US regional airline Midwest has turned down discount airline AirTran’s buyout offer in favour of a higher, $400m bid by TPG Capital and Northwest Airlines. A formal agreement is expected in days.
3 min read · 12 January 2013
American Capital has hired Joel Houck to develop a new closed-end fund, drawing on his experience in specialty finance and commercial banking.
1 min read · 12 January 2013
The Brazilian private equity firm’s $1 billion acquisition of Pride International’s Latin American Land Drilling and E&P Services businesses is the firm’s first pan-Latin American investment. It is also the first time it has used leverage, and the firm’s – as well as the region’s – largest private equity deal to date.
2 min read · 12 January 2013
The European Central Bank has attempted to further calm the markets with a greater loan issuance today and it has been followed by the US Federal Reserve.
2 min read · 12 January 2013
NIBC, the Dutch bank backed by US private equity firm JC Flowers, has suffered €137 million of losses on US asset-backed securities. Earlier this year it abandoned plans for an initial public offering.
1 min read · 12 January 2013
The European Central Bank has injected almost €95 billion into the money markets in an attempt to boost liquidity, amid growing fears of a credit crunch.
2 min read · 12 January 2013
US buyout firm TPG Capital has the largest number of deals outstanding at the moment, according to data provider Dealogic. A source familiar with the firm’s TXU transaction said the buyout firm was not experiencing problems on the deal.
1 min read · 12 January 2013
As ratings agency Standard & Poor’s criticises covenant loose loans for being covenant-lite by the backdoor, a senior banker tells Toby Lewis cov-lite loans will become extinct.
4 min read · 12 January 2013
A senior leveraged buyout banker has warned cov-lite deals will cease to exist as lenders will refuse to accept loans on terms offered by buyout firms. Mid-market firms are seeing deals fall through as creditors push the price of debt back up.
2 min read · 12 January 2013
In an unprecedented step Blackstone has revealed its partners’ tax liability in a rebuttal of a US newspaper report.
3 min read · 12 January 2013
