.04 billion in the year-earlier period. Also, the number of funding deals fell to 142 from 164. Adjusting for one large deal, a $204 million bond pricing involving Ormat, funding in the third quarter fell 5.6 percent from a year earlier to $982 million, which the survey called in line with the three-year quarterly average of $1 billion.Through the nine months, Israeli high-tech companies raised $4 billion, a 27 percent above the $3.15 billion of the year-earlier period. The number of deals was 510, up nearly 4 percent from 491.

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FIMI in talks to buy G4S Israeli unit for $105 mln

The Tel Aviv private equity firm FIMI is in advanced talks to acquire the Israeli subsidiary of the UK-based security-services firm G4S for as much as 400 million shekels, or $105 million, the Israeli daily Haaretz reported. Quoting anonymous sources, the paper said that a purchase price of 350 million to 400 million shekels would indicate a multiple of 6x or 7x annual EBITDA at the Israeli unit. Several months ago G4S said that it planned to sell the Israel unit for commercial reasons. Last month, FIMI closed a $1.1 billion fundraising for its sixth fund.

Israeli PE activity declines in second quarter, says new report

Israel’s private-equity dealmaking dropped in the second quarter, a report released July 26 said. Deal value in the quarter dropped 22 percent to $1.3 billion from $1.67 billion in the year-earlier quarter, while the number of deals fell by more than half to 13 from 29, the report by the trade group IVC Research Center and the law firm Shibolet & Co said. The comparative figures for Q1 2016 were 15 deals valued at $265 million, the firms, both based in Tel Aviv, said.