TelePacific Communications, a Los Angeles-based CLEC for SMEs in California and Nevada, has secured a $395 million senior credit facility. TelePacific is a portfolio company of Clarity Partners and Investcorp.
Noel Gruber has joined BuckleySandler as counsel, with a focus on representing U.S. financial institutions on securities, corporate, transactional and regulatory matters. He previously was with Kennedy & Baris LLP.
Walgreen Co's respectable ‘A+’ corporate credit rating may be in danger thanks to private equity. Yesterday the drugstore chain agreed to buy Duane Reade from buyout firm Oak Hill Partners, earning the buyout firm a 1.5x return. As a result of the deal, Walgreen will take on $457 million of Duane Reade’s debt and operating leases. That caused Standard & Poor’s to place the Walgreens' corporate credit rating on CreditWatch with negative implications. The change reflects S&P’s belief that the deal will bring weaker-than-expected earnings and no improvement in the company’s credit metrics. S&P is also concerned with Walgreens' limited track record in integrated large acquisitions and aggressive financial policy. S&P said any ratings downgrade as a result of the deal won’t exceed one notch, meaning the worst rating Walgreens can really get as a result of Duane Reade is a medium-grade ‘A’ rating. That caused Standard & Poor’s to place the Walgreen's corporate credit rating on CreditWatch with negative implications. The change reflects S&P’s belief that the deal will bring weaker-than-expected earnings and no improvement in the company’s credit metrics. S&P is also concerned with Walgreen’s limited track record in integrated large acquisitions and aggressive financial policy. S&P said any ratings downgrade as a result of the deal won’t exceed one notch, meaning the worst rating Walgreen can really get as a result of Duane Reade is a medium-grade ‘A’ rating.
The Public School Employees Retirement System of Pennsylvania (PSERS) announced that a 4.09% gain in investment performance for the fourth quarter of 2009, and 12.06% gain for the year. The system's private markets performance for the quarter was 7% and -9.62% for the year.
LONDON (Reuters) – Bank of America Merrill Lynch (BAC.N) named London-based Paul Donofrio as head of global corporate banking, a key appointment as it looks to grow the business internationally. The bank is already an industry leader in corporate banking in the United States, it said in a statement, with top positions in sectors including […]
Anthony, a Sylmar, Calif.-based maker of commercial glass refrigerator and freezer doors, has acquired Trausch Industries, an Audubon, Iowa-based provider of onsite refurbishment of refrigerator and freezer cases. No financial terms were disclosed. Anthony is a portfolio company of Aurora Capital Group, while Trausch owner Edgewater Funds will roll over some of its proceeds into a minority stake for the combined business.
Linsalata Capital Partners has acquired Eatem Corp., a Vineland, N.J.-based company that makes bases and concentrates used in soups and other food products. No financial terms were disclosed, except that GE Antares Capital provided a $37 million senior secured credit facility. peHUB first reported on the deal last month.
LONDON (Reuters) – BC Partners and Intermediate Capital Group (ICP.L) said an over-allotment option pushed proceeds from the recent Medica (MDCA.PA) IPO past $400 million, bucking investor caution in the week that three similar deals foundered. The firms sold extra shares in Medica and increased total IPO proceeds to 313.7 million euros ($425.2 million). Medica, […]
TOKYO (Reuters) – Japanese mobile communications provider Willcom Inc said on Thursday it has filed for bankruptcy with 206 billion yen ($2.3 billion) in debt, a move that will wipe out an investment made by U.S. buyout firm Carlyle. Willcom, Japan’s fourth-largest provider of mobile phone and wireless data services, has been weighed down by […]
Michael Smith has stepped down as the University of Florida‘s first chief investment officer, in order to join Global Endowment Management as a partner. He had originally come to Florida in 2004 from Duke Investment Management Co. (DUMAC), and helped to launch the University of Florida Investment Corp. (UFICO). Smith will focus of overall strategy […]