LONDON (Reuters) – The financing package backing CVC’s bid for Anheuser-Busch InBev’s (ABI.BR) central and eastern European (CEE) assets is complete but hangs in the balance as ABInBev weighs its options, banking sources said on Tuesday. Ten to 12 banks provided an all-senior financing with no junior debt to back CVC Capital Partners’ bid at […]
Tenaska Capital Management and Energy Spectrum Partners have formed Frontier Gas Services LLC, a joint venture that will acquire and operate midstream natural gas infrastructure assets. The firms are committing upwards of $250 million, combined.
Wynnchurch Capital has completed its acquisition of bankrupt auto parts supplier Proliance International Inc., for $21.5 million. Leveraged financing was provided by The Private Bank.
Primesight Ltd., a UK outdoor advertising company owned by GMT Communications Partners, has acquired the roadside assets of Titan Outdoor Asdvertising Ltd. No financial terms were disclosed for the deal, which includes 8,600 panels, consisting of 7,900 48-sheet panels and 700 96-sheet panels.
CNBC Is Hiring: The financial news network has "extended an invitation to anyone who owns a suit to drop by the financial news network and be a guest expert, cohost a show with Larry Kudlow, or do whatever." (The Onion) Citadel: One more way to keep your leveraged loan holdings liquid. Citadel has opened a trading operation for bank debt. (Bloomberg) FYI: Illinios Teachers plans to commit between $700 million and $1.2 billion next year with between nine and 16 funds. (P&I) Light On The Ladies: "Women represent just 10% of the 747 Europe-based investment professionals at Europe's 10 biggest firms in the private-equity industry, according to figures from data provider Preqin and the firms themselves." (Dow Jones)
"We also thank our sponsor Ripplewood Holdings, who has provided inspired vision and stewardship over the last two and a half years, including during this process." - Mary Berner, CEO of The Reader's Digest Association.
This was part of today's announcement that Reader's Digest will file for Chapter 11 bankruptcy protection, to facilitate a debt restructuring that would wipe out Ripplewood's equity stake. Remember, it was just over two years ago that Ripplewood bought Reader's Digest just two years ago for $2.4 billion, and it originally wanted to pay about $150 million more (which likely would have resulted in even more debt). So I'm not sure if Berner was being ironic or was just the victim of some well-meaning -- but poor-thinking -- PR flack. Maybe she was just saying "Thanks for the paycheck," since Ripplewood installed her as CEO in the first place...
NEW YORK (Reuters) – Reader’s Digest Association Inc, whose namesake magazine has been a staple of dentists’ offices for generations, said on Monday it planned to file for Chapter 11 bankruptcy for its U.S. businesses as part of a prearranged plan with lenders to cut debt by 75 percent. The media company, known worldwide for […]
(Reuters) – British engineer Hampson Industries Plc (HAMP.L) said on Monday it sold its aerospace machining unit to Darwin Private Equity LLP for 23.7 million pounds ($39 million) in cash. Hampson Aerospace Machining Ltd (HAML), which employs 300 people and operates from three facilities in the United Kingdom, does the precision machining of metallic components […]
One Equity Partners has agreed to invest $75 million into ArthroCare Corp. (OTC BB: ARTC), an Austin, Texas-based maker of minimally-invasive surgical products. The investment would be in the form of newly-issued Series A convertible preferred stock, convertible into common stock at $15 per share.
NEW YORK (Reuters) – U.S. banking regulators have asked prospective buyers of struggling Texas bank Guaranty Financial Group (GFG.N) to submit bids by Monday, the Financial Times reported, citing people familiar with the matter. Regulators are hoping that three banks that had bid for Colonial Bank — Canada’s Toronto Dominion (TD.TO), JPMorgan (JPM.N) and Spain’s […]