CFO reported that both financial sponsors and strategic acquirers are waiting on the sidelines marking a rough start for M&A so far this year. As of January 20, 221 deals had been announced in North America, compared with 396 at this point in 2011.
The Kroger Co. has amended and restated its $2 billion revolving credit facility originally negotiated in November 2010. The amended facility will expire in January 2017. Bank of America and Citibank led the bank group as administrative and syndication agents, respectively.
Eastman Kodak announced that it has retained James A. Mesterharm of AlixPartners as chief restructuring officer as of January 23, 2012, replacing Dominic DiNapoli in that role.
Allegiance Capital Corporation announced that Kieran Pinney has joined its New York office to serve as a vice president and Shane Mahmood joined the company as vice president in the Dallas office.
The FOMC said that since it met in December the economy has been expanding moderately, notwithstanding some slowing in global growth. It will keep the target range for the federal funds rate at 0 to 0.25% and anticipates holding the rate at low levels at least through late 2014.
Fesnak and Associates announced that Brian P. Dempsey, CPA/CFF/CITP, CFE has joined the firm as a manager in the Valuation and Litigation Support group.
A majority of executives at middle-market energy companies see the potential for U.S. energy independence within 15 years, yet they expressed concern that the regulatory environment, financial world and opposition to fracking could dash that promise, according to the 2012 U.S. Energy Sector Outlook released by CIT.
Norwest Equity Partners has made a significant investment in Savage Sports, a provider of outdoor sportsman products. Wells Fargo Securities and Bank of America Merrill Lynch served as co-lead agents for the senior financing, and Norwest Mezzanine Partners provided the mezzanine financing for the transaction.
Senior bankruptcy lawyer Ancela R. Nastasi has joined Fulbright & Jaworski as the head of the New York office’s Bankruptcy and Insolvency practice group.
Crosstex Energy announced the completion of a $150 million increase in and amendment to the partnership’s revolving credit facility. The revolving credit facility is supported by a syndicate of 17 banks led by Bank of America Merrill Lynch as the lead arranger.