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☆ Why Boeing's $21 billion share sale is an early Christmas present for Wall Street
▼ + stars: | 2024-10-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

AdvertisementWall Street bankers tasked with helping companies raise money through sales of stock just got an early Christmas present. The sale ended up raising nearly $21 billion, marking one of the largest deals for US equity-capital-markets bankers in history. Thanks to the Boeing capital raise, he now predicts ECM bonus increases of 30%, he said. 'A rising tide lifts all boats,' comp expert saysThe ultimate size of Boeing's capital raise puts it in league with some of the largest raises ever, according to global equity capital raise data provided by LSEG. But, based on Johnson's forecast, it seems those involved in the Boeing capital raise may find themselves flying highest on bonus day.

Persons: Goldman Sachs, —, bookrunners Goldman Sachs, Morgan Stanley, Alan Johnson, Johnson, Semafor, Thoma Bravo, It's, they've Organizations: Boeing, PJT Partners, RBC Capital Markets, Service, Monday, Bank of America, Citigroup, JPMorgan, Wall, Johnson Associates, LSEG, Petrobras, Lloyds, Nasdaq Locations: Brazilian, British

☆ Private equity is booming. How to get a job in the finance industry's newest 'it' sector.
▼ + stars: | 2024-07-05 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +10 min

Getty Images; Shutterstock; BIThe traditional path to private equity starts with an investment banking job out of college. In 2023, private equity firms started reaching out in July before junior investment bankers finished their summer training. But at its core, private equity is in the business of making money by buying and running companies. Samantha Lee/InsiderA small group of headhunters and other advisors hold power over the private equity recruitment process. More on private equity pay and hiring:Have private equity's 'Hunger Games' recruiting tactics gone too far?

Persons: —, Blackstone, Apollo isn't, Goldman Sachs, it's, David Wurtzbacher, Wurtzbacher, Wharton, Graham Weaver, you've, Samantha Lee, We've, Jon Gray, Drew Angerer, Skye Gould, Steve Schwarzman, Jonathan Gray, Gray, Thoma Bravo, Atlantic's, Carlyle, Warburg Pincus, Wharton's, Axel Springer Organizations: Service, Apollo, KKR, Business, Getty, CPA, BI, Alpine Partners, Alpine's, Harvard Business School, Stanford's Graduate School of Business, Alpine, of Foreign Labor, Bain Capital, Blackstone, Harvard, Games, Wall, Citadel, headhunters, dealmakers, Private, PJT Partners, Centerbridge, of Michigan Locations: San Francisco, UPenn, Carlyle, Blackstone, Axel

Whispering in the ears of the billionaires and celebrities doing the buying, however, are investment bankers. Like other sports bankers BI interviewed for our list of top sports bankers, he exemplified a good-humored, approachable attitude, including joking about his many sports allegiances. Related stories"Earlier in my career, I made the mistake of telling Bob Kraft that I was a New York Jets fan," Carey told BI recently. They're obsessive Jets fans, and they're just fans because I'm a Jets fan," Neville told BI. So that's why we'll be Jets fans forever."

Persons: it's, Goldman Sachs, Greg Carey, everyone's, Carey, Colin Neville's, he's, David Beckham, Steve Ballmer, Joe Tsai, Ballmer, Tsai, Neville, Andrew Kline, Kline, Bob Kraft, I'm, Robert Tilliss, There's, Abramovich, Vladimir Putin, Todd Boehly, Joe Lenehan, Michael Arougheti, David Rubenstein's, doesn't, there's Organizations: NBA, JPMorgan, Business, The, PJT Partners, Chelsea FC, Baltimore Orioles, Sports, Goldman, Endeavor, WWE, Microsoft, Beckham's, Los Angeles Clippers, Brooklyn Nets, Barclays Center, St, Louis Rams, Los Angeles Rams, Golden State Warriors, Miami Heat, Harvard, US Rugby National, Cal, New York Jets, BI, Patriots, Giants, Rays, Chelsea, Circle, Atlanta Hawks NBA, New York Mets, NFL, soccer's Premier League, Russian, Chelsea football, LA Dodgers, Yankees, Manchester United Games, Jets, we'll Locations: European, Los Angeles, Berkeley, Barcelona, Ukraine, New York

☆ 8 more of our stocks report earnings next week. Here's what we want to see
▼ + stars: | 2024-02-03 | by ( Zev Fima | ) www.cnbc.com time to read: +13 min

The three major averages posted gains for the fourth week in row, lifted by strong quarterly earnings results for most of the Big Tech companies and a strong jobs report. A weaker ADP Employment report on Wednesday provided no read-through to the monster January jobs report Friday. Here's what we're keeping an eye on in the coming week: 1. Earnings: It's another big earnings week head for the portfolio, with 8 more of our companies reporting. Consistency is what we appreciate most from nat gas giant Linde , so we're hoping for another quarter of solid earnings growth Tuesday.

Persons: Estee Lauder, Eli Lilly, Mounjaro, Nelson Peltz, Estée Lauder, Tyson, CARR, Jacobs, Willis Towers Watson, Edwards, Walt Disney, Oscar Health, Philip Morris, Armour, BAX, BILL, Jim Cramer's, Jim Cramer, Jim, George Frey Organizations: Big Tech, Dow Jones Industrial, Nasdaq, PMI, Apple, Starbucks, Procter, Gamble, GE Healthcare, DuPont, Linde, Ford, General Motors, Trian Partners, Disney, ESPN, Wynn Resorts, Wynn, Vegas, Prix, Estée Lauder Companies, Caterpillar, McDonalds Corp, Allegiant Travel, Bowlero Corp, Tyson Foods, TSN, Air Products & Chemicals, IDEXX Laboratories, CNA Financial Corp, CNA, Timken Company, Graham Corporation, Mesa Laboratories, Sphere Entertainment, Loews Corp, Technologies, Vertex Pharmaceuticals, Semiconductors, Simon Property Group, Amkor Technology, FMC Corporation, FMC, BellRing Brands, Crown Holdings, ChampionX Corporation, Golub Capital BDC, Flexsteel Industries, Kilroy Realty Corp, Gladstone Capital Corp, Unibanco, S.A, Snack Foods Corp, Kimball Electronics, Skyline Corp, Cabot Corporation, Simpson Manufacturing Co, Varonis Systems, Co, GE HealthCare, Linde plc, LIN, Spotify Technology S.A, BP, Hertz Global Holdings, AeroSystems Holdings, Toyota Motor Corp, Cummins, CMI, Software Technologies, AGCO Corporation, Carrier Global Corporation, Lear Corp, CONSOL Energy, Centene Corporation, Gartner, Arcbest Corp, CTS Corporation, Energizer Holdings, Hamilton Lane Incorporated, KKR, Precision Drilling Corporation, Frontier Group Holdings, Waters Corp, Alfa Laval, Aramark Holdings Corp, FirstService Corporation, Garden Sports Corp, New Jersey Resources Corp, nVent Electric plc, PJT Partners, Resources, Sensata Technologies, Ford Motor Company, Enphase Energy, Grill, VF Corp, Edwards Lifesciences Corp, Gilead Sciences, Lumen Technologies, Cognizant Technology Solutions Corp, Weatherford International plc, Amcor plc, Arrowhead Pharmaceuticals, Advanced Energy Industries, Uber Technologies, CVS Health, Roblox Corporation, Ares Capital Corp, Bunge, XPO Logistics, Scotts Miracle, Gro Company, Berry Global, Flex LNG, Equinor ASA, Griffon Corporation, OneMain Holdings, Brookfield Asset Management, Emerson Electric Co, Hilton Worldwide Holdings, Reynolds Consumer Products, Silicon Laboratories, Brands, Sciences, CDW Corp, Fox Corporation, WYNN, PayPal, Arm Holdings plc, ARM, Axcelis Technologies, Mattel, Paycom, Annaly Capital Management, McKesson Corp, Health Corporation, O'Reilly Automotive, Allstate Corp, Fluence Energy, Power Systems, Digital Turbine, Blue Bird Corp, Everest Group, Omega HealthCare, Coty, COTY, ConocoPhillips, Cameco Corp, Philip Morris International, Spirit Airlines, Hershey Company, Lightspeed Commerce, Aurora Cannabis, Lincoln National Corp, P, Tenet Healthcare Corp, Asbury Automotive Group, Arrow Electronics, Baxter International, PetMed, Boyd Gaming Corp, FirstEnergy Corp, Motorola Solutions, Terex Corp, PepsiCo, Growth, AMC Networks, Owl, American Pipeline, TELUS International, Magna International, Newell Brands, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: U.S, China, Macau, Wynn Macau, Valvoline, VVV, ALFVY, Madison, New Jersey, Gilead, Ceridian, ORLY, Paycor, Aurora, Provo , Utah

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The company currently connects more than 17 million vehicles and Napier said Cubic can update the car from the assembly all the way through its lifetime. "We can update the car in the production line, we can update the car on the ship, we can update the car when it arrives anywhere," Napier said. Cubic will become a consolidated subsidiary of SoftBank Corp, and the deal is set to close in the first half of 2024. Jefferies served as lead financial adviser to Cubic on the deal, while PJT Partners acted as lead financial adviser to SoftBank.

Persons: Issei Kato, Junichi Miyakawa, Barry Napier, SoftBank, Napier, Jefferies, Nick Carey, Nick Zieminski Organizations: SoftBank, REUTERS, SoftBank Corp, Cubic Telecom, Japan, Volkswagen, Qualcomm, Consulting, McKinsey, Co, Reuters, Napier, SoftBank Group, Vision Fund, PJT, Thomson Locations: Tokyo, Japan, TOKYO, Dublin, Irish

☆ WeWork, once valued at $47 billion, files for bankruptcy
▼ + stars: | 2023-11-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The WeWork logo is displayed outside of a shared commercial office space building in Los Angeles, California on August 8, 2023. The bankruptcy filing is limited to WeWork's locations in the U.S. and Canada, the company said in a press release. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing. Valued in 2019 at $47 billion in a round led by Masayoshi Son's SoftBank, the company tried and failed to go public five years ago. The company leases millions of square feet of office space in 777 locations around the world, according to its regulatory filings.

Persons: WeWork, Patrick T, Fallon, PATRICK T, FALLON, David Tolley, Masayoshi Son's SoftBank, Adam Neumann, Neumann, Kirkland, Ellis, Cole Schotz, PJT, CNBC's Ari Levy Organizations: Securities and Exchange Commission, SEC, Getty, New York Stock Exchange, CNBC, PJT Partners, C Street Advisory Group, Alvarez, Marsal Locations: Los Angeles , California, AFP, New Jersey, U.S, Canada

[1/5] A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. The group hired PJT Partners (PJT.N) as financial adviser to lead discussions with Country Garden, two people with knowledge of the matter said. Ratings agency Moody's said on Thursday it could downgrade Country Garden's (2007.HK) 'corporate family rating' if the recovery prospects for its creditors weaken further. Moody's said Country Garden's senior unsecured rating of C was already at the lowest of its rating scale. Country Garden and Frasers did not immediately respond for a request for comment on that sale.

Persons: Edgar Su, PJT, Moody's, Frasers, Houlihan Lokey, Sidley Austin, Yeung Kwok Keung, Yang Huiyan, Yeung, Yang, Cao Jianglin, Garden's, China Evergrande, Scott Murdoch, Xie Yu, Clare Jim, Anousha Sakoui, Liz Lee, Lewis Jackson, Kim Coghill, Christopher Cushing, Jamie Freed, Lincoln, Miral Fahmy, Jane Merriman Organizations: REUTERS, HK, PJT Partners, Garden's, Australian Financial, Reuters, China International Capital Corporation, Finance, HSBC, China National Agricultural Development, SOE, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, China HONG KONG, Garden's Australian, Melbourne, China, Shunde, Guangdong province, Sydney, Hong Kong, London, Beijing, Sydndey

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSYDNEY/LONDON, Oct 19 (Reuters) - A major group of Country Garden (2007.HK) offshore bondholders has appointed PJT Partners (PJT.N) as financial advisors to lead discussions with the troubled Chinese property developer, according to two sources with knowledge of the matter. Bondholders have been seeking urgent talks with the company since it missed a $15 million coupon repayment on Wednesday, putting it at risk of default. Country Garden did not immediately respond to a request to comment made outside of business hours. Reporting Scott Murdoch in Sydney and Anousha Sakoui in London, editing by Karin StroheckerOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, PJT, Scott Murdoch, Anousha, Karin Strohecker Organizations: REUTERS, Rights, PJT Partners, Thomson Locations: Tianjin, China, LONDON, HK, Sydney, London

A representative for Co-op Bank declined to comment. The sale is being closely watched as one of the first examples of long-touted consolidation among Britain's midsize lenders. Co-op Bank had a book value of 1.3 billion pounds ($1.6 billion) at the end of December. Despite interest from financial investors, Co-op Bank is more focused on a deal with a competitor, two people said. Aldermore, OSB, Paragon and Shawbrook declined to comment.

Persons: Toby Melville, Aldermore, JC Flowers, Bain, Pablo Mayo Cerqueiro, Andres Gonzalez, Anousha Sakoui, Sharon Singleton Organizations: Bank, REUTERS, Reuters, Paragon Banking Group, Paragon, Bain Capital, Co, Fenchurch Advisory, PJT Partners, Thomson Locations: London, British, Aldermore

☆ Astra conducts layoffs, raises debt and shifts focus to spacecraft engines in bid to survive
▼ + stars: | 2023-08-04 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Astra is cutting about 70 employees, as well as reallocating about 50 personnel from its rocket development program over to its space products unit, which builds the company's spacecraft engines. Astra noted that it had 278 total orders for spacecraft engines, as of four months ago, worth about $77 million in contracts. In a separate filing Friday, Astra said it raised $10.8 million in net proceeds from selling debt to investment group High Trail Capital. Astra stock was little changed in after-hours trading Friday from its close at 38 cents a share. In Friday's filing, Astra said it hired PJT Partners as a financial advisor, with the company "focused on thoughtfully pursuing opportunities to raise additional capital."

Persons: Chris Kemp, It's, Riley, PJT Organizations: Astra, High, Capital, Systems, Roth Capital, PJT Partners

☆ Browse our database of more than 350 Wall Street headhunters to find your dream job in private equity, investment banking, or hedge funds
▼ + stars: | 2023-07-27 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

From investment banks to hedge funds to private-equity shops, the financial industry is always on the lookout for top talent. Hedge funds are another story. As Insider recently reported, demand for inflation traders by hedge funds has been red hot. Keizner said he's also seeing demand at hedge funds that focus on credit trading and special situations, like mergers. "Single manager, directional equity hedge funds typically haven't been receiving asset inflows and as a result, there's less hiring there."

Persons: Anthony Keizner, Bobby Jain, Adam Harwood, who's, Keizner, he's Organizations: Wall, PJT Partners, Search, Citadel, Credit Suisse, Bankers, Wall Street Locations: dealmaking

NEW YORK, July 26 (Reuters) - Evercore (EVR.N) has hired veteran Morgan Stanley (MS.N) banker Seth Bergstein as a senior managing director to drive dealmaking in the global services sector, people familiar with the matter said on Wednesday. Bergstein, who served as head of Morgan Stanley's global services group for about two decades, held the title of vice chairman of investment banking prior to his departure from the bank. In June, Evercore hired veteran technology banker Tammy Kiely and top aerospace & defense banker Michael Tarulli from Goldman. Earlier this month, it recruited Neil Wolitzer, a partner in real estate investment banking at Goldman, according to people familiar with the matter. Morgan Stanley declined to comment.

Persons: Morgan Stanley, Seth Bergstein, Bergstein, Morgan, Goldman Sachs, Wall, Evercore, Tammy Kiely, Michael Tarulli, Neil Wolitzer, Paul Taubman, Brendan Panda, Panda, Aerojet, David Carnevali, Sonali Paul Organizations: YORK, Global, Goldman, PJT Partners, PJT, Thomson Locations: Dealogic, Goldman, Evercore, New York

☆ Prologis to buy industrial properties from Blackstone for $3.1 billion
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Prologis Inc (PLD.N) said on Monday it has agreed to buy 14 million square feet of industrial properties from real estate funds affiliated with Blackstone (BX.N) for $3.1 billion in an all-cash deal. It currently owns 1.2 billion square feet of logistics real estate in 19 countries. With near record-low vacancy, logistics remains a high conviction theme for us," Nadeem Meghji, head of Blackstone Real Estate Americas, said. Prologis and Blackstone have completed more than a dozen transactions together in the past 11 years, according to the statement. Eastdil Secured, Barclays, BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs, J.P.Morgan Securities, Morgan Stanley, PJT Partners and Wells Fargo acted as financial advisers to Blackstone.

Persons: Nadeem Meghji, Prologis, Blackstone, Eastdil, Goldman Sachs, Morgan Stanley, Wells Fargo, Kannaki, Shilpi Majumdar Organizations: Prologis, Blackstone, Estate, Duke Realty Corp, Barclays, BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, J.P.Morgan Securities, PJT Partners, Thomson Locations: Atlanta , Washington DC , California, Dallas, Las Vegas , New York, Phoenix, South Florida, U.S, Bengaluru

Orpea creditors Kyma Capital and LMR Partners lodged on Tuesday an application against Anchorage and PJT Partners in the U.S. District Court for the District of Delaware, the source said. Anchorage is a member of Orpea's steering committee, a group of unsecured creditors that is supporting a proposal to restructure the French group's debt. PJT Partners are advisors to the steering committee. Kyma Capital and LMR Partners argue that the restructuring deal benefits the steering committee at the expense of other creditors, and that the documents would back up their view. Anchorage, PJT Partners and Orpea did not immediately respond to requests for comment.

Persons: France's, Orpea, Chiara Elisei, Kirsten Donovan Organizations: Kyma Capital, LMR Partners, Anchorage, PJT Partners, District of, Kyma, des, Consignations, Thomson Locations: U.S, District of Delaware, Anchorage

☆ Neptune Retail to buy Coupons.com-parent for $430 mln
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Retail marketing firm Neptune Retail Solutions will acquire Coupons.com-parent Quotient Technology (QUOT.N) for $430 million in cash, the companies said on Tuesday. Quotient's shares jumped about 17% in the early session and were trading 9 cents shy of the $4 offer price. Its clients include some of the world's biggest consumer companies such as Kellogg's (K.N) and Coca-Cola (KO.N). Private investment firm Charlesbank Capital Partners, which is a major shareholder of Neptune, will be the majority investor in the combined company. Houlihan Lokey is serving as a financial adviser to Quotient, while PJT Partners is advising Neptune.

Persons: Quotient's, William Redmond, Houlihan Lokey, Samrhitha, Anil D'Silva Organizations: Retail, Neptune Retail, Reuters, Charlesbank Capital Partners, PJT Partners, Neptune, Thomson Locations: U.S, Bengaluru

According to court filings, Caspersen in 2015 closed a major deal to recapitalize a private equity fund and then embezzeled an $8.1 million fee the fund had paid to PJT. To recoup the money owed to PJT, Caspersen defrauded Moore, which supports environmental nonprofits, into investing $25 million in the deal even though it had already been completed. The foundation sued PJT the following year, claiming the bank had been negligent in failing to more closely supervise Caspersen after he delayed in remitting the $8.1 million fee to the bank. Caspersen's fraud should have been foreseeable in light of the missing $8.1 million fee "and Caspersen’s purportedly sloppy attempt to cover up his embezzlement," Cannataro wrote. The case is The Moore Charitable Foundation v PJT Partners Inc, New York Court of Appeals, No.

Persons: Andrew Caspersen, Anthony Cannataro, Moore, Caspersen, PJT, Cannataro, Madeline Singas, Singas, Michael Garcia, Stephen Shackelford, Susman Godfrey, Aidan Synnott, Paul Weiss Rifkind Wharton, Garrison Read Organizations: Bank, NY, The New, Appeals, PJT Partners, Moore Charitable, Park Hill Group, Caspersen, New, Thomson Locations: The New York, PJT, Caspersen, New York

☆ How to land a job with Blackstone, Apollo, KRR, and other private equity titans
▼ + stars: | 2023-06-06 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +6 min

Private equity is often seen as the Holy Grail of finance jobs — but breaking in can be challenging. We also have data on private equity pay and the industry's top recruiters. Here is what we found about pay at private equity firms, including Blackstone, Apollo, and Bain Capital. Private equity recruiting has been starting earlier than ever Getty ImagesPrivate equity firms like to recruit young talent from investment banks. These days, the private equity recruiting process has started earlier than ever, resulting in middle-of-the-night interviews with offers being made — and blown up — all before Labor Day.

Persons: —, bymuratdeniz, Blackstone, Samantha Lee, Drew Angerer, Skye Gould, Jon Gray, Grace Koo, Read, Carlyle, Alex Crisses, Thoma Bravo, Warburg Pincus, Wharton's, Axel Springer Organizations: Blackstone, KKR, Service, Apax Partners, Oaktree, of Foreign Labor, Apollo, Bain Capital, Labor, General Atlantic, PJT Partners, Partners, dealmakers, Wall, University of Michigan Locations: Carlyle, Blackstone, Axel

May 22 (Reuters) - German media group ProSiebenSat.1 (PSMGn.DE) and European pay-TV operator Sky have revived talks over a combination of their businesses in Germany, four sources familiar with the matter said Wednesday. Like other broadcasters across Europe, German broadcasters are struggling to reshape their business to compete with online streaming players such as Netflix (NFLX.O) and DAZN. Under a potential transaction, Sky would pay hundreds of million of euros to sell its operations in Germany to Prosiebensat.1, two of the sources said. Prosiebensat.1 declined to comment. Sky declined to comment Comcast did not immediately respond to a request for comment.

☆ Lazard CEO Jacobs set to step down, Orszag to take helm -source
▼ + stars: | 2023-05-19 | by ( Anirban Sen | ) www.reuters.com time to read: +2 min

Jacobs' decision to step down comes after Lazard reported a loss in the first quarter as dealmaking activity slumped. Lazard's stock has lost about 17% this year, giving the independent investment bank a market capitalization of just over $3 billion. Orszag, 54, was previously was head of North America M&A at Lazard and joined the bank from Citigroup in 2016. Jacobs, 64, joined Lazard from Goldman Sachs Group (GS.N) in 1988 and took over as CEO in 2009 after the death of his predecessor, Bruce Wasserstein. The Wall Street Journal first reported on the succession.

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ WeWork reaches deals to cut debt, extend maturities
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Under the deals announced Friday, key investor SoftBank Group Corp's (9984.T) $1.0 billion unsecured notes would be converted to equity. The Japanese company held a stake of about 46% in WeWork before the restructuring was announced, as per Refinitiv data. About $1.9 billion of pro-forma debt will now mature in 2027, WeWork said, adding that it would have less than $2.0 billion in net debt once the deal closes. WeWork, which went public in 2021 after a two-year struggle, is yet to post a quarterly profit. PJT Partners LP advised WeWork on the debt restructuring, while Houlihan Lokey advised SoftBank.

Investors have purchased the debt of Silicon Valley Bank’s parent at distressed levels in hopes of profiting in a possible sale of assets. Creditors of Silicon Valley Bank’s parent company have formed a group in anticipation of a potential bankruptcy filing, through which they hope to profit from a sale of the collapsed firm’s private-wealth and other units, according to people familiar with the matter. The investor group, which is being advised by PJT Partners Inc., includes Centerbridge Partners LP, Davidson Kempner Capital Management LP and Pacific Investment Management Co., or Pimco, the people said. Most members bought parent SVB Financial Group ’s bonds coming into the weekend as they traded down to around 30 cents on the dollar, the people said. The group now holds a sizable chunk of SVB Financial’s $3.4 billion face value of bonds.

☆ SVB creditors form group ahead of possible bankruptcy - WSJ
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Creditors of Silicon Valley Bank's (SIVB.O) parent company have formed a group in anticipation of a potential bankruptcy filing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Embattled lender SVB, which was shut down last week, on Monday said it was exploring strategic alternatives and had hired a restructuring veteran, but has not said it was planning to file for bankruptcy. The creditor group includes Centerbridge Partners, Davidson Kempner Capital Management and Pacific Investment Management Co, the report said, adding that they were being advised by PJT Partners Inc. The companies did not immediately respond to Reuters requests for comment. Reporting by Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman doubles down on the wealthy, as it should
▼ + stars: | 2023-02-28 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

Instead, he indicated that the wealth business would be a “key driver for growth." One key pillar of that plan is Goldman’s alternative assets business, which includes running buyout, private credit and real-estate investing funds. For example, Goldman plans to take $2 billion in management and other fees from the alternative business next year. Last year, of the $72 billion Goldman raised for alternative, a third of that came from its wealth business. Goldman has dabbled in this now-dubbed “One Goldman” concept before, and gave it significant airtime on Tuesday.

☆ Private equity acquires a taste for drug development
▼ + stars: | 2023-01-09 | by ( David Carnevali | ) www.reuters.com time to read: +6 min

Jan 9 (Reuters) - Private equity firms that deemed drug development too risky for their liking in the past are increasingly investing in the sector, raising dedicated funds and coming up with deals that compensate them for the uncertainty involved. These deals are not structured as the leveraged buyouts that private equity firms are mostly known for. In most cases, the drug makers start paying the money back to the private equity firms when the drug is being developed, either by issuing equity, tapping cash on hand or borrowing. They also share a slice of the newly developed drug's revenue with the private equity firms once it's approved. Private equity firms also provide capital to spin out drugs into new companies.

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