Warburg Pincus related stories
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A Limited Partner's Worst FearAny private equity investor facing cash constraints would have read this story http://www.reuters.com/article/businessNews/idUSTRE54B2JM20090512?feedType=RSS&feedName=businessNews from Reuters in complete horror. The article, from this morning, proudly declares that private equity is getting ready for its comeback. The so-called "haves" of the buyout world--the funds that raised money before raising money became impossible--are gearing up to put all that sidelined capital to work. "There are plenty of private equity firms with significant funds available to invest and a growing impatience to invest them," said Michael Berry, head of debt advisory firm Versatus. Once those firms start putting money to work, as we're already starting to see with deals like KKR's buyout of Oriental Brewery and CVC Capital's deal for iShares, industry pros expect there to be a period where investors shell out millions of dollars to fund capital calls but receive no distributions from exits.
- Week in deals, May 11, 2009
Summary of tech companies and other businesses that raised financing in North America in the past week
- Weekly Downgrade Wrap-Up (Slow Week)
As usual, we have a week’s worth of ratings agency downgrades, upgrades, revisions and withdrawals on the debt of LBO-backed companies, via Standard & Poor’s and Moody’s Investor Services. It was a light week coming off the big Chrysler filing last week. No worries, two frequent downgraders, Ply Gem and First Data, didn’t disappoint. Company: First Data Corp. Sponsor: KKR Downgrade: Moody’s downgraded the company’s corporate family and probability of default ratings to B1 from b2. Highlights: “We expect slight revenue and EBITDA declines for 2009 with only modest recovery for 2010. As a result, we believe the company will not be able to significantly de-leverage until 2011 at the earliest, at which time the company faces increasing cash interest payments as the company's 10.55% unsecured PIK notes convert to cash pay after September 2011.”
- PhotoThera Raises $50 Million
PhotoThera Inc., a Carlsbad, Calif.-based developer of transcranial laser therapy for the treatment of acute ischemic stroke, has raised $50 million in Series D funding led by Warburg Pincus.
Feeling the squeezeOnce considered a resilient and attractive market, the food and drink sector has now become a sector plagued with problems with major retailers and volatile raw material prices.
- peHUB Wire: Friday, May 1, 2009
Is Chrysler The Worst PE Deal Ever?