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Articles by PE-Backed Deal
PE Firm CD&R Snags FIS Consulting Biz Stake In $477M Deal
Law360, New York (May 23, 2017, 10:14 PM EDT) -- Financial services technology firm FIS said Tuesday that it has agreed to sell a majority stake in its management consulting business Capco to private equity outfit Clayton Dubilier & Rice in a $477 million deal guided by Willkie Farr & Gallagher LLP and Debevoise & Plimpton LLP.
LCN Collects More Than $750M For 2 PE Funds
Law360, New York (May 23, 2017, 6:09 PM EDT) -- Private equity firm LCN Capital Partners said Monday that it closed its second iteration of funds, reaching its $750 million target for investments in corporate sale leaseback transactions and other real estate deals in both North America and Europe. The firm closed its dollar-denominated LCN North American Fund II LP and its Euro-denominated LCN European Fund II SLP with more than $750 million in commitments.
Goldman Sachs To Unload 4M Hyatt Shares In Secondary Sale
Law360, New York (May 23, 2017, 5:47 PM EDT) -- The Goldman Sachs Group Inc. is planning to sell off part of its stake in Chicago-based hospitality giant Hyatt Hotels Corp. in a secondary sale that could raise about $232 million, according to a filing with the U.S. Securities and Exchange Commission. Hyatt said that Goldman Sachs will sell 4 million shares at roughly $58.02 apiece, according to a Monday SEC filing.
Issues To Spot And Raise When Making Direct Co-Investments
Law360, New York (May 23, 2017, 3:19 PM EDT) -- Investors of many different stripes are eager to participate in private equity transactions as equity co-investors alongside private equity sponsors who source, lead and execute on investment opportunities. Direct co-investment opportunities are prized in investor communities because they offer the potential for superior economic return. Direct co-investments reside outside of the lead sponsor’s fund.
PE Shop Taps China Life For $950M Net Lease Portfolio Recap
Law360, New York (May 23, 2017, 2:28 PM EDT) -- Private equity real estate firm ElmTree Funds LLC said it would enter into a $950 million recapitalization agreement with China Life Insurance Group on Tuesday, meaning the companies will share a portfolio of properties under lease in the U.S. The recapitalization agreement will create a joint venture that will own an existing net lease portfolio, including 48 single-tenant properties across 20 states.
Fate Of The SEC In-House Court: Careful What You Wish For
Law360, New York (May 23, 2017, 11:01 AM EDT) -- On Wednesday, the D.C. Circuit will sit en banc to hear arguments regarding the constitutionality of the U.S. Securities and Exchange Commission’s administrative tribunals.[1] This is the latest stop in a string of mounting challenges to this forum that seems destined for U.S. Supreme Court review. Over the past couple of years, these tribunals have come under withering attack in the courts, in the press and, most recently, in Congress.
Puerto Rican Agencies Added To Restructuring
Law360, New York (May 22, 2017, 6:51 PM EDT) -- The number of entities engaged in Puerto Rico’s restructuring doubled over the weekend to four, as the board overseeing the U.S. territory’s bankruptcy-like process filed relief petitions for the island’s largest public pension system and its transportation agency, which both owe billions to debt holders.
SunCoke Energy Prices Downsized $630M Debt Offering
Law360, New York (May 22, 2017, 6:16 PM EDT) -- Illinois-based SunCoke Energy Partners LP, a master limited partnership that makes metallurgical coal used in steel-making, said Friday its subsidiary priced a downsized, high-yield bond offering of $630 million to private investors, marking the latest coal company to tap capital markets.
Carlyle, EOG Resources Sign $400M Partnership
Law360, New York (May 22, 2017, 5:49 PM EDT) -- Private equity giant The Carlyle Group LP said Monday that it has inked a deal with oil and natural gas outfit EOG Resources Inc. that will provide up to $400 million for the development of energy assets in Oklahoma. The companies will form a joint venture to fund the development of EOG’s oil and gas assets in Ellis County, Oklahoma, according to a statement from Carlyle.
PE-Backed Oil Field Services Provider Joins IPO Pipeline
Law360, New York (May 22, 2017, 4:17 PM EDT) -- Ranger Energy Services Inc., a private-equity backed provider of well services to energy companies exploring the Permian Basin, filed a preliminary $100 million initial public offering Monday, advised by Vinson & Elkins LLP, one of two new energy issuers seeking public offerings.
Deals Rumor Mill: HNA, Sinochem, General Electric
Law360, New York (May 22, 2017, 3:54 PM EDT) -- China’s HNA Group is in discussions to snag a stake in Hong Kong-based asset manager Value Partners Group Ltd., Bloomberg reported on Monday. According to the report, HNA may initially buy a smaller stake and then later seek to increase it, though it was not clear what percentage of VPG the company hopes to eventually amass. If and when the companies reach an agreement, it could value VPG at upwards of $2 billion, the report added.
Split On SEC Admin. Judges To Be Key In DC Circ. Case
Law360, New York (May 19, 2017, 5:54 PM EDT) -- A December decision by the Tenth Circuit that the use of administrative law judges is unconstitutional will hang over oral arguments next week as a broker challenges his industry ban by the SEC before the D.C. Circuit, which has previously upheld the use of in-house courts, experts say. The full D.C. Circuit will hear oral arguments in a challenge brought by Raymond J.
3 Firms To Guide IPOs Totaling $549M Led By PE-Backed Deal
Law360, New York (May 19, 2017, 10:02 AM EDT) -- Three firms are set to steer initial public offerings totaling about $549 million the week of May 22, led by a private-equity backed cable giant and two technology companies, representing a modest slate of deals as volume softens heading into Memorial Day weekend.
SEC, Chinese Investors' Atty Spar Over EB-5 'Securities'
Law360, Los Angeles (May 9, 2017, 9:21 PM EDT) -- The U.S. Securities and Exchange Commission and a New York immigration attorney accused of violating broker-dealer rules each urged a California federal judge on Tuesday to decide whether EB-5 investments are securities subject to broker-dealer rules and resolve their respective bids for quick wins in the agency's suit.
SEC's Piwowar Warns 'SAFE' Investments Carry Risks
Law360, New York (May 9, 2017, 6:38 PM EDT) -- U.S. Securities and Exchange Commission member Michael Piwowar on Tuesday urged investors to be wary of the pitfalls of so-called SAFE investments — a sophisticated financing instrument for startup companies — that are increasingly being marketed to the broader retail investing public.
Simpson Thacher Deal Maker Picked To Lead SEC Corp. Unit
Law360, New York (May 9, 2017, 6:33 PM EDT) -- U.S. Securities and Exchange Commission Chairman Jay Clayton has selected a recently retired Simpson Thacher & Bartlett LLP attorney who worked alongside him on the record-breaking Alibaba IPO to head the agency’s Division of Corporation Finance, the SEC said Tuesday. Former Simpson Thacher partner William H.
US Report Finds 'Little Interest' In China Finance Markets
Law360, Washington (May 9, 2017, 6:22 PM EDT) -- The U.S. economic risks posed by a slowing Chinese economy and its financial sector don't come from direct links, thanks to "little interest" by American investors, but from "indirect channels," according to a staff report Tuesday from a commission charged with monitoring relations between China and the United States.
Contura Energy Marks Latest Coal Co. To Seek IPO
Law360, New York (May 9, 2017, 6:20 PM EDT) -- Coal producer Contura Energy Inc., formed out of Alpha Natural Resources Inc.’s bankruptcy restructuring, filed initial public offering plans on Monday, marking the third coal company to pursue an IPO this year amid improving market conditions and expectations of a friendlier regulatory environment.
UBS Says It Didn't Know Judge's Dad Had Arbitration 'Cameo'
Law360, New York (May 9, 2017, 5:07 PM EDT) -- UBS Financial Services Inc. on Monday responded to a Puerto Rican judge's criticism regarding its failure to discover his father’s "cameo" in a hearing related to a financial institution's unsuccessful $70 million arbitration bid, saying its local counsel did not think it had to report his father's involvement. U.S. District Judge Gustavo A.
Shrewsbury And Its Impact On Delaware Foreclosure Actions
Law360, New York (May 9, 2017, 10:42 AM EDT) -- In J.M. Shrewsbury v. Bank of New York Mellon, (Del. Apr. 17, 2017), the Supreme Court of Delaware, sitting en banc, issued a decision of interest to lenders seeking to foreclose on real property in the state of Delaware.
US Says There Are Grounds To Revive Moody’s FCA Suit
Law360, New York (May 8, 2017, 6:02 PM EDT) -- The U.S. government on Monday said there were grounds to rehear a False Claims Act case against Moody’s Corp. over allegations that it gamed ratings on mortgage-backed securities, arguing that “fraudulent inducement” is a reasonable theory for such cases to proceed.
SEC Allowing Bigger Bets With Leveraged ETF Approval
Law360, New York (May 8, 2017, 10:12 PM EDT) -- The U.S. Securities and Exchange Commission surprised many last week by approving a quadruple-leveraged exchange-traded fund after years of misgivings about highly leveraged products, but experts said it could be the first of many as the agency warms up to often controversial innovation in investment products.
Tilton Accountant Says She Owns Firms In Chancery Fight
Law360, Wilmington (May 8, 2017, 9:02 PM EDT) -- The tax accountant for Lynn Tilton and Patriarch Partners testified Monday that the private equity magnate is the “ultimate owner” of the companies whose board makeup is in dispute, as the Delaware Chancery trial over the issue with her collateralized loan obligation businesses resumed after a two-week break.
Engine Maker Facing Derivative Suit Over Nasdaq Delisting
Law360, New York (May 8, 2017, 6:14 PM EDT) -- A shareholder for an Illinois-based engine manufacturer has filed a derivative suit in state court accusing the company’s board of directors of failing to catch financial reporting errors that overstated the company’s earnings by at least $18 million and caused it to be kicked off of the Nasdaq. Sara Rebscher, who says she purchased shares in Power Solutions International Inc.
CFPB Action Unconstitutional, Calif. Attorney Tells High Court
Law360, New York (May 8, 2017, 4:27 PM EDT) -- A California lawyer accused by the Consumer Financial Protection Bureau of involvement in a home modification scam on Monday told the U.S. Supreme Court that the bureau’s case was invalid from the start, and its director’s move to cure that problem after winning Senate confirmation was insufficient.
Banker's FCA Suit 'Parasitic' On $7.2B RMBS Deal, Judge Says
Law360, New York (May 8, 2017, 3:50 PM EDT) -- A New York federal judge on Monday refused to let a former Citigroup investment banker get a chunk of Deutsche Bank AG’s $7.2 billion settlement over shoddy residential mortgage-backed securities, calling the banker’s qui tam suit an “archetypically parasitic” attempt to “rob the treasury.” The government had no need to use the information Joseph Amico provided as a relator when reaching the hefty settlement with Deutsche, U.S. District Judge...
3 Firms Steer CareTrust REIT's $300M Notes Offering
Law360, Minneapolis (May 8, 2017, 3:12 PM EDT) -- Three law firms are working on CareTrust REIT Inc.'s deal to sell $300 million in senior unsecured notes, a matter the California real estate investment trust announced in a regulatory filing on Monday.
Investor Asks Va. Court To Delay FBR Merger Vote
Law360, New York (May 8, 2017, 2:04 PM EDT) -- The proposed class of investors accusing FBR & Co. of omitting key information from materials sent to shareholders ahead of a June 1 vote on the investment bank’s proposed merger with B. Riley Financial Inc. have asked a Virginia federal court to pause the vote until the alleged omissions are rectified.
Fintech Co. Accuses Interest Rate Swap Servicer Of Monopoly
Law360, Los Angeles (May 8, 2017, 7:38 PM EDT) -- Financial technology firm TrueEX LLC sued interest rate swap trading company MarkitSERV on Monday, accusing it of maintaining a monopoly over the market for trade processing services in efforts to shut out TrueEx as a competitor, according to a complaint filed in New York federal court.
4 Firms To Guide IPOs Exceeding $1.6B Led By PE-Backed Deal
Law360, New York (May 5, 2017, 9:18 PM EDT) -- Four firms are set to guide initial public offerings surpassing $1.6 billion the week of May 8, led by a private equity-backed industrial giant returning to public markets four years after a leveraged buyout, hoping to cash in on the IPO market's recent upturn. The deals follow five IPOs that raised more than $1.3 billion in the first week of May, accelerating momentum that has jump-started second-quarter activity.
Korean Law Applies To $73M Citi Fraud Suit, 2nd Circ. Told
Law360, New York (May 9, 2017, 5:33 PM EDT) -- South Korean circuit board maker Simmtech Co. Ltd. asked the Second Circuit to reinstate the company's $73 million currency-exchange fraud suit against Citibank NA, arguing Tuesday that the lower court should have used Korean law when determining preclusion.
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