Eamon

Keyuan Petrochemicals Inc. completed a private placement financing with institutional investors. The China-based maker of petrochemical products raised gross proceeds of $20.3 million from the transaction. It plans to use the capital to buy raw materials for its petrochemical production facility. The lead investor was Prax Capital, which is a a China-focused private equity fund.

Northern Trust launched a portfolio reporting and monitoring solution for private equity fund-of-funds managers. The tools will allow its users to track fund of funds holdings and valuations in detail.

(Reuters) – The Carlyle Group [CYL.UL] is stepping up its drive into Europe’s fast-growing student housing sector after forming its first UK development joint venture, with a special focus on London’s under-supplied market. The global private equity firm has teamed up with student accommodation operator Generation Estates Limited to develop four schemes in London, with […]

Lazard Ltd. of New York hired Masato Marumo as a managing director, investment banking. Marumo will be based in Tokyo. He previously worked at Carlyle Group. Marumo will work closely with Yasu Hatakeyama, who is Lazard Freres K.K.’s president and chief executive.

Trilantic Capital Partners agreed to acquire an unspecified, but substantial minority stake in Fortitech Inc., which makes custom nutrient premixes for the food, beverage and pharmaceutical industries. Financial terms were not disclosed. Trilantic of New York has total capital commitment of $3.9 billion.

(Reuters) – Women’s clothing company Urban Brands Inc filed for Chapter 11 bankruptcy protection in a U.S. court early on Tuesday, after three straight years of losses. The company listed estimated liabilities in the range of $100-$500 million and estimated assets of $10-$50 million, court documents showed. Urban Brands’ unit Ashley Stewart designs and markets […]

KPS Capital Partners LP acquired a controlling stake in Motor Coach Industries International Inc., which is a Schaumburg, Ill.-based maker of buses. Financial terms were not disclosed.

Marcello Bottoli joined Advent International’s operating partner programme. He will advise the Boston, Mass.-based firm on global investment opportunities in the retail and consumer sectors, with a focus on branded consumer products, fashion and luxury goods. Bottoli was president and CEO of Samsonite until January 2009.

(Reuters) – Low cost Spirit Airlines Inc, which weathered a pilots’ strike and a furor over bag charges this year, announced plans on Friday for a public stock offering. The carrier, based in Fort Lauderdale, Florida, said in a filing with the Securities and Exchange Commission (SEC) that it hoped to raise up to $300 […]

Standard & Poor's cut its corporate credit rating on Graceway Pharmaceuticals LLC to 'SD' from 'B-'. The ratings agency also lowered its issue-level rating on the Bristol, Tenn.-based company's senior secured bank credit facility to 'CC' from 'B-'. The lowered ratings come after Graceway Pharmaceuticals’ failure to make an interest payment on its $330 million second-lien loan on Aug. 31. The missed payment triggered a cross-default. Graceway Pharmaceuticals is a portfolio company of GTCR Golder Rauner.