Centerbridge Partners

EQS-News: Aareal Bank AG AGM on 3 May to include squeeze-out resolution

Retrieved on: 
Wednesday, April 10, 2024

Wiesbaden, 25 March 2024 – Aareal Bank AG has today invited shareholders to its ordinary Annual General Meeting, which will be held on 3 May 2024 as a virtual meeting.

Key Points: 
  • Wiesbaden, 25 March 2024 – Aareal Bank AG has today invited shareholders to its ordinary Annual General Meeting, which will be held on 3 May 2024 as a virtual meeting.
  • A key item on the agenda will be the passing of a resolution on a squeeze-out of minority shareholders.
  • The main shareholder of Aareal Bank AG, Atlantic BidCo GmbH, has further specified its transfer request and informed Aareal Bank AG’s Management Board that it has determined the cash compensation for the intended transfer of shares held by minority shareholders of Aareal Bank AG at €33.20 per registered share.
  • Atlantic BidCo holds approximately 95.50 per cent of the issued share capital of, and voting rights in, Aareal Bank AG.

LuxUrban Hotels Appoints Kimberly K. Schaefer, Former CEO of Great Wolf Resorts, to Board of Directors

Retrieved on: 
Monday, March 25, 2024

Ms. Schaefer was instrumental in the expansion of Great Wolf Resorts, growing the company from one cabin to 13 mega indoor waterpark resorts.

Key Points: 
  • Ms. Schaefer was instrumental in the expansion of Great Wolf Resorts, growing the company from one cabin to 13 mega indoor waterpark resorts.
  • Prior to being appointed Chief Executive Officer, Ms. Schaefer served as Chief Operating Officer/Chief Brand Officer from 2005 to 2009.
  • Ms. Schaefer has served as Chief Executive Officer and a director of Alpine Acquisition Corporation and as an Advisor to merchant bank Alpine Consolidated since 2018.
  • “Kim has spent her career building brands into premier destinations and growing businesses in a creative, structured, and forward-thinking manner.

INDUS Realty Trust Announces 1.5 Million Square Feet of New Industrial Development Projects in Atlanta and Savannah

Retrieved on: 
Thursday, February 29, 2024

The Atlanta development (“Chastain Crossings”), located in Kennesaw, Georgia, broke ground in December 2023 and will include two buildings totaling approximately 440,000 square feet.

Key Points: 
  • The Atlanta development (“Chastain Crossings”), located in Kennesaw, Georgia, broke ground in December 2023 and will include two buildings totaling approximately 440,000 square feet.
  • The Savannah, GA development (“Rockingham Farms Commerce Center”), is expected to break ground in the first quarter of 2024 and will include two phases totaling four buildings and 1.0 million square feet.
  • “Chastain Crossings and Rockingham Farms Commerce Center present exciting opportunities for INDUS to enter two of the best performing and most dynamic industrial markets in the Southeast.
  • Rockingham Farms Commerce Center will total 1.0 million square feet across four buildings to be built in two phases.

HCI Group Takes Strategic Steps to Better Position Company for Future Opportunities

Retrieved on: 
Monday, January 22, 2024

TypTap has also redeemed all of the TypTap Series A Preferred Stock held by Centerbridge -- more than one year before Centerbridge’s optional February 26, 2025 redemption date. The redemption totaled approximately $100 million plus accrued and unpaid dividends of approximately $2.9 million. The redemption results in the elimination of any future dividends that would have otherwise accrued on the preferred shares, including dividends at the increased dividend rate of 9.5% that would have commenced in February 2024. The redemption is being funded with cash on hand, as well as approximately $50 million from HCI’s existing credit facility with Fifth Third Bank.

Key Points: 
  • TAMPA, Fla., Jan. 22, 2024 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, along with its majority owned subsidiary, TypTap Insurance Group, Inc., announced today the undertaking of several strategic steps designed to increase operational and capital flexibility and to better position the company for future growth opportunities.
  • “We are taking steps to simplify our balance sheet and give us maximum flexibility to pursue attractive opportunities in the future,” said Paresh Patel, HCI’s chairman and chief executive officer.
  • HCI will recognize a one-time non-cash deemed dividend related to the warrant extension in the first quarter of 2024.
  • If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

CSI Announces Strategic Investment from TA

Retrieved on: 
Wednesday, January 10, 2024

CSI , a leading provider of end-to-end financial software and technology, announced today a strategic investment from TA Associates (TA), a leading global private equity firm.

Key Points: 
  • CSI , a leading provider of end-to-end financial software and technology, announced today a strategic investment from TA Associates (TA), a leading global private equity firm.
  • “Welcoming TA to our team of strategic investors supports our goal to elevate our comprehensive suite of technologies and services and expand our capabilities with modern solutions community bankers need.”
    TA’s investment comes during a momentous fiscal year for CSI, the first 10 months of which saw the company increase sales 36% year over year.
  • CSI also announced multiple feature and function updates to its software platform, a number of strategic hires , its partnership with digital banking and treasury management fintech Dragonfly Financial Technologies , and its recent acquisition of loan origination software provider Hawthorn River .
  • “In our year-long, in-depth review of the core banking market, CSI emerged repeatedly as the leading innovator in its market segments,” said Hythem T. El-Nazer, Managing Director for TA.

OTG Announces Strategic Growth Plan to Effectuate Transaction with Investor Consortium and Leadership Transition

Retrieved on: 
Friday, January 5, 2024

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- OTG ("OTG" or the "Company"), the hospitality group responsible for transforming the airport dining experience across the country, today announced that it has launched a series of initiatives to position the business for long-term growth and stability. The Company is working collaboratively with a private investor consortium (the "Investor Consortium") led by funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Centerbridge Partners, L.P. ("Centerbridge"), to effectuate a transaction, under which the Investor Consortium will acquire OTG. The Investor Consortium also includes Sculptor Capital L.P., CPPIB Credit Investments III Inc., and Oak Hill Advisors, L.P.

Key Points: 
  • The Company is working collaboratively with a private investor consortium (the "Investor Consortium") led by funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Centerbridge Partners, L.P. ("Centerbridge"), to effectuate a transaction, under which the Investor Consortium will acquire OTG.
  • The Investor Consortium also includes Sculptor Capital L.P., CPPIB Credit Investments III Inc., and Oak Hill Advisors, L.P.
    At closing of the transaction, the Investor Consortium intends to name Tom Fricke as Chairman of the Board of Directors and interim CEO.
  • To help advance the Company's growth plan, the Investor Consortium will provide the Company with new financing to support continued innovation, ongoing airport infrastructure investment, and geographic expansion.
  • The Investor Consortium first partnered with OTG in October 2021 to provide OTG with capital to fuel its growth.

EQS-News: Atlantic BidCo has secured more than 95% of shares in Aareal Bank AG – Intention to initiate squeeze-out of minority shareholders

Retrieved on: 
Tuesday, December 26, 2023

Frankfurt, November 22, 2023 – Atlantic BidCo GmbH (“Atlantic BidCo” or the “Bidder”) has secured more than 95% of the shares in Aareal Bank AG (“Aareal Bank”) and plans to initate a squeeze-out of the remaining minority shareholders to acquire all remaining shares of Aareal Bank.

Key Points: 
  • Frankfurt, November 22, 2023 – Atlantic BidCo GmbH (“Atlantic BidCo” or the “Bidder”) has secured more than 95% of the shares in Aareal Bank AG (“Aareal Bank”) and plans to initate a squeeze-out of the remaining minority shareholders to acquire all remaining shares of Aareal Bank.
  • The management board of Aareal Bank has been informed of this intention by Atlantic BidCo.
  • According to the current status (today 2pm), the public delisting tender offer (the “Delisting Offer”) by Atlantic BidCo to the shareholders of Aareal Bank has been accepted for approx.
  • Thus, the last trading day of the Aareal Bank shares on the Frankfurt Stock Exchange was November 21, 2023.

KBRA Affirms Ratings for Banc of California, Inc. and Withdraws Ratings for PacWest Bancorp

Retrieved on: 
Thursday, December 7, 2023

These ratings actions, which include the resolution of the Watch Developing status for both Pacwest Bancorp and Pacific Western Bank, coincide with the completion of the merger between BANC and PACW.

Key Points: 
  • These ratings actions, which include the resolution of the Watch Developing status for both Pacwest Bancorp and Pacific Western Bank, coincide with the completion of the merger between BANC and PACW.
  • merged into Pacific Western Bank (“PWB”), with the surviving entities operating under the Banc of California name and brand.
  • KBRA considers the merger to be a strategically favorable one by creating a leading California focused commercial banking institution.
  • The Stable Outlook is reflective of KBRA’s view that a change to the long term ratings of BANC is unlikely over the near term.

Banc of California Announces Completion of Transformational Merger with PacWest Bancorp and $400 Million Equity Raise

Retrieved on: 
Thursday, November 30, 2023

Banc of California, Inc. (“Banc of California”) (NYSE: BANC) today announced the completion of its transformational merger with PacWest Bancorp (“PacWest”) (Nasdaq: PACW), pursuant to which PacWest has merged into Banc of California, and as of December 1, 2023, Banc of California, N.A.

Key Points: 
  • Banc of California, Inc. (“Banc of California”) (NYSE: BANC) today announced the completion of its transformational merger with PacWest Bancorp (“PacWest”) (Nasdaq: PACW), pursuant to which PacWest has merged into Banc of California, and as of December 1, 2023, Banc of California, N.A.
  • The combined bank will operate under the Banc of California name and brand.
  • Concurrent with the completion of the merger, Banc of California also completed its $400 million equity raise from affiliates of funds managed by Warburg Pincus LLC and certain investment vehicles sponsored, managed or advised by Centerbridge Partners, L.P. and its affiliates.
  • “Today begins a new chapter for Banc of California,” said Jared Wolff, CEO and President of Banc of California.

GrowthCap Announces The Top Private Debt Firms of 2023, The Best Capital Partners To Companies

Retrieved on: 
Wednesday, December 6, 2023

NEW YORK, Dec. 6, 2023 /PRNewswire-PRWeb/ -- GrowthCap is pleased to announce The Top Private Debt Firms of 2023. It has been several years since we last ran this awards process and while the private debt market has continued to grow considerably to an estimated $1.5 trillion, the leadership and positioning of firms within the market has varied. Our awards process, based on nomination submissions and further in-depth research, attempts to capture a more holistic view of firms and not simply firms listed by assets under management and/or returns, as those metrics oftentimes do not indicate to a company CEO and management team how good of a partner that firm will be to the company and its long-term success.

Key Points: 
  • NEW YORK, Dec. 6, 2023 /PRNewswire-PRWeb/ -- GrowthCap is pleased to announce The Top Private Debt Firms of 2023.
  • Notably, the other private debt firms being recognized this year are also remarkable partners to corporations.
  • Please join us in recognizing and celebrating the achievements of The Top Private Debt Firms of 2023.
  • Golub Capital, Golden Tree Asset Management, Churchill Asset Management, First Eagle Alternative Credit, Prospect Capital Management, Centerbridge Partners, Vista Credit Partners, Thoma Bravo, H.I.G WhiteHorse, 400 Capital Management, MGG Investment Group, Man Varagon, Multiplier Capital and Star Mountain Capital.