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peHUB Wire: Monday, September 14, 2009Random Ramblings
- peHUB Wire: Monday, September 14, 2009
Random Ramblings
- Weekly Downgrade Wrap-Up
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 Investor Services. As has been the trend toward the end of summer, the number of downgrades has significantly fallen off. I noted yesterday that even the number of private equity-backed companies on S&P's "Weakest Links" list seems to have dwindled. The list represents companies which are most likely to default, and part of the reason it's shrunk may be because many of the companies have already defaulted. Company: Builders FirstSource, Inc. Sponsor: JLL Partners Inc. and Warburg Pincus LLC Action: Moody's lowered the company's probability of default rating of to Caa3 from Caa1. Highlight: The downgrade reflects the company's recent announcement that affiliates of JLL Partners and Warburg Pincus, which own approximately 50% of BLDR's outstanding shares, offered to recapitalize the company. Moody's view the situation, as proposed, to be a distressed exchange and the Caa3 PDR anticipates these events.
- peHUB Wire: Tuesday, September 1, 2009
Random Ramblings
- peHUB Wire: Tuesday, September 1, 2009
Random Ramblings
- peHUB First Read
* USA Today has an exhaustive list of private equity firm contributions to elected officials http://www.usatoday.com/money/perfi/funds/2009-08-27-pension-fund-donations-graphic_N.htm * Must-read for bosses: What alienates top performers http://blogs.harvardbusiness.org/demaio/2009/08/how-to-alienate-a-top-performe.html * Last week you were able to ask Tim Geithner a question via Digg. This week you can apparently ask Barney Frank a questions via Bravo TV's website http://www.politico.com/blogs/anneschroeder/ * Morning Call: U.S. futures point higher http://www.reuters.com/article/usMktRpt/idUSLS59488420090828 London rises on revised Q2 GDP http://www.reuters.com/article/londonMktRpt/idUSLS68076020090828 European shares advance http://www.reuters.com/article/eurMktRpt/idUSLS61552620090828 the Nikkei edges up http://www.reuters.com/article/tokyoMktRpt/idUST20808820090828 and Hong Kong shares drop http://www.reuters.com/article/hongkongMktRpt/idUSHKG32085020090828 * Jabil Systems is laying off more than 300 workers via a plant closure in Billerica, Mass., but is a case study in how to help ease the pain http://www.boston.com/business/articles/2009/08/28/easing_the_pain_of_a_shutdown/?p1=Well_MostPop_Emailed5 * Theo Francis: The FDIC's cushion is bigger than it looks http://www.businessweek.com/blogs/money_politics/archives/2009/08/why_fdics_shink.html * TechCrunch reports that an investor group is forming to make a bid for Skype http://www.techcrunch.com/2009/08/28/investor-group-makes-play-for-skype/ including original backer Index Ventures and newbie venture firm Andreessen Horowitz. The last time these rumors came up was back in April https://admin.venturecapitaljournal.com/36896/skype-founders-talk-to-pe-firms-about-buyback-from-ebay/ when Skype's co-founders reportedly teamed up http://blogs.wsj.com/deals/2009/04/13/kkr-warburg-providence-and-elevation-surface-in-skype-bid/ with firms like Warburg Pincus, KKR, Elevation Partners and Providence Equity Partners. eBay quickly nixed that talk by announcing plans for a Skype IPO in the first half of 2010, so we'll see how they respond this time (perhaps with an S-1?).
- peHUB Wire: Friday, August 28, 2009
Random Ramblings
- peHUB Wire: Friday, August 28, 2009
Random Ramblings