Press release states, “CIC participation in Finance Facility CIC has committed to the Facility on the same terms as those announced to the market on 19 May 2009. To facilitate CIC’s participation, Macquarie Bank and its associates have sold down A$15m of their exposure which combined with CIC’s commitment of A$200m takes the final Facility size to A$485m. The Facility will not be increased in size beyond A$485m. Goodman and CIC have agreed to work in good faith towards a broader relationship between the two groups.
Greg Goodman, Group CEO of Goodman said: ‘We are very pleased with the support shown to the Group by CIC and are excited about the opportunity to partner with an institution of this calibre as we seek to grow our business globally. We view a relationship with CIC as highly strategic and believe that together we can capitalise on the significant opportunities created by current market conditions.’
The key terms of the A$485 million Facility are as follows:
9 month term expiring in February 2010, extendable for a further 15 months; and
Secured facility with covenants comparable to those in Goodman’s existing common
terms deed poll.
In conjunction with the Facility, additional Options will be granted over 255.3 million Goodman stapled securities with a two year term (Options). These additional Options are to be issued with a strike price of $0.40 and the lenders will share the two tranches of Options on a pro rata basis.
Approval from Australia’s Foreign Investment Review Board will be sought in respect of CIC’s participation in the transaction. The issue of options (apart from the first 120 million Options which were issued within placement capacity) will also be subject to security holder approval. In the event that the Options are not approved by security holders, the lenders under the Facility will be entitled to a cash amount from Goodman equivalent to the value of the Options as if they had been granted and were exercised. Further details of this grant will be distributed as part of a notice of extraordinary general meeting.”
read more: Goodman Press Release
The Blackstone Group’s Strategic Capital Holdings Fund purchased a passive, minority equity interest in private equity firm Kohlberg & Company, L.P. The Strategic Capital Holdings Fund is part of Blackstone’s alternative assets group.
Kohlberg & Co. is based in Mt. Kisco, New York and has a strong focus towards the middle market in private equity. The private equity firm was founded by Jerome Kohlberg, Jr. (passed away July 30, 2015). Jerome Kohlberg, Jr. co-founded KKR and then started his own operation Kohlberg & Co. in 1987 with a preference towards the private equity middle market versus large buyouts.
Evercore served as financial advisor to Kohlberg. Ropes & Gray served as legal counsel to Kohlberg and Simpson Thacher served as legal counsel to Blackstone.
Abu Dhabi-based Mubadala Investment Company is in the final stages of negotiation on a deal to buy Queiroz Galvão Energia SA (QGE) – the renewable energy division of Brazilian oil and natural gas company Queiroz Galvão Participacaoes – at a valuation of nearly 4 billion BRL (US$ 1.2 billion), according to a report from local financial newspaper Valor Econômico. Valor reports that the buyout-centric arm of Abu Dhabi’s overarching Mubadala Investment Company has teamed up with Castlerock Asset Management Inc. on the acquisition, although neither party could be reached for comment at time of writing.
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A group of Japanese investors led by Kansai Electric Power (Kepco) and Tokyo Gas acquired the Shiba Park Building, also known as the Gunkan (or warship) building, for a reported 150 billion JPY (US$ 1.4 billion) from a consortium of investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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