Warburg Pincus related stories
All articles and analysis
- Weekly Downgrade Wrap-Up
As usual, we have a week’s worth of ratings action on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Investor Services and Moody’s Investors Service. The big action this week was all the toggling going on at Realogy, Apollo Management’s ill-timed real estate mega-deal. The company underwent a distressed debt exchange of its senior toggle notes, in which Carl Icahn received $150 million of a $475 million second lien term loan for a previously held $280 million senior toggle notes due 2014. The money will be used to repay first lien credit facilities. Icahn Partners is selling the rest of its toggle notes to Apollo, which will invest the cash in the new second-lien term loan. My question: Which mega-buyouts haven’t successfully undergone a distressed debt exchange? Seems most of ‘em have succeeded in pushing their debt band-aids through and “kicked the can down the road,” as the PE pros have been saying. But have any tried and failed? Have any not even tried yet?
- Top VC Recipients of 2009 (so far)
In light of Twitter having raised over $135 million in VC funding so far this year (new round plus January round), I figured it was time for a Top 10 list of 2009 venture recipients. And, no, Twitter is not in the top spot. That honor goes to Clovis Oncology, which raised over $146 million in a Series A round four months ago. A few metrics notes: (1) The list only includes U.S.-based companies. It didn't appear that any non-U.S. companies qualified and, if they did, I didn't want to get bogged down in currency disputes; (2) The list aggregates all VC funding secured in 2009, rather than individual rounds; (3) The calculations do not include government funding (grants, etc); (4) The ability to secure lots of VC dollars does not necessarily correlate to a strong company or strong returns. So, without further ado, get the full list after the jump...
- Investors Sue To Stop Builders FirstSource Recap
JLL Partners and Warburg Pincus are facing an investor lawsuit in opposition to their plan to recapitalize Builders FirstSource Inc. (Nasdaq: BLDR). The two firms currently hold a combined 49.9% stake in the residential construction company, and have agreed to both a $75 million rights offering at $2 per share and a debt-for-equity swap. The suit claims the recap would not be in the best interest of the company or its other shareholders.
- peHUB Wire: Friday, September 25, 2009
Random Ramblings
- peHUB Wire: Friday, September 25, 2009
Random Ramblings