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peHUB Wire: Monday, July 27, 2009Monday Mouth-Off
- FCI Selling Electrical Unit to Hubbell
FCI Group, a portfolio company of Bain Capital, has agreed to sell its electrical division (Burndy) to Hubbell Inc. No financial terms were disclosed for the deal, which is expected to close by year-end.
- Weekly Downgrade Wrap-Up
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from the agencies, Standard & Poor’s and Moody’s Investor Services. This week the agencies must’ve been busy confusing all of us with changes to their ratings systems http://online.wsj.com/article/SB124830588436973941.html (S&P) and finding buyers for Warren Buffet's stake http://online.wsj.com/article/SB124836012602575947.html (Moody's) because there’s only one. Either that, or private equity portfolio companies have magically be relieved of their massive debt burden! Ha. What would I write about then? Anyways, the company in the spotlight is Dutch semiconductor company NXP B.V., backed by AlpInvest Partners, Apax Partners, Bain Capital, Kohlberg Kravis Roberts & Co. and Silver Lake. S&P affirmed the company’s long-term corporate credit rating at ‘CCC’. In light of the company’s distressed debt exchange, lowered the ratings on the company's secured and unsecured notes to 'CC' and placed them on CreditWatch negative while affirming the remaining notes at 'B-'. The company plans to undergo a distressed debt exchange on July 23. S&P calculates that the latest exchanges should have a net $26 million negative impact on NXP's cash balances. Since there’s only one, I dug up a little extra info on this company.
- TxVia Raises $15.5 Million
TxVia Inc., a New York-based provider of prepaid card processing technology, has $15.5 million in Series C funding. Bain Capital Ventures led the round, and was joined by New York City Investment Fund and return backers Espirito Santo Ventures, Village Ventures and High Peaks Venture Partners. The company has now raised over $25 million.
- peHUB Wire: Tuesday, July 21, 2009
Random Ramblings
- peHUB Wire: Wednesday, July 22, 2009
Random Ramblings
- peHUB Wire: Tuesday, July 21, 2009
Random Ramblings
- peHUB Wire: Wednesday, July 22, 2009
Random Ramblings