Monday was the last day for comments on the FDIC's proposed rules for private equity investments in failed banks. A group of large private equity firms calling themselves the "Private Equity Commenters" submitted a letter, which we've posted below. The letter, submitted by law firm Simpson Thacher, speaks for Blackstone Group, Centerbridge Partners, Corsair Capital, Irving Place Capital, Lightyear Capital, Oak Hill Capital Partners and TPG Capital. A few of the firms have already been involved in banking transactions--Blackstone and Centerbridge were part of the group that took over BankUnited. The letter addresses the same concerns many others have expressed regarding required capital levels, cross-guarantee liabilities, and the definition of "source of strength," among others, while highlighting the benefits of private investments in banks. Those include job preservation, community support and increased competition which benefits customers, the letter states. At around 11 pages, it's probably the most in-depth response the FDIC has recieved to date. Read it in full below.
TOKYO/HONG KONG (Reuters) – Buyout funds including Permira and KKR have been told to submit their first bids by September 1 for Citigroup Inc’s (C.N) Bellsystem24, a leading Japanese telemarketer, in what might be the largest private equity deal in Japan this year, sources familiar with the process said on Wednesday. The transaction, expected to […]
InterMedia Partners reportedly has agreed to acquire Vibe, a hip-hop magazine that shut down last month after being unable to restructure its debt. InterMedia will relaunch Vibe as an online-only publication, under its Uptown Media platform. Wicks Group of Cos. was Vibe’s most recent owner, having bought it from Freeman Spogli in 2006. PRESS RELEASE […]
Cinedigm Digital Cinema Corp. (Nasdaq: CIDM) has raised $75 million from Sageview Capital. The recapitalization includes five-year senior notes with warrants to purchase common stock. Imperial Capital advised Cinedigm, which digital and networked entertainment solutions for movie theaters.
HONG KONG (Reuters) – Wumart Stores Inc (8277.HK) said on Wednesday it will sell an 11 percent stake to U.S. private equity firm TPG and a Chinese investor for HK$1.65 billion ($213 million), the latest sign of foreign interest in China’s fast-growing retail sector. Wumart said it would sell the stake by issuing Hong Kong-listed […]
Our weekly downgrade list may have to change its name. According to an encouraging report from debt ratings agency Standard & Poors, upgrades are on the up and up. Titled “Upgrade Potential Across Credit Grades and Sectors,” the report states the the number of issuers poised for upgrade increased last month to 157, up from its five-year low of 136 in March. That number is still lower than the trailing twelve-month average. The number of issuers poised for downgrade shrunk slightly to 965, down from 992 in the prior month and down from the all-time peak of 1,028 in April.
NEW YORK (Reuters) – Private equity firm TPG said on Tuesday that it would buy up to 20 percent of building products company Armstrong World Industries Inc. (AWI.N) TPG said it had agreed to buy 7 million Armstrong shares, about 12 percent of those outstanding, for $22.31 each from the company’s asbestos personal injury settlement trust. […]
Intermedix Corp., provider of billing services to emergency medical service providers in Texas, has acquired HRA Medical Management Inc., a San Diego-based provider of emergency physician and hospitalist billing services to medical practice groups. No financial terms were disclosed. Intermedix is a portfolio company of Parthenon Capital.
NEW YORK (Reuters) – CBS Corp (CBS.N) said on Monday it has agreed to sell four radio stations in Portland, Oregon for $40 million, part of the media company’s plan to focus its radio business on bigger markets. CBS, which sold the stations to closely held Alpha Broadcasting, has divested 12 radio stations in the […]
CapGen has agreed to acquire a 10% stake in Seacoast Banking Corp. of Florida (Nasdaq: SBCF), a commercial bank with approximately $2.1 billion in assets. The deal will be transacted via the purchase of six million common shares at up to $2.50 per share.