Steve Bills
Both credit and equity deals New deals and amendments Market has been uneven Business development companies are taking advantage of favorable credit market conditions to raise additional capital for future deals. While most of the action involves the specialty lenders expanding their credit facilities, in at least one recent example the BDC is looking at […]
Doubles size of CLO operation Credit Suisse provides leverage Two arms function differently The business development company Kohlberg Capital Corp. has nearly doubled the size of its collateralized loan obligation business by acquiring CLO manager Trimaran Advisors LLC and equity interests in Trimaran’s funds. Trimaran Advisors, with $1.5 billion of assets under management, joins $2 […]
Conversus Capital LP could hasten its wind-down by offering itself to the highest bidder. Conversus, the world’s largest publicly traded fund of funds, said Monday that it has begun a formal review of its strategic options, including a possible sale. The company, launched in 2007 as a spin-out of Bank of America Corp., has struggled […]
Well, don’t tell the multiplying critics of private equity. But the leveraged loan market shows continuing signs of stabilization, and perhaps even vigor, as portfolio companies are finding ways to borrow to refinance existing debt and, in some cases, pay dividends to their sponsors. Cequel Communications announced at the end of January that it plans […]
Amalgamated Bank has begun to go to market with a unified financing program for buyout sponsors that includes both cash flow lending and asset-based loans, the New York labor bank plans to announce on Tuesday. “Now I feel confident we have the underwriting and the account management capability” to serve both groups of borrowers, Robert […]
The latest regulatory requirement for buyout shops appears not to be as onerous as the industry had feared, lawyers who work with private equity firms said Thursday. Smaller registered private equity firms will be required to provide only limited information regarding size, leverage, investor types and concentration, liquidity, and fund performance. For larger firms–those with […]
Target: Bank of America Price: $4 billion Sponsor: Berkshire Hathaway Target: Amalgamated Bank Price: $100 million Sponsors: The Yucaipa Companies LLC, WL Ross & Co. LLC Don’t expect a couple of recent big investments of private money into the banking industry to signal a resurgence of dealmaking in the sector, market watchers say. A pair […]
Firm: New York Life Capital Partners Fund: New York Life Mezzanine Partners III Target: $1 billion Amount raised: $500 million Placement agent: Southridge Investment Group New York Life Capital Partners, the private equity arm of the insurance company, is halfway done raising its third mezzanine pool, a planned $1 billion fund, a person familiar with […]
PNC Financial Services Group Inc. has decided to do away with limited partners for its latest mezzanine fund, instead providing the full $500 million from its own balance sheet to its affiliate PNC Mezzanine Capital, sources told Buyouts. The move by the Pittsburgh bank is an apparent response to the Volcker Rule, a provision of […]
Firm: TPG Capital Fund: TPG Specialty Lending Inc Target: $750 million to $1 billion Amount Raised: $52.4 million TPG Capital, the $48 billion buyout mega-firm, is planning to crack the leveraged lending business by forming a business development company. The San Francisco firm’s plans were disclosed by the New Jersey State Investment Council, which made […]