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NiSource Inc. Completes NIPSCO Minority Equity Interest Transaction

Retrieved on:

Tuesday, January 2, 2024

NiSource Inc. (NYSE: NI) (“NiSource”) today announced that it has completed the issuance of a 19.9% indirect equity interest in the company’s Northern Indiana Public Service Company LLC (“NIPSCO”) subsidiary to an affiliate of Blackstone Infrastructure Partners (“Blackstone Infrastructure”), the dedicated infrastructure group of Blackstone Inc. (NYSE: BX).

Key Points:

NiSource Inc. (NYSE: NI) (“NiSource”) today announced that it has completed the issuance of a 19.9% indirect equity interest in the company’s Northern Indiana Public Service Company LLC (“NIPSCO”) subsidiary to an affiliate of Blackstone Infrastructure Partners (“Blackstone Infrastructure”), the dedicated infrastructure group of Blackstone Inc. (NYSE: BX).
As previously announced , through the transaction the Blackstone affiliate has acquired a 19.9% non-controlling equity interest in NIPSCO Holdings II LLC, which owns all the equity interests of NIPSCO, and NiSource will own the remaining 80.1% of NIPSCO Holdings II LLC.
Blackstone Infrastructure is an active perpetual capital investor across the utility, energy transition, transportation, digital infrastructure, water and waste infrastructure sectors.
“We are pleased to announce the completion of this transaction and are excited about the long-term partnership we have entered into with Blackstone,” said NiSource president and CEO, Lloyd Yates.

KBRA Assigns Preliminary Ratings to BX 2023-XL3

Retrieved on:

Tuesday, December 5, 2023

Professional Services, Finance, KBRA, SOFR, Engineering, BX, KLTV, CMBS, NCF, Telescopic sight

KBRA announces the assignment of preliminary ratings to five classes of BX 2023-XL3, a CMBS single-borrower securitization.

Key Points:

KBRA announces the assignment of preliminary ratings to five classes of BX 2023-XL3, a CMBS single-borrower securitization.
The loan has an initial two-year term with three, one-year extension options and requires monthly interest-only payments based on SOFR cap of 5.00%.
In total, the portfolio contains 8.5 million sf and is located in nine states throughout the US.
The top five markets include California (61.9% of allocated loan amount), Texas (13.2%), Tennessee (9.8%), Florida (4.5%) and Oregon (3.9%).

Blackstone Acquires Power Grid Components, Inc., a Leading Supplier of Critical Components for the Electrical Grid

Retrieved on:

Tuesday, December 5, 2023

Finance, Energy, Professional Services, Asset Management, Utilities, Acquisition, Safety, NYSE, Component, Senior, BX, PGC, Champlain Hudson Power Express, Sabre, Ageing, Growth, Electricity, Renewable energy

Today, Blackstone (NYSE: BX) announced that private equity funds affiliated with Blackstone have closed the acquisition of Power Grid Components, Inc. (“PGC”) from Shorehill Capital LLC.

Key Points:

Today, Blackstone (NYSE: BX) announced that private equity funds affiliated with Blackstone have closed the acquisition of Power Grid Components, Inc. (“PGC”) from Shorehill Capital LLC.
PGC is a leading domestic designer and manufacturer of a wide range of critical components for protection, monitoring, and safety applications in electrical substations, an essential segment of the electrical grid responsible for managing and monitoring power flows and converting electricity into different voltages.
As a supplier of critical components to the grid and partner to many of the nation’s largest electrical utilities, PGC advances the global energy transition by improving the reliability, capacity, and safety of the grid, by enabling the deployment of new renewable generation, and by supporting broad electrification trends.
PGC has built strong, long-term relationships with many of our nation’s leading electrical utilities and has positioned itself as an acquiror of choice within the electrical components sector.”
Rick McClure, CEO of Power Grid Components, Inc., said: “Our leadership team is thrilled to be partnering with Blackstone, a leader in energy transition investing.

Blackstone Strategic Partners Closes Eighth Real Estate Secondaries Fund at $2.6 Billion

Retrieved on:

Thursday, November 30, 2023

Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, Asset Management, GP, LP record, Real estate, NYSE, Senior, BX, FIN Atlantic Film Festival

Blackstone (NYSE:BX) announced the final close on $2.6 billion for its latest real estate secondaries fund, Strategic Partners Real Estate VIII L.P., and its related committed program vehicles.

Key Points:

Blackstone (NYSE:BX) announced the final close on $2.6 billion for its latest real estate secondaries fund, Strategic Partners Real Estate VIII L.P., and its related committed program vehicles.
Verdun Perry, Global Head of Strategic Partners, said: “We are incredibly grateful to our investors for their continued support.
With our substantial scale and private market footprint, we believe we are well-positioned to capitalize on the substantial, and growing, opportunities in the real estate secondaries market.”
Mark Burton, Senior Managing Director and Head of Real Estate Secondaries said: “We have one of the market’s largest real estate portfolios, spanning interests in over 540 underlying real estate funds managed by over 220 GPs.
With the growing need for liquidity among GPs and LPs, we are excited about the real estate secondaries market opportunity ahead of us.”

David Posnick and Anne Buchanan join Preston Capital

Retrieved on:

Monday, November 27, 2023

Preston Capital LLC (“Preston” or the “Firm”), an Aliso Viejo-based longevity asset manager announced today two key hires as the Firm launches a new commingled investment vehicle.

Key Points:

Preston Capital LLC (“Preston” or the “Firm”), an Aliso Viejo-based longevity asset manager announced today two key hires as the Firm launches a new commingled investment vehicle.
Joining Preston are David Posnick, former Senior Managing Director at Blackstone, Inc. ( BX ) and Anne Buchanan, former Head of Distribution for Obra Capital (formerly known as Vida Capital).
Mr. Posnick had been with Blackstone Credit (previously known as GSO Capital Partners) since 2007.
“Having Anne join Preston was one of the easiest decisions we’ve ever made,” remarked Jonathan Hogan, Preston’s President and CFO.

Blackstone to Present at the Goldman Sachs 2023 US Financial Services Conference

Retrieved on:

Monday, November 20, 2023

Asset Management, Professional Services, Finance, Shareholder, NYSE, Conference, BX, Goldman Sachs, Broadcasting

Blackstone (NYSE:BX) announced today that Jon Gray, President and Chief Operating Officer, is scheduled to present at the Goldman Sachs 2023 US Financial Services Conference on Wednesday, December 6, 2023 at 12:20pm ET.

Key Points:

Blackstone (NYSE:BX) announced today that Jon Gray, President and Chief Operating Officer, is scheduled to present at the Goldman Sachs 2023 US Financial Services Conference on Wednesday, December 6, 2023 at 12:20pm ET.
A live webcast of the presentation will be available on the Shareholders section of Blackstone’s website at http://ir.blackstone.com .
For those unable to listen to the live webcast, a replay will be available on Blackstone’s website shortly after the event.

Pathlabs Appoints Morgan Welch as VP of Marketing

Retrieved on:

Monday, December 11, 2023

Intelligence, Media, Growth, NYSE, MEP, B2B, BX, Dr Lal PathLabs, Management, 3D printing, Marketing

MISSOULA, Mont., Dec. 11, 2023 /PRNewswire/ -- Pathlabs, a leading Media Execution Partner (MEP) that provides end-to-end digital media execution services to agencies, welcomes Morgan Welch as Vice President of Marketing.

Key Points:

MISSOULA, Mont., Dec. 11, 2023 /PRNewswire/ -- Pathlabs, a leading Media Execution Partner (MEP) that provides end-to-end digital media execution services to agencies, welcomes Morgan Welch as Vice President of Marketing.
Welch joins Pathlabs after a successful tenure as Vice President of Marketing for Simpli.fi.
Mario Schulzke, Chief Operating Officer at Pathlabs, championed this hire after a meticulous selection process.
Reflecting on the appointment, Schulzke remarks,
"2023 has been a period of rapid growth for Pathlabs.

Digital Realty and Blackstone Announce $7 Billion Hyperscale Data Center Development Joint Venture

Retrieved on:

Thursday, December 7, 2023

NYSE, Digital Realty, Senior, BX, Infrastructure, Simpson Thacher & Bartlett, Latham & Watkins, Real estate, Digital, Blackstone Inc., Partnership, Growth, AI, Tactic, Cryptocurrency

AUSTIN, Texas and NEW YORK, Dec. 7, 2023 /PRNewswire/ -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, and Blackstone Inc. (NYSE: BX) announced today that Blackstone-affiliated funds led by Infrastructure, Real Estate and Tactical Opportunities have agreed to establish a joint venture with Digital Realty to develop four hyperscale data center campuses across three metro areas on two continents. The developments are expected to support approximately 500 megawatts (MW) of total IT load upon full build out of all campuses. Blackstone will acquire an 80% ownership interest in the joint venture for approximately $700 million of initial capital contributions, while Digital Realty will maintain a 20% interest. Subsequent to closing, the joint venture parties will fund their pro rata share of the remaining development costs. Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees.

Key Points:

Blackstone will acquire an 80% ownership interest in the joint venture for approximately $700 million of initial capital contributions, while Digital Realty will maintain a 20% interest.
Subsequent to closing, the joint venture parties will fund their pro rata share of the remaining development costs.
Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees.
The four hyperscale data center campuses are located in Frankfurt, Paris and Northern Virginia and have a total estimated development cost of approximately $7 billion over the course of the next several years.

NiSource Inc. announces Federal Energy Regulatory Commission approval of sale of 19.9% equity interest in NIPSCO

Retrieved on:

Thursday, October 19, 2023

Professional Services, Other Energy, Utilities, Oil, Gas, Energy, Finance, NIPSCO, Public service company, NiSource, NYSE, Federal Energy Regulatory Commission, Acquisition, BX, Partnership, FERC, CFO, Safety, Blackstone

NiSource Inc. (NYSE: NI) (“NiSource”) announced today the Federal Energy Regulatory Commission (FERC) granted approval of the acquisition of a 19.9% equity interest in the company’s Northern Indiana Public Service Company LLC (NIPSCO) subsidiary by an affiliate of Blackstone Infrastructure Partners (NYSE: BX).

Key Points:

NiSource Inc. (NYSE: NI) (“NiSource”) announced today the Federal Energy Regulatory Commission (FERC) granted approval of the acquisition of a 19.9% equity interest in the company’s Northern Indiana Public Service Company LLC (NIPSCO) subsidiary by an affiliate of Blackstone Infrastructure Partners (NYSE: BX).
As previously announced, upon closing of the transaction, the Blackstone affiliate will acquire a 19.9% equity interest in NIPSCO Holdings II LLC, which owns all of the equity interests of NIPSCO, and NiSource will own the remaining 80.1% of NIPSCO Holdings II LLC.
“We are pleased to have received FERC’s approval of the proposed transaction with Blackstone Infrastructure Partners,” said Shawn Anderson, NiSource's executive vice president and CFO.
“Following the transaction close, NiSource’s balance sheet will be strengthened and positioned to support an ongoing robust capital expenditures program.

Basler Kantonalbank becomes new issuer on BX Swiss in the trading segment deriBX

Retrieved on:

Tuesday, October 17, 2023

Partnership, BX Swiss, SIX Swiss Exchange, AAA, S&P Global Ratings, AA, Basler Kantonalbank, Exchange, BX, Standard, Security (finance), Fitch

From 13 October 2023 investors will be able to trade structured products from Basler Kantonalbank in the BX Swiss trading segment deriBX.

Key Points:

From 13 October 2023 investors will be able to trade structured products from Basler Kantonalbank in the BX Swiss trading segment deriBX.
With the addition of Basler Kantonalbank as a new issuer on BX Swiss, the Swiss Exchange is expanding its steadily growing range of exchange-traded structured products.
"We are delighted to welcome Basler Kantonalbank, another prestigious issuer, to deriBX trading segment.
"We are delighted to be connected to the BX Swiss trading segment deriBX and to offer active investors another way to trade our world-class products quickly and easily.