Warburg Pincus related stories
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PE Debt Watch (Upgrades and Downgrades)As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service. This week is apparently Warburg Pincus week, as the firm’s portfolio companies make up two of the week’s three ratings changes. Warburg Pincus portfolio company Antero Resources was downgraded on its decision to take on $100 million in new debt to pay down another facility. Meanwhile the firm’s energy company, Bill Barrett Corp., was upgraded after the company increased its commitment under the company's unrated revolving credit facility. And CI Capital’s Ply Gem received another upgrade (last week was from Moody’s) on its new issuance. The company is receiving “unsolicited” ratings from S&P, which indicates CI isn’t being generous with information on the company for the ratings agencies to do their jobs with. Call this a victory for the watchdogs? I guess?
- CalPERS Doc Dump H - Z
CalPERS has just released a ton of docs related to placement agents used by their general partners. We're uploading them below- There are literally hundreds. Help us read through them for interesting items. Placement agent disclosure release /wp-content/uploads//placement-agent-disclosure-2010-final-release.doc Placement agent compensation /wp-content/uploads//placement-agent_compensation-jan-13.xls We're posting the second half below; read the first half here /60825/calpers-docs-a-f/
- peHUB Wire: Thursday, January 14, 2010
Random Ramblings
- peHUB Wire: Thursday, January 14, 2010
Random Ramblings
Year in Review: Time LineA look at key moments in the venture industry over the past year
Year in Review: IPOsThe VC-backed IPO market is improving, but it has a long way to go to get back to historical levels
- Top VC Recipients of 2009
When the final numbers come out next month, it's likely that venture capitalists will have invested less money in 2009 than in any year since 1997. It's currently tracking at just over $16 billion for U.S.-based companies, with the only silver lining -- from a deal volume perspective -- being that Q3 and Q4 figures were improvements over Q1 and Q2. But the investment slowdown didn't affect everyone. peHUB has compiled a list of the 10 companies that got the most VC love over the past year. It includes five cleantech companies (broadly-speaking), some social network-related plays, a biotech startup, a wireless networker and a private aviation company. Two of them have already filed for IPOs, while some of the others are considered prime candidates. Get the full list after the jump...
- Top 10 Private Equity M&A Exits of 2009
Although big deals /58825/largest-lbos-of-2009/ seem to be picking up, exits--you know, the part where you make money--have not. Aside from the IPO resurgence (and then questions over whether the window has closed already), exits have not been on the table. This slideshow depicts the ten largest PE exits, globally, by M&A this year. Get them after the jump.
- Exit watch, week of Dec. 21, 2009
News briefs about Acclarent, Sentillion and other VC-backed companies that were bought in the past week.
- PE Debt Watch (Downgrades & Upgrades)
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Moody’s Investors Service and Standard & Poor’s Ratings Services. Mixed bag this week, with a handful of downgrades, one upgrade and two withdrawals, one for "business reasons," which can mean any number of things, including the company not liking its rating. To this I say, 'lame.' Company: Wastequip Inc. Sponsor: Carlyle Group and Odyssey Investment Partners Action: Moody's lowered the company’s corporate family and probability of default ratings to Caa2 from Caa1. In addition, the ratings on the senior secured credit facility and term loan were lowered to B3 from B2. Highlight: ‘The ratings downgrade reflects Moody's view that revenues and earnings will remain at relatively low levels and that financial leverage will remain elevated over the near term.”