Realogy Corp., a real estate services company owned by Apollo Management, has offered to exchange around $1.1 billion in existing bonds at a discount for new notes. The move is an attempt to stave off default, with the company saying in a regulatory filing: “There can be no assurance that we will not violate this […]
The Gores Group is in talks to sell Global Tel*Link Corp. to Veritas Capital and an affiliate of Goldman Sachs, according to LBO Wire. Credit Suisse and Wells Fargo are agenting the transaction, which is reported to include more than $200 million in debt financing. Global Tel*Link is a Mobile, Ala.-based provider of telephony services […]
Momentum Capital Partners has acquired Magnum Tunneling & Boring, a Houston, Texas-based infrastructure services company focused on heavy underground construction. No financial terms were disclosed. Focus Strategies advised Magnum on the deal. www.magnumboring.com
LONDON (Reuters) – Russian steelmaker Novolipetsk Steel (NLMK) (NLMKq.L: Quote, Profile, Research, Stock Buzz) (NLMK.MM: Quote, Profile, Research, Stock Buzz) cancelled a $2 billion loan following the company’s decision to terminate its acquisition of U.S. rival John Maneely Co from buyout firm Carlyle Group. The 364-day syndicated bridge loan, which launched to syndication in August […]
HONG KONG (Reuters) – London-based alternative investment manager Climate Change Capital plans to invest 5 billion yuan ($732 million) in environmental projects in China including industrial waste management and clean technology over the next two to three years. The firm, which has not yet put its capital to work in China, is also looking to […]
SHANGHAI (Reuters) – Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) will not slow its investment in China despite the global financial crisis, as high economic growth and low valuations promise good returns, the private-equity firm’s greater China chairman Antony Leung said on Monday. “With the financial crisis, the valuations in China will be […]
LISBON (Reuters) – A group of investors led by Iberia’s leading private equity firm has bought Portugal’s largest wind power business, Enersis, from Australian investment company Babcock & Brown Ltd (BNB.AX) for 1.2 billion euros. Magnum Capital will take over a portfolio of wind farms with installed capacity of 515 megawatts and 156 megawatts under […]
NEW YORK, (Reuters) – Russian steelmaker Novolipetsk Steel (NLMK) has pulled out of a $3.5 billion agreement to buy U.S. rival John Maneely Co. from buyout firm Carlyle, the U.S. company said on Friday. The deal, struck in August, has looked on shaky ground since October when Washington, D.C. based-Carlyle sued Novolipetsk (NLMK) to complete […]
LONDON (Reuters) – Prices of investment-grade bonds have fallen so far that their spreads already compensate for default rates worse than the Great Depression, Citigroup analysts said. Bond spreads are a measure of the difference in yields between a given bond and a benchmark such as a Treasury bond. The wider the spread, the more […]
Since BDCs rely on their stock for liquidity, it's safe to say they're in a world of hurt right now. We saw American Capital and Allied Capital post losses and either reduce or possibly eliminate their dividends last week, for example. Today Fifth Street Finance, a lower middle market BDC that went public in June (one of the whopping two financial services IPOs this year), released its monthly shareholder update. I spoke with CEO Len Tannenbaum about fake term sheets, who's really in business (he names names), nosebleed lending rates and what his firm will do when it runs out of money: What do you mean by "fake term sheets"? Are lenders really trying that hard to keep up the appearance of being open for business? Some of them have submitted term sheets that have no way or desire to be completed. They have no money to do it, so they're trying to do it with such onerous terms, and not negotiating