LONDON (Reuters) – Travel reservations group Amadeus has improved the terms of a loan amendment that will clear the way towards an expected initial public offering, several sources close to the deal said on Wednesday. Existing loan lenders to the private equity-controlled firm sought sweetened terms in exchange for their support ahead of possible listing, […]
NEW YORK (Reuters) – Independent oil exploration company Cobalt International Energy Inc (CIE.N) priced shares in its initial public offering below expectations, according to an underwriter. The Houston-based company sold 63 million shares for $13.50 each and raised roughly $850.5 million. It had expected to sell shares for between $15 to $17. “Deep water drilling […]
NEW YORK (Reuters) – The latest initial public offering backed by private equity firm Blackstone Group (BX.N) priced shares below expectations on Tuesday, and sold fewer shares than anticipated, according to an underwriter. Hospital staffing company Team Health Holdings Inc priced shares at $12, each, and raised about $159.6 million. It had originally expected to […]
PHILADELPHIA (Reuters) – Creditors of bankrupt Philadelphia Newspapers LLC should not be allowed to use their secured debt in a bid for the company because that would discourage cash bidders, an attorney for the company told an appeals court on Tuesday. As the battle for control of the publisher of The Philadelphia Inquirer, Philadelphia Daily […]
SAO PAULO (Reuters) – U.S.-based buyout firm Carlyle Group may pay around $250 million for about 60 percent of CVC Turismo, Brazil’s largest tourism agency, a source with direct knowledge of the deal told Reuters on Tuesday. Sao Paulo-based CVC, majority owned by entrepreneur Guilherme Paulus, and Carlyle are in exclusive talks for the transaction, […]
RLJ Equity Partners and Spell Capital Partners have acquired an unspecified ownership interest in LAI International, a Scottsdale, Ariz.-based maker of precision engineered components for industries like power generation, aerospace, defense and healthcare. No finacial terms were disclosed.
Ames Taping Tools, a Duluth, Ga.-based maker of automatic taping and finishing tools, announced plans to file for bankruptcy protection, as part of a prepackaged reorganization. Under terms of the deal, Ames assets will be sold to existing company backers Aurora Capital Group, GSC Group and Saybrook Corporate Opportunity Fund.
Milestone Partners has completed its acquisition of Mariner Finance LLC from First Mariner Bancorp (NasdaqGM: FMAR). No financial terms were disclosed. Mariner Finance is a Baltimore-based provider of medium-term installment loans, related credit insurance and ancillary products to near-prime borrowers.
Buyout barons are no strangers to activist ire, although until now, it's mostly been from the likes of the SEIU in relation to tax loopholes. But today Blackstone Group and Steve Schwarzman have been singled out from a new group of protesters. As I type, a New Mexico-based group dressed as Santa and his elves is paying the BX headquarters an unwanted visit. The reason? Blackstone's investment in Sithe Global, a coal company the firm acquired 80% of in 2005. Reservoir Capital which retained 20% ownership. The activists, who hail from New Mexico, planned to deliver a lump of coal to Schwarzman because they oppose Sithe's plan for three new dirty coal-burning power plants in their region, including one on a Navajo Reservation. The activists oppose the plants, saying they will
Kinderhook Industries has agreed to acquire International Absorbents Inc. (NYSE: IAX) for approximately $30.38 million, or $4.74 per share (18.2% premium to yesterday's closing price.). International Absorbents is a maker of environmentally-friendly pet care and industrial products.