PJT Partners

Rackspace Technology Announces Refinancing Transactions, Significantly Reducing Debt and Securing New Money Investment

Retrieved on:

Mardi, mars 12, 2024

SAN, Rackspace Technology, Line of credit, AI, RCF, PJT Partners, Latham & Watkins

SAN ANTONIO, March 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT), (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI solutions company, today announced that it has closed a private debt exchange (the “Private Exchange”) with certain of its creditors representing more than 72% of the Company’s first lien term loans and more than 64% of its first lien notes, as well as 100% of its Revolving Credit Facility (“RCF”) commitments.

Key Points:

Through the Private Exchange, Rackspace has eliminated more than $375 million of net debt and has received $275 million of new money (the “New Money Financing”) that will come to the balance sheet as additional liquidity to advance key strategic initiatives.
Additionally, the maturities on the RCF and other participating senior debt facilities were extended to May 2028.
In connection with the transaction, the Company plans to launch a public debt exchange offer (the “Public Exchange Offer”) to all its outstanding lenders and first lien noteholders.
“By both significantly reducing our debt and infusing new capital, this transaction strengthens Rackspace Technology’s financial position and enhances our ability to continue delivering value to our customers with industry-leading hybrid, multicloud and AI solutions,” said Amar Maletira, Chief Executive Officer of Rackspace Technology.

Quinbrook Closes $600m Solar+Storage ‘Continuation Fund’

Retrieved on:

Jeudi, avril 4, 2024

Quinbrook Infrastructure Partners (“Quinbrook”), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition today announced the successful closing of Quinbrook Valley of Fire Fund with $600 million in capital commitments from leading US and European institutional investors.

Key Points:

Quinbrook Infrastructure Partners (“Quinbrook”), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition today announced the successful closing of Quinbrook Valley of Fire Fund with $600 million in capital commitments from leading US and European institutional investors.
The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners.
“Energy transition is a major theme for Blackstone and we are excited to invest with Quinbrook and Primergy,” said Mark Bhupathi, Head of Blackstone Infrastructure Secondaries.
Kirkland & Ellis LLP served as legal counsel to Quinbrook, while Proskauer Rose LLP served as legal counsel to Blackstone Strategic Partners.

GE Aerospace Launches as Independent, Investment-Grade Public Company Following Completion of GE Vernova Spin-Off

Retrieved on:

Mardi, avril 2, 2024

GE Aerospace (NYSE: GE) today announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spin-off.

Key Points:

GE Aerospace (NYSE: GE) today announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spin-off.
GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE”.
ET, GE Aerospace and GE Vernova will ring the opening bell together at the NYSE.
GE Aerospace Chairman and CEO H. Lawrence Culp Jr., said, “With the successful launch of three independent, public companies now complete – today marks a historic final step in the multi-year transformation of GE.

Aventiv Technologies Finalizes Comprehensive Financing Agreement with Lenders and Financial Sponsor Platinum Equity

Retrieved on:

Jeudi, mars 28, 2024

Creditor, Friends, Employment, Education, Tablet, Mental health, FTI Consulting, Sale, Prison, Recidivism, Willkie Farr & Gallagher, Gibson Dunn, PJT Partners, Family, Platinum, Platinum Equity, Financial adviser

Parties to the agreement are Aventiv (the "Company"); financial sponsor Platinum Equity ("Platinum"); and 100% of its lender group.

Key Points:

Parties to the agreement are Aventiv (the "Company"); financial sponsor Platinum Equity ("Platinum"); and 100% of its lender group.
"This financing agreement and the strategic flexibility it provides will ensure we deliver on that promise now and in the future."
Advisers engaged in the financing agreement included the following:
For Aventiv, Milbank acted as legal advisor, FTI Consulting acted as financial advisor, and PJT Partners LP acted as investment banking advisor.
For the Lenders, Gibson, Dunn & Crutcher acted as legal advisor, and Evercore acted as financial advisor.

Ducera Partners Continues to Strengthen its Restructuring Group with Appointment of Mike Genereux as a Partner

Retrieved on:

Lundi, février 26, 2024

Finance, Consulting, Business, Banking, Professional Services, Wake Forest University, PJT Partners, Merrill (company), Perella Weinberg Partners, Partner, Business administration, Piper Sandler Companies, Credit Suisse, Postgraduate education, Columbia University, Credit Suisse First Boston

Ducera Partners (“Ducera” or the “Firm”), a leading investment bank, today announced that Mike Genereux has joined the Firm as a Partner within its restructuring group.

Key Points:

Ducera Partners (“Ducera” or the “Firm”), a leading investment bank, today announced that Mike Genereux has joined the Firm as a Partner within its restructuring group.
Prior to joining Ducera, Mr. Genereux served as a Managing Director in the restructuring group at Piper Sandler.
Before that he was a Partner at Perella Weinberg Partners and a Partner at PJT Partners, where he also served on the firm’s management committee.
Prior to those roles, Mr. Genereux was a Senior Managing Director at Blackstone in the firm’s restructuring group.

Audacy Receives Court Approval of Reorganization Plan

Retrieved on:

Mardi, février 20, 2024

Audacy, Inc., (OTC: AUDA) (the “Company” or “Audacy”) announced today that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) approved the Company’s Plan of Reorganization (“the Plan”).

Key Points:

Audacy, Inc., (OTC: AUDA) (the “Company” or “Audacy”) announced today that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) approved the Company’s Plan of Reorganization (“the Plan”).
With the Plan approved, Audacy expects to emerge from the Chapter 11 process after the Company obtains approval from the Federal Communications Commission.
“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” said David J.
“As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.

SBC to Hold the Inaugural Capital Markets Forum at the NYSE

Retrieved on:

Jeudi, février 22, 2024

NEW YORK, Feb. 22, 2024 /PRNewswire/ -- SBC is gearing up to launch its debut Earnings & More: Capital Markets Forum event at the New York Stock Exchange on May 6, offering 200 attendees a blend of learning and networking opportunities with leading experts.

Key Points:

NEW YORK, Feb. 22, 2024 /PRNewswire/ -- SBC is gearing up to launch its debut Earnings & More: Capital Markets Forum event at the New York Stock Exchange on May 6, offering 200 attendees a blend of learning and networking opportunities with leading experts.
Together, through a series of conference sessions, they will discuss pivotal trends shaping the betting and iGaming space in the United States and globally.
As the era of readily available capital wanes, private equity finds itself under pressure to validate its value proposition.
Secure your spot at the Capital Markets Forum.

Hornblower Group to Be Acquired and Receive Significant New Equity Investment

Retrieved on:

Mercredi, février 21, 2024

FTI Consulting, PJT Partners, Running, Deutsche Bank, Vinson & Elkins, SVP, Transport, Tourism, Growth, Sale, FAQ, Travel, CCAA, Guggenheim Partners, Value Partners (asset management), Journey Beyond

Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, "SVP"), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business.

Key Points:

Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, "SVP"), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business.
Crestview Partners ("Crestview") will retain a significant minority position in Hornblower and become the sole owner of Journey Beyond, a stand-alone operating unit of Hornblower and the leading experiential travel provider in Australia.
Hornblower is taking this action because of the underperformance of AQV, which has not rebounded from the pandemic.
With substantial growth potential in travel and tourism, we see significant opportunities ahead for Hornblower to further expand its leadership position.

Capital One to Acquire Discover

Retrieved on:

Lundi, février 19, 2024

MCLEAN, Va. and RIVERWOODS, Ill., Feb. 19, 2024 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) today announced that they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion.

Key Points:

At close, Capital One shareholders will own approximately 60% and Discover shareholders will own approximately 40% of the combined company.
Capital One and Discover are proven credit card franchises with complementary strategies and a shared focus on the customer.
The registration statement will include a joint proxy statement of Capital One and Discover that will also constitute a prospectus of Capital One.
Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Capital One or Discover through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Capital One or Discover at:

Strategic Acquisition of WeWork by Rentberry and Berkeley Hills Capital

Retrieved on:

Vendredi, février 16, 2024

Rentberry, Acquisition, Ecosystem, SAN, PJT Partners, WeWork, Retail

SAN FRANCISCO, Feb. 16, 2024 /PRNewswire-PRWeb/ -- Rentberry, a leader in technology-driven property rental and management, today unveiled plans to explore the acquisition of WeWork, a flexible workspace provider that recently filed for Chapter 11 bankruptcy. This strategic move, backed by key venture capital funds, including Berkeley Hills Capital, is not just a business transaction but a vision to synergize WeWork's coworking spaces with Rentberry's innovative Flexible Living concept, heralding a new era in flexible working and living environments.

Key Points:

Strategic Acquisition of WeWork by Rentberry and Berkeley Hills Capital to Revolutionize Flexible Living and Working Spaces.
SAN FRANCISCO, Feb. 16, 2024 /PRNewswire-PRWeb/ -- Rentberry, a leader in technology-driven property rental and management, today unveiled plans to explore the acquisition of WeWork, a flexible workspace provider that recently filed for Chapter 11 bankruptcy.
This strategic move, backed by key venture capital funds, including Berkeley Hills Capital, is not just a business transaction but a vision to synergize WeWork's coworking spaces with Rentberry's innovative Flexible Living concept, heralding a new era in flexible working and living environments.
In this process, Rentberry has partnered with leading VC funds, including Berkeley Hills Capital, and is represented by Dentons LLP.