LONDON (Reuters) – British gaming group Gala Coral, laden with debts of 2.5 billion pounds, has asked for three waivers from senior debt holders including a request to delay publishing its annual accounts, the Daily Telegraph reported on Saturday. Gala Coral, home to bingo halls and a chain of bookmakers, is in the middle of […]
As usual, we have a week's worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor's Ratings Agency and Moody's Investors Service. This week is a big update coming off of the holiday, with five upgrades four downgrades and a withdrawal. Downgrades include companies owned by GTCR Golder Rauner, Kohlberg & Co., Genstar Capital, and DLJ Merchant Banking Partners. Company: Cellu Tissue Holdings
Sponsor: Weston Presidio
Action: Moody's upgraded the company’s probability of default rating
and the senior secured notes rating of the company to ‘B1’ from ‘B2’. S&P raised its corporate credit rating on Alpharetta, Ga.-based Cellu Tissue Holdings Inc. to 'B+' from 'B'.
Highlight: From Moody’s: The upgrade to B1 reflects steady margin expansion and earnings growth since the fiscal year ended February 28, 2007, resulting in EBITDA generation considerably higher than previously expected. From S&P: "The upgrade reflects the significant improvement in Cellu Tissue's EBITDA in the last three quarters, due to its acquisition of Atlantic Paper & Foil in mid-2008, benefits from capacity expansion initiatives to meet higher demand for its converted tissue products, and sales price increases," said Standard & Poor's credit analyst Andy Sookram.
LONDON (Reuters) – BC Partners, the private equity owner of Foxtons, has ceded control of the estate agency chain to its banks, resolving a year long standstill with the lenders, a source familiar with the situation said. Under the terms of the debt-for-equity swap, BC Partners will inject 50 million pounds ($79.76 million) to remain […]
LONDON (Reuters) – Private equity firm TPG Capital is not involved in discussions with London-listed engineering group Tomkins (TOMK.L) about a takeover, a person familiar with the matter said on Friday. The company’s stock had risen 4.8 percent to 216 pence by 1330 GMT after the Financial Times’s Alphaville website said TPG had been looking at […]
The Jordan Co. announced that it has acquired a 75% stake in Zest Anchors, an Escondido, Calif.-based manufacturer of dental attachments. No financial terms were disclosed. peHUB previously reported on the deal.
Diamond Castle Holdings is in discussions to acquire Suture Express Holdings from Linden LLC and Code Hennessy & Simmons. The transaction was recently granted early termination of the HSR waiting period by the FTC. Suture Express is a Lexena, Kansas-based distributor of sutures, endo-mechanical products and other disposable medical/surgical products. www.sutureexpress.com
Bay Grove Capital has acquired Cityice Cold Storage, a Seattle-based provider of cold storage warehouse services. No pricing terms were disclosed for the deal, which was financed by Chase Commercial Banking. Cityice will operate under the West Coast Cold LLC holding company, which also oversees Bay Grove portfolio company Seafreeze Cold Storage.
Rockbridge Growth Equity has acquired Protect America Inc., a Texas-based provider of self-installed monitored alarm systems. No pricing terms were disclosed. Falcon Investments provided an equity co-investment, while CapitalSource led the senior financing that also included of America Merrill Lynch and Goldman Sachs. Imperial Capital andRooney & Associates represented Protect America on the sale.
NEW YORK (Reuters) – Already seen as a long-shot bidder, Italian chocolate maker Ferrero’s interest in Cadbury Plc has cooled as the hurdles of getting financing and finding suitable partners before the deadline becomes increasingly daunting, sources familiar with the situation said. With Ferrero more firmly on the sidelines and other potential rival, Nestle (NESN.VX), […]
Hubris Soars, Crisis Wasted: Bloomberg Op-ed on bonuses, reform-- The past year was filled with opportunities to fix the structural problems of the U.S. financial system-to little avail. Meanwhile, big banks are once again reaping extraordinary profits. (Bloomberg) Coller Capital Study: Return expectations, and enthusiasm for PE firms are down. (All About Alpha) Replacing Dodd: Tim Johnson of South Dakota is in line to become the chamber's Banking Committee chairman next year. (Bloomberg) Awwww: The Newark security breech from this weekend was caused by a man who slipped into a secure area to give a woman one last goodbye kiss. Hope that kiss made his ladyfriend happy because it pissed off a LOT of others. (Reuters) Merger Fail: Time Warner's merger with AOL may have been the worst merger of the century but there are plenty of contenders for that tile. (Telegraph) Have Funds, Will Travel: Is it possible to be a nomadic private equity pro? (Private Equiteer) Carried Interest: You knew it was only a matter of time. Well, that time is now. (WSJ)