Golden Gate Capital and Preferred Unlimited Inc. have completed their acquisition of U.S. Silica from Harbinger Capital Partners. The deal included around $200 million in equity and mezzanine notes from Golden Gate, a $102 million senior note financing arranged by BNP Paribas and a $35 million revolving credit facility from Wachovia. U.S. Silica is a Berkeley Springs, West Va.-based maker of industrial silica sand. Harbinger bought it from Harvest Partners last year for an undisclosed amount.
NEW YORK/DETROIT (Reuters) – As U.S. lawmakers consider Chrysler’s request for a bridge loan, they will have to ask: Where does the bridge lead? Accompanied by its larger rivals General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) and Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), Chrysler LLC, majority-owned by Cerberus Capital Management, […]
All private equity eyes are on Canada right now, where the C$52 billion buyout of BCE Corp. seems to be on life support. Something about how KPMG doesn’t believe BCE could possibly remain solvent after taking on tens of billions of dollars in new debt. Seems like somebody got religion… BCE is the final act […]
Reliant Energy (NYSE: RRI) said that it will not proceed with a $1 billion capital infusion, which was to have included a $650 million term loan from GS Loan Partners and a $350 million convertible preferred stock purchase by First Reserve Corp. PRESS RELEASE Reliant Energy announced today that it will not proceed with the […]
Bahrain-based investment fund Arcapita has decided not to sell Northern Irish electricity company Viridian as buyers struggled to raise sufficient financing, banking sources said. ‘The mandated lead arranger process on the loan has been halted. They (Arcapita) couldn’t get the price they wanted and the whole sale is off,’ a banker close to the deal […]
DUBLIN, Nov 27 (Reuters) – All expressions of private interest in Irish banks are welcomed, Finance Minister Brian Lenihan said on Thursday, after a group announced it was interested in co-investing with the state in a recapitalisation. “I welcome all expressions of private interest in Irish banks because it’s a sign people are willing to […]
HONG KONG (Reuters) – The Carlyle Group [CYL.UL] said on Thursday it would invest $50 million in China’s Hao Yue Education Group, as it sought to tap demand for private higher-education services in the world’s most populous country. The Washington, D.C.-based private equity giant said the investment was funded by the Carlyle Asia Growth Partners […]
NEW YORK (Reuters) – The biggest leveraged buyout boom in history was close to being read its last rites on Wednesday as the largest such deal was on the verge of collapse. The likely death of the C$34.8 billion (US$28.3 billion) leveraged buyout of BCE Inc. was seen by outsiders as a relief for banks […]
For most deals, the next month will be make or break. New deals rarely originate between Thanksgiving and New Years, and old deals on hiatus are usually forced to, well, use it or lose it. This year will be more interesting than usual, since we've seen a a near 1:1 ration of completed to canceled deals, which is a big increase in cancellations over last quarter and Q4 last year. Whether that ratio will continue through December is anyone's guess. Today I reported on the third-largest deal closure of the quarter, a $600 million take private. To provide us with a little context for that ranking, Ari Nathanson of Buyouts helped me compile a list of the top ten US sponsor deals since October 1. Note that this is for disclosed values only. Interestingly, two different firms (and not the ones you'd expect) make two appearances: Gores Group and HIG Capital. It says a lot that number ten is valued at a whopping $50 million. You can download it in spreadsheet form after the jump.
It all goes back to the “need to sell” sellers. That’s how Centre Partners managed to pull off a $600 million deal in the midst of the financial crisis of the century (yes, I realize this credit crunch could be topped in the next 91.08 years). It’s the third largest deal to close thus far […]