Providence Equity Partners related stories
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S&P: PIK-toggle notes may be harmful to debt-holdersPIK structures, frequently found in LBO-related debt offerings and currently being exercised by firms including KKR, Bain and Permira, may be staving off inevitable default to the detriment of debt-holders, according to Standard & Poor’s.
- Canada’s Supreme Court approves blockbuster BCE deal
The justices unanimously struck down a Court of Appeals decision that favoured bondholders and would have killed the $52 billion buyout.
- Report: BCE bankers seek tighter financing terms
The biggest LBO proposed to date has reportedly hit a financing snag just weeks before it was expected to close.
- Providence invests $640m in Indian telecom
The US buyout firm has agreed one of the country's largest private equity deals with Aditya Birla Telecom, a subsidiary of Providence portfolio company Idea Cellular.
- Québec judges quash BCE deal, consortium seeks Supreme Court reversal
A previous court decision in a lawsuit brought by bondholders has been overturned, putting the C$52m buyout in more peril.
- Consortium buys CEE telecoms company
GTS Central Europe has been acquired by US and Polish investors, who have drafted in a new chief executive.
- LP PROFILE
LP PROFILE 2007-06-01 Staff Writer Head office Tel: +1 416 730 5359Ontario Teachers' Pension PlanFax: +1 416 730 7675Boardwww.otpp.com5650 Yonge St.TorontoOntarioM2M 4H5CanadaASSETS / FUNDS UNDER MANAGEMENTC$106 billionYEAR FIRST INVESTED IN PRIVATE EQUITY1991NUMBER OF PRIVATE EQU
- Providence closes Clear Channel TV deal at lower cost, settles lawsuits
The private equity firm, one of its lenders and Clear Channel have dispensed all litigation pursuant to the purchase of Clear Channel’s TV group, for which Providence has paid 28 percent less than originally agreed.
- Citi halves European leveraged loan team
The global bank has cut half the members of its 27-strong team. Deal fees from private equity have collapsed on the back of the credit crunch, as banks have pulled back from larger buyout deals.
- Providence may increase debt fund target to $1bn
The US firm finds its $700m fund already oversubscribed after just a few weeks in the market. Meanwhile, $16.8bn in debt tied to its BCE deal is reportedly among the LBO loans lenders hope to sell to buyout firms.