2 min read · 24 March 2014
4 min read · 24 March 2014
Onex Credit Partners LLC, the credit investment platform of Canadian private equity firm Onex Corp (TSX: OCX), has completed its fifth collateralized loan obligation (CLO) offering. The offering reflected US$420 million of securities in a private placement transaction that included US$43 million from Onex. In addition to this offering, Onex Credit currently manages over US$3.7 billion in senior secured loans and high yield bonds in a variety of strategies, up from US$3.3 billion in late 2013.
2 min read · 21 March 2014
Canadian private equity investment firm Onex Corp said it would sell The Warranty Group, a provider of extended warranty contracts, to an affiliate of TPG Capital Management LP for an enterprise value of about US$1.5 billion, Reuters reported. The deal value includes earnings the business generates from Dec. 31, 2013, until the expected closing of the deal in the third quarter of the year. Onex bought The Warranty Group from insurance broker Aon Plc in 2006 for US$710 million. Onex will get about US$385 million of the proceeds, the firm said in a statement on Friday.
1 min read · 21 March 2014
Laricina Energy Ltd has completed an issue of $150 million in senior secured notes to CPPIB Credit Investments, the debt financing arm of Canada Pension Plan Investment Board (CPPIB). The funding has a four-year term. The Calgary-based energy company, which has been backed with private equity by CPPIB and U.S.-based Lime Rock Partners since 2010, said it intends to pursue additional funding alternatives to advance its Germain and Saleski oil sands projects in Alberta, increase liquidity, and improve financial flexibility. Founded in 2005, Laricina is based in Calgary.
6 min read · 21 March 2014
The Canada Pension Plan Investment Board (CPPIB) has agreed to buy U.S. life insurance and reinsurance provider Wilton Re Holdings Ltd for $1.8 billion from a group of private equity firms, the first foray by the global deal-maker into the U.S. insurance business.
2 min read · 21 March 2014
New Zealand’s Superannuation Fund March 21 said it would invest $250 million in North American gas and oil investments run by global private equity firm Kohlberg Kravis Roberts & Co, tripling its investment in the company as the state pension fund increases its exposure to private equity.
2 min read · 21 March 2014
Canada Pension Plan Investment Board (CPPIB) said Friday that it has agreed to acquire Wilton Re Holdings Ltd for US$1.8 billion. The sellers include Stone Point Capital, Kelso & Company, Vestar Capital Partners and FFL. Headquartered in Hamilton, Bermuda, Wilton Re is a provider of life insurance and reinsurance solutions in the United States. Update: André Bourbonnais, CPPIB's senior vice-president, private investments, said that the pension plan is investing alongside the company's management team and plans to invest further capital into the business to support its continued growth.
3 min read · 21 March 2014
A new report by Deloitte, Between a rock and a hard place, discusses the current challenges facing the Canadian and global mining industry. Deloitte notes that as mining company valuations have dipped, access to finance has become scarcer. Given this situation, Deloitte observes that mining companies must consider alternative sources of financing. These include private equity firms, which have not been historically active in the sector, but are showing greater interest through new resource-specific funds.
1 min read · 20 March 2014
Concordia Healthcare Corp (TSX: CXR) (OTCQX: CHEHF) has agreed to buy Donnatal(R), a therapy in the treatment of irritable bowel syndrome and acute enterocolitis, from Revive Pharmaceuticals Inc for US$200 million in cash and 4.6 million shares of Concordia. Revive, a Charlottesville, Virginia-based specialty pharmaceutical company formerly known as PBM Pharmaceuticals, is a portfolio investment of U.S. private equity firm PBM Capital Group. The Oakville, Ontario-based Concordia will finance the deal in part through a credit facility of up to US$195 million provided by GE Capital, Healthcare Financial Services and affiliates.
5 min read · 20 March 2014
