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What Follows Dollar General? 15 More PE-Backed IPO CandidatesFirst Avago Technologies sets its IPO terms. Then came S-1 filings from Vitamin Shoppe, Emdeon and Bayview Mortgage Capital. Then comes today's news that discount retailer Dollar General has its registration on standby. A storm after months of calm, and we're left wondering about what tomorrow might bring. It's entirely possible that we'll see a growing number of PE-backed companies gearing up for public market listings. Look no further than the likes of Rosetta Stone, backed by ABS Capital, and Bridgepoint Education, backed by Warburg Pincus, to see that this year's small handful of buyout-backed IPOs have performed relatively well (on the venture side, it's even more hopeful ../../../../../../43462/vc-backed-ipos-rise-infinitely-in-q2/ ). If Dollar General sees a warm reception even with its approximate 4x leverage, it may break the seal for more mega-buyouts to test the waters. So cheer up, mega-buyout investors! Even though your stakes are worth next to nothing ../../../../../../38549/will-lps-pay-you-to-take-their-shares-short-answer-yes/ on the secondary market, some realizations may be heading your way. Even the
- Live-Blogging David Roux & Jonathan Nelson
Still here at the Fortune Brainstorm Tech conference, and David Roux (Silver Lake) and Jonathan Nelson (Providence Equity Partners) are being interviewed on stage. Here's a live-blog after the jump:
- 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.
- peHUB Wire: Thursday, July 16, 2009
Random Ramblings
- peHUB Wire: Thursday, July 16, 2009
Random Ramblings
- peHUB Wire: Wednesday, July 8, 2009
Random Ramblings
- peHUB Wire: Wednesday, July 8, 2009
Random Ramblings
- PE fund briefs, week of July 6, 2009
Fund-raising briefs about Carlyle and other private equity firms
- Weekly Downgrade Wrap-Up
Per usual, we have a week’s worth of ratings actions on buyout-backed companies from Standard & Poor’s and Moody’s Investor Services. Not too much action, with just a trio of downgrades and one rating on a new issuance: Company: EuroFresh Inc. Sponsors: Bruckmann Rosser Sherrill & Co., Banc of America Capital Investors Downgrade: S&P withdrew its ratings Comment: S&P: “Withdrew its 'D' corporate credit rating and 'D' issue ratings on Eurofresh's $170 million 11.5% senior notes due 2013 and $44.174 million step up senior subdiscount notes due 2014 because EuroFresh filed for Chapter 11 bankruptcy protection on April 21, 2009.”