Bain Capital has begun making capital calls for its $19.5 billion buyout of Clear Channel Communications, peHUB has learned.
Most Bain limited partners I’ve spoken with today still have not received such notifications, but an individual investor says that he received a request this past Monday (via a feeder fund for individuals). The due date is next Friday, March 14.
This may mean that the majority of Bain’s institutional investors will receive calls tomorrow (they typically have seven days to comply), and/or that Bain is getting its individual commitments in order before moving on to the institutions. A firm spokeswoman declined to comment.
All of this follows a Dow Jones report from this morning, which said that Bain’s partner on the buyout — Thomas H. Lee Partners — had notified some of its investors of a pending CCU capital call. That story did not include a specific call-down date.
It is important to stress, as I did earlier, that capital calldowns do not necessarily mean that the deal will actually close soon. It’s obviously a strong indicator, but this particular ride has been far too wild for anyone to make such assurances — Bain and TH Lee included.