Wishful Thinking or Reality? Restructuring industry firms said they're "bolstering their ranks" for a "sustained demand for their services" over "three to five years." Green shoots, my a**! (Reuters) BX World: Blackstone Investor meetings may very well include appearances from Shamu. The firm is nearing a deal to purchase Seaworld and other theme parks from Anheuser Busch. (WSJ) Moody's in a Bad Mood: And the ratings agency is taking it out on private equity. "Private-equity firms could add more debt to their target companies' balance sheets in order to reap dividends, which could weaken the position of existing bondholders, a report by Moody's Investors Services said on Thursday." (Reuters) Weirdest, Most Random Niche Deal Ever: Riverside Partners acquires a Portugal-based umbilical cord blood collection company. What the heck is that? (peHUB)
Investment pros disagree on the level of restructuring activity we should expect in the next quarter and year. At least this time around, half of ‘em will be right. Because we were wrong about 2009. Around this time last year, investment pros boldly predicted a giant tsunami of bankruptcies in Q1 of 2009, with LBO-backed […]
LONDON (Reuters) – Private equity firm CVC Capital Partners has put more equity into its bid for Anheuser-Busch InBev’s (ABI.BR) central and eastern European (CEE) assets, two bankers close to the deal said on Friday. CVC has lifted its equity contribution to 60-65 percent of the anticipated 1.4 billion euro purchase price to clinch the […]
As usual, we have a week’s worth of ratings action on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Investor Services and Moody’s Investors Service. The big action this week was all the toggling going on at Realogy, Apollo Management’s ill-timed real estate mega-deal. The company underwent a distressed debt exchange of its senior toggle notes, in which Carl Icahn received $150 million of a $475 million second lien term loan for a previously held $280 million senior toggle notes due 2014. The money will be used to repay first lien credit facilities. Icahn Partners is selling the rest of its toggle notes to Apollo, which will invest the cash in the new second-lien term loan. My question: Which mega-buyouts haven’t successfully undergone a distressed debt exchange? Seems most of ‘em have succeeded in pushing their debt band-aids through and “kicked the can down the road,” as the PE pros have been saying. But have any tried and failed? Have any not even tried yet?
Vista Equity Partners has completed its acquisition of MicroEdge, a New York-based provider of sofware and services to the charitable giving industry, from Advent Software Inc. (Nasdaq: ADVS). The deal was valued at approximately $30 million in cash.
Stream Global Services Inc. (AMEX: OOO) has completed its merger with the parent company of eTelecare Global Solutions Inc. The stock-for-stock exchange results in Stream shareholders owning 57.5% of the combined call center company, and eTelecare shareholders holding 42.5 percent. eTelecare was taken private last December by Providence Equity Partners.
Black Diamond Capital Management has been named the "stalking horse bidder" for PTC Alliance, a Wexford, Penn.-based maker of steel tubing and rods that yesterday filed for Chapter 11 bankruptcy protection.
Olympus Capital Investments has sponsored a recapitalization of J.W. Hulme Co., a St. Paul, Minn.-based maker of leather and canvas bags and accessories. No financial terms were disclosed.
Addus Homecare Corp., a Palatine, Ill.-based provider of social and medical services in the home, has set its IPO terms to five million common shares being offered at between $11 and $13 per share. It would have an initial market cap of approximately $131 million, were it to price at the high end of its […]
NEW YORK (Reuters) – Education Management Corp (EDMC.O), a provider of post-secondary education, said on Thursday that shares in its initial public offering priced for $18 each, at the bottom of the range. The private equity backed company sold 20 million shares and said it expects net proceeds of $334.8 million. The company runs 92 […]