Accounting software firm MYOB, the sole Australian investment of U.S. private equity firm Bain Capital, plans to offer A$125 million ($131 million) in five-year subordinated notes to help pay down debt and pay a return to its owner, Reuters reported. MYOB said in a statement the proceeds would partly repay senior debt used to finance the buyout of the firm, as well as make a return of capital to Bain. Bain bought MYOB last year for about A$1.3 billion from Australian private equity firm Archer Capital.
1 min read · 26 November 2012
Kevin Kwong, a partner at Senrigan Capital, has left the Hong Kong-based hedge fund this month to start his own investment firm, writes Reuters. Kwong was part of the core investment team at Senrigan, an Asia-focused event-driven hedge fund that started in 2009 with seed capital from U.S. alternative asset manager Blackstone Group. His new business will invest globally in trade fixed income and stocks and also invest in real estate, private equity and other alternative products.
2 min read · 26 November 2012
KKR is in preliminary talks to buy Brazilian health insurer Golden Cross Planos de Saúde SA, Valor Econômico newspaper reported on Monday, writes Reuters. Founder Milton Afonso wants about 1.1 billion reais ($528 million) for Golden Cross, according to the report.
1 min read · 26 November 2012
Japan's Government Pension Investment Fund has selected four companies to conduct feasibility studies for its possible future investments in alternative assets, including private equity, writes Reuters. GPIF holds 108.2 trillion yen ($1.31 trillion) in assets.
2 min read · 26 November 2012
Hostess Brands Inc has received a "flood of inquiries" from a range of parties interested in buying several of its brands, the snack cake maker's lawyer said on Wednesday. At a hearing in the U.S. bankruptcy court in White Plains, New York, the lawyer Heather Lennox of Jones Day said Hostess expects to find "stalking horse" bidders for some brands within a few weeks, with court-supervised auctions to follow.
2 min read · 21 November 2012
4 min read · 21 November 2012
Terra Firma's planned ABS-style Payment-In-Kind bond may be easier to sell to investors than some market experts anticipate due to stricter rules on cash payouts to equity investors, writes Reuters/IFR. Guy Hands' Terra Firma buyout group this week agreed to buy Annington Homes from Nomura in a deal worth 3.2 billion pounds ($5.1 billion), which will be financed by 1 billion pounds of new equity, debt financing in the form of the PIK, and the assumption of existing securitised debt of 2.2 billion pounds.
4 min read · 21 November 2012
Silicon Valley remains the world's most attractive spot for technology start-ups with other locations around the world catching up, according to a report published on Tuesday.
2 min read · 20 November 2012
Australian surfwear company Billabong International, which had potential buyers withdraw takeover offers last month, said one of its directors wanted to investigate a possible leveraged buyout of the firm, writes Reuters. Private equity firms TPG and Bain Capital withdrew from $700 million bids for the struggling retailer, according to Reuters.
2 min read · 19 November 2012
strong>Hostess Brands Inc, the bankrupt maker of Twinkies snack cakes and loaves of Wonder Bread, is seeking a U.S. court's permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers.
6 min read · 16 November 2012
