Bain Capital related stories
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- Huntsman Gay closes debut fund at $1.1B
The new firm, which also recently added Gary Crittenden as managing director, plans to donate its carry to charity
- Weekly Downgrade Wrap-Up: Where Does Portfolio Company Debt Stand?
As usual, we have a week's worth of ratings agency actions on the debt of LBO-backed companies from Standard & Poor's and Moody's Investor Services. This week the agencies were busy withdrawing ratings on bankrupt companies and issuing new ratings on newly-exchanged debt facilities. Almost every action is related in some way to bankruptcy or a distressed debt exchange, which we may as well get used to, because there's a lot of debt out there to be refinanced. To be specific, around $190 billion worth of speculative-grade bonds will mature between 2009 and 2011, according to Moody's. Fortunately $120 billion of that isn't due until 2011. In addition to the downgrades, upgrades and withdrawals, S&P did some outlook revising: The agency affirmed its ratings on Rite Aid Corp. but revised its outlook from ‘negative' to ‘stable.' The company owes its revised outlook to improved liquidity and financial flexibility. Rite Aid, which has investments on Contrarian Capital and Leonard Green & Partners, recently refinanced of the bulk of its 2010 debt maturities, including a new $1.0 billion asset-based revolving credit facility. Currently the company has a ‘B-‘ corporate credit rating.
- CIT Debt Extends to Mega-Buyouts - Full List of Sponsor Facilities
As requested, we have posted the full list of 133 LBO-backed companies with CIT in the capital structure below. For reference, yesterday we posted a list of 30-some LBO-backed companies /44770/if-cit-goes-down-these-companies-may-be-hurting/ which used CIT as a lead arranger over the last three years. The full list is for the same time period. The difference in size between the types of companies on the lists is striking: yesterday’s list of CIT-led transactions is clearly populated with middle market to lower middle market companies sponsored by likes of Thoma Cressey and Wind Point Partners. But this list shows that CIT’s reach goes all the way to the mega-buyouts. Companies like Michaels Stores, backed by Blackstone and Bain Capital, Dollar General and HCA, backed by KKR, and Dunkin Brands, backed by Bain Capital and THL Partners, fall squarely into the mega-buyout category. Still, the majority of the companies are middle market.
- peHUB Wire: Wednesday, July 15, 2009
Random Ramblings
- peHUB Wire: Wednesday, July 15, 2009
Random Ramblings