Conduit Capital Partners has acquired a power generation portfolio from Basic Energy, including Jamaica Energy Partners (which Conduit sold to Basic in 2007) and a 55% share in Pedregal Power Company. No financial terms were disclosed.
LONDON/AMSTERDAM (Reuters) – At least four private equity firms are bidding for Intertrust, the former Fortis tax-advisory business, three people familiar with the matter said on Friday. Intertrust was acquired by the Dutch government when it nationalised the local operations of Fortis FORTH.UL in October. General Atlantic, CVC Capital Partners, Permira PERM.UL and Cinven have […]
NEW YORK (Reuters) – A U.S. bankruptcy judge will allow a Thornburg Mortgage Inc. creditor group to request documents and depositions from parties including UBS as the group seeks to unearth more assets from the estate, according to court documents. The court order means some of the parties deposed by the official committee of unsecured […]
(Reuters) – Shares of Assured Guaranty Ltd (AGO.N) rose as much as 5 percent on heavy volumes Friday, a day after the bond insurer said it would not need backup funds from investor Wilbur Ross for a pending acquisition upon completion of its share offering. New York-based private equity firm WL Ross & Co LLC, […]
Happy Weekend! Keep On Rockin' Through The Layoffs: A cover band comprised of several laid off Credit Suisse bankers is "kept together by the music." Aged Inventory, the band's name, refers to a bond that sits in a trading book for more than 60 days. (Bloomberg) Private Equity Should Stay Away From Showbiz: Providence Equity Partners' MGM stake and Goldman Sachs' investment in the Weinstein Co. are reminders that betting on movies is a treacherous business. (BW) BDC Mess: American Capital's shares surged yesterday, and LBOWire isn't sure why. I suspect it had something to do with a rumour floating around about a "secret" meeting between the company and its lenders. There was little further info on the situation, but people will trade on anything. (LBOWire) Walking The Walk: Despite years of touting "operational expertise," it appears that buyout firms are finally walking that walk. (CNBC) From Phys. Ed. to PE: An interview with Adam Dudley of Grace Capital, which is seeking another partner. (Venture Hype) Why The OTS elimination shouldn't cause many tears: Fortune Swallows the Banks' Baloney (Columbia Journalism Review)
Aurora Capital Group has been trumped in its bid to buy bankrupt Norwood Promotional Products, by strategic buyer BIC Graphic. BIC's "last minute offer" was valued at $125 million, plus approximately $37.5 million in assumed liabilities.
NEW YORK (Reuters) – The Delaware Supreme Court has upheld a lower court verdict to dismiss credit card processor Alliance Data Systems’ (ADS.N) lawsuit seeking a breakup fee from its aborted takeover by private equity firm Blackstone Group (BX.N). The court upheld a decision by the Delaware Court of Chancery made in January, according to […]
As usual, we have a week’s worth of ratings actions on buyout-backed companies from ratings agencies Standard & Poor’s and Moody’s Investor Services. This week there were two appearances by downgrade regular Apollo Management, and two from GS Capital Partners. Bruckmann Rosser Sherrill’s Lazy Days RV saw its ratings withdrawn for unspecified reasons (although such a move usually occurs at the company’s request). Lastly, remember that Six Flags, which filed for Chapter 11 bankruptcy protection, is minority owned by Generation Partners. So there’s that. Company: USI Holding Corp
Sponsor: GS Capital Partners
Downgrade: S&P has assigned a 'B-' rating to the company’s proposed $117 million senior secured term loan and downgraded its existing senior secured credit one notch to 'B-'.
Highlights: “Our expectations for 2009 incorporated into the current rating level are that the company will have positive cash flow and will be able to meet its restrictive covenants in the near to medium term.”
J.F. Lehman & Co. is in talks to buy marine services business Drew Marine from Ashland Inc. (NYSE: ASH), according to LBO Wire. The deal would include more than $70 million in debt financing, including $20 million in mezzanine notes arranged by Babson Capital. The more senior debt is being arranged by CIT and BNP […]
21 Partners has made a voluntary public tender offer for RGI SpA, a listed Italian provider of software, consulting and outsourcing services. The offer is being made in partnership with company founder Paolo Benini.