PF Chang's, restaurant, private equity, Centerbridge Partners

Leveraged Loans: Centerbridge-backed P.F. Chang’s outlook stays negative at S&P

S&P Global Ratings maintained a negative outlook on Centerbridge Partners-backed P.F. Chang’s China Bistro, citing factors including the restaurant chain’s leverage, small scale and “exposure to declining mall traffic.” Analyst Mathew Christy in New York also expects lower customer traffic and spending industrywide, prompting negative comparable sales at P.F. Chang’s in the next year. Adjusted leverage “will […]


Jones Day adds partner to M&A practice

Jones Day, the international law firm, named Charles Chau a Hong Kong-based partner in its M&A practice. Chau has almost 20 years of experience advising clients in a range of business sectors in Hong Kong, China and Asia-Pacific, Jones Day said.


Israel’s Vintage closes oversubscribed fourth secondary fund on $215 mln

Vintage Investment Partners, the Herzliya Pituach, Israel-based venture firm, closed its 10th fund on $215 million, 23 percent above its $175 million target. Vintage X, which is VIP’s fourth secondary fund, will buy LP positions in Israeli and European venture and growth-equity funds as well as U.S. venture funds.


Bow River wraps up fourth PE fund at $262 mln

Bow River Capital Partners, the Denver alternative-asset-manager, closed its fourth buyout fund at an oversubscribed $262 million. The target was $200 million on the fund, which plans to invest in lower-middle-market private companies in infrastructure, engineering, healthcare and industrial services.

VC-backed VR social platform AltspaceVR shuts down

Redwood City, California-based AltspaceVR, the social platform for virtual reality, said in a blog post that it would shut down on Aug. 3. “It looked like we had a deal for our next round of funding, and it fell through,” the blog post says. “Some combination of this deal falling through and the general slowness of VR market growth made most of our investors reluctant to fund us further.” The company was founded in 2013 and raised $15.7 million, the website says. AltspaceVR’s backers included Tencent, Dolby Family Ventures, Raine Ventures, Lux Capital, Western Technology Investments, Maven Ventures, Rothenberg Ventures and Comcast Ventures.

Toys R Us

Leveraged Loans: Toys ‘R’ Us outlook cut to ‘negative’ on refinancing risk

The outlook for Toys “R” Us Inc, the Bain Capital Private Equity-backed toy retailer, has weakened because the company will have to refinance certain debt in what will be “challenging” capital markets, Standard & Poor’s said. S&P analyst Robert Schulz cut the outlook on the Wayne, New Jersey, company to “negative” from “stable.” He affirmed […]

Michael Baker International, engineering, S&P, Moody's, Global Knowledge, private equity, Rhone Capital, DC Capital Partners

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 […]


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.


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

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

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

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

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

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

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

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 […]