Private Equity >>>
Investors are demonstrating their eagerness to own dollar junk bonds by pushing yields to the least relative to high-grade debt since before the credit crisis. Click HERE for more.
Penn Virginia may sell assets to pay down a revolving line of credit as it seeks to cut indebtedness and gain positive free cash flow by 2016. Click HERE for more.
The Tennessee Consolidated Retirement System has allocated only 13 percent of the $1.5 billion approved for junk-rated debt this year as its chief investment officer takes a guarded approach to the asset class. Click HERE for more.
By SABRINA WILLMER Sun Capital Partners, the firm co-founded by Marc Leder, is struggling to reach the $3 billion goal on its latest fund, according to two people familiar with the matter. Sun Capital Partners VI LP had gathered about $1.7 billion as of September, said the people. The pace has been slower than anticipated [...]
The State of Ohio’s Highway Patrol Retirement System allocated $22 million in assets to senior secured loans in August as it seeks higher yield. Click HERE for more.
Kinetic Concepts plans to buy back $112 million of bonds due 2019 when it has excess cash provided that the debt trades at an attractive price, said Nathan Speicher, the issuer’s vice president of investor relations and treasury. Click HERE for more.
The Ohio Police & Fire Pension Fund is boosting its holdings of high-yield debt, including floating-rate bank loans, while reducing equities to limit volatility. Click HERE for more.
Central European Media Enterprises may skip a chance to refinance 273 million euros ($365 million) of 11.625 percent bonds due September 2016 that lost make-whole protection this week after a ratings cut by Moody’s. Click HERE for more.
Kratos Defense & Security Solutions may refinance a $625 million bond early, triggering a $45 million prepayment penalty, to take advantage of low interest rates. Click Here For More
Grupo BTG Pactual, the investment bank controlled by billionaire Andre Esteves, is seeking $1.5 billion for its next private-equity fund that will purchase stakes in Brazilian companies, according to two people familiar with the situation. To read more, click here.