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Time To Rest Dan Primack |
| posted on: 07-03-2008 | |
peHUB will continue to be updated in my absence, with Erin Griffith and Connie Loizos doing most of the heavy lifting. The daily PE Week Wire email also will continue (except for tomorrow), with Erin taking over (email her any news items). We’ll also have some guest columnists for you.
Be back on July 21. Same blog time. Same blog channel...
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Fundraising Tips from People Way Smarter Than Me Andrew Scurria |
| posted on: 07-03-2008 | |
This is the second in a series examining obstacles and pitfalls of raising a private equity fund. Please email me suggestions for future posts.
Remember that famous line from Wall Street, right before Bud Fox first meets Gordon Gekko?: “Life comes down to a few big moments, and this is one of them?” So far this year, PE fundraising hasn’t been quite so high-stakes an endeavor. Together, buyout and mezzanine firms in the
U.S. have amassed only a couple billion dollars less than they did at this point last year (which was a record). But the consensus is that it won't keep on like that for long. LPs, you'd think, will start weeding out more and more firms. Below are some of the tips I've gleaned in the past few weeks on...
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peHUB Second Opinion Erin Griffith |
| posted on: 07-03-2008 | |
* Looking for detailed info on the Clear Channel debt? FT-owned news service Debtwire has some detailed info on lead arranger Citigroup’s pricing.
* Anyone know what ever came of this case? It’s the 57-page collusion lawsuit against about 15 of the biggest LBO shops from February. You may remember, it even had a hilarious chart to outline how collusion happens, and several very shaky-at-best case studies. I thought we wer...
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Penn National's Next Move Erin Griffith |
| posted on: 07-03-2008 | |
But look at Penn National Gaming’s stock.
A failed merger usually doesn’t garner a leap in share price to the tune of 10% plus. (Though considering the spread on this one, maybe.) But a fat $225 million breakup fee, plus Centerbridge and Fortress’s agreement to buy $1.25 billion of the company’s debt, is enticing to investors. What will Penn do with all that cash?
The company has ...
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Busch Entertainment Could Sell, But Who's Buying? Erin Griffith |
| posted on: 07-03-2008 | |
God knows there’s been plenty of speculation.
But hear me out. I want to talk about the theme parks. Even before InBev entered the picture, there’s been rumors about the potential sale of Anheuser Busch’s theme park division (called Busch Entertainment). Its perfectly non-core, and worth a lot, considering a Lehman Brothers analyst valued it at nearly $3 billion. InBev could sell it off to pay down debt quick...
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Penn Gaming Deal Dies Dan Primack |
| posted on: 07-03-2008 | |
1. This is very surprising. Penn Gaming and its suitors have gone through regulatory hell to get this thing done, and it seems like they're quitting with the finish line in sight.
2. Fortress and Centerbridge have agreed to pay the breakup fee, and also to buy around $1.25 billion in Penn Gaming debt. That...
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Talking with Tom Hicks Dan Primack |
| posted on: 07-03-2008 | |
* Hicks sized the SPAC last year at $480 million, which he thought would let it do deals of between $500 million and $1 billion. Since then, however, he’s learned that the SPAC market prefers deals closer to 3x or 4x the SPAC size, which is why he began looking at larger targets. Graha...
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peHUB First Read Dan Primack |
| posted on: 07-03-2008 | |
* Another view of SOX: It's delicious, and (mostly) good for you.
*