Deals
Ares Capital Corporation and Varagon Capital Partners are establishing a new joint venture that will make senior secured loans to middle-market companies.
The new joint venture will be called the Senior Direct Lending Program (SDLP). The SDLP will work to follow on with the success that Ares Capital enjoyed with its previous senior loan joint venture, the Senior Secured Loan Program (SSLP), with GE Capital.
“As a long-term investor, AIG is attracted to the strong investment fundamentals of middle-market credit. Varagon’s new relationship with Ares Capital and our partnership with Varagon will provide AIG with direct access to the best
SunEdison has completed a USD335 million private placement of membership interests in TerraForm Global, an indirect subsidiary of SunEdison formed to own and operate contracted clean power generation assets in emerging markets.
Additionally, TerraForm Global, an indirect subsidiary of SunEdison, entered into a stock purchase agreement for the sale of USD67.5 million of its Class A common stock in a private placement, conditioned upon the closing of its initial public offering. The private placements were entered into with institutional investors, including Baron Funds, Capricorn Investment Group, GE, Glenview Capital Management, Kingdon Capital Management and Zimmer Partners. These investments are in
Belgian-Dutch investment company Waterland Private Equity Investments (Waterland) is providing growth capital to the Intelligent Group, a Belgian developer and provider of hosting services.
Intelligent was founded in 1999 by Jonas Dhaenens under the Combell brand and has grown to become the most important provider of hosting services in Belgium in recent years, with a strong presence in the Netherlands. The company is primarily known for its strong hosting brands Combell and Unitt. Combell focuses on a diverse offering of hosting services ranging from domain names, e-mail and webhosting to managed hosting server applications and related products, both for SMEs
IK Investment Partners (IK) has received a binding offer from International Flavors & Fragrances Inc. (NYSE:IFF) (“IFF”), a leading global creator of flavours and fragrances for consumer products, for the sale of Lucas Meyer Cosmetics group of companies.
The transaction is structured as an exclusive binding offer in order to allow Unipex Group to consult with its French works council prior to entering into the final agreement. The transaction is expected to close in the third quarter of 2015 and is subject to exclusivity protection. Under the terms of the offer IFF will pay approximately EUR283 million.
Under IK’s
Perceva has made an offer and entered into exclusive negotiations with Fruit of the Loom for the acquisition of Vanity Fair Brands Europe, its European ladies’ lingerie business.
The project will now be presented in compliance with applicable laws to the employee representative bodies.
Vanity Fair Brands Europe designs and distributes the ladies' lingerie collections of four brands (Variance, Lou, Vanity Fair and BestForm) and a swimwear brand, Cherry Beach. Thanks to the complementarity of these strong and appealing brands, the group reaches a very large female audience. The group has a turnover of EUR 55 million and employs 300
Following the recent headlines on Mergers and Acquisitions, Julia Scheufler (pictured) of Cerno Capital comments on the current market conditions and what this means for future mergers and acquisitions…
Merger and Acquisitions (M&A) continue to be a regular feature in news headlines. In the first quarter of 2015, global M&A have reached their highest levels since 2007 with a volume of USD887bn. This is an increase of 14% compared to the same period last year. Healthcare, Real Estate and Technology are the most targeted sectors globally this year so far with 34% of total combined volume. (source: Dealogic).
Conditions that have powered
Law firm Ogier has acted as Jersey counsel to a consortium of 60 lenders in relation to Glencore's USD15.25 billion revolving credit facilities.
The deal involved the refinancing of Glencore's existing revolving credit facilities entered into in June 2014, comprising of a new USD8,450,000,000 revolving credit facilities agreement and an amendment to an existing facility, expanding it to USD6,800,000,000. The new facilities will be used for general corporate purposes and included a guarantee from Jersey incorporated parent company Glencore plc. The international law firm Clifford Chance (Russell Wells, Richard Tomlinson, Jay Gavigan and Philip Sealey) acted for the lenders as
Noerr has advised Alteri Investors on the financing of the Basler Fashion Group.
Alteri, a joint venture funded by the private equity fund Apollo specialising in debt and equity financing in the retail industry, provided Basler Fashion GmbH with a working capital loan. Basler was previously taken over by the financial investor Tempus Capital.
Tempus Capital acquired the shares in Basler from a two-way trust into which the shares had been contributed at the prompting of a banking consortium led by Commerzbank. Prior to the acquisition, Tempus had taken over loan liabilities of the fashion group of ca. 80
Natixis has acted as Financial Advisor, Rating Advisor, Mandated Lead Arranger and Co-Hedge Coordinator for the EUR1.4 billion senior debt refinancing of French virtual power plant Exeltium.
The operation was achieved through an innovative financing structure, combining two pari passu tranches :
• a Bank Tranche of EUR1 billion;
• a tailored Institutional Tranche of EUR435 million, secured by Exeltium and bringing together 9 institutional investors.
This refinancing, effective upon drawdown as of 4 June 2015, offers Exeltium a 15-year tenor in line with the project’s duration.
Acting as Financial Advisor, Natixis assisted Exeltium in designing an innovative
David Shine, Partner – Corporate Department at international law firm Paul Hastings, comments on the news that US bound M&A deal activity in May surpassed the previous monthly record set in 2007…
The aggregate dollar amounts are huge and are records, but let’s not forget that the stock markets are also way beyond the highs of earlier M&A booms. So, because most public companies are way more expensive than they have ever been, I think that the focus on dollar size is a bit unexciting.
If, instead, we look at deal frequency, I think we’d find that it is
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