Warburg Pincus Archives

TIAA to Sell TIAA Bank to New Investors

TIAA entered into a definitive agreement to sell TIAA Bank to new investors with experience in financial services, including Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.

Ares Management Closes $31.8B in New Commitments in Last 12 Months

F.N.B. entered its next phase of strategic expansion in Virginia, including further growth of its retail network in the greater Washington, D.C., area and plans to extend its commercial banking operations into Richmond, VA, with a new loan origination center.

Hertz to Fund Chapter 11 Exit with $6B Bid From Knighthead, Centares and Apollo

Hertz selected and approved a revised proposal from certain funds and accounts managed by affiliates of each of Knighthead Capital Management, Certares Opportunities and Apollo Capital Management (together with Knighthead and Certares, the KHCA group) to provide the equity capital required to fund Hertz’s revised plan of reorganization and exit from Chapter 11.

Centerbridge, Warburg Pincus, Dundon Capital Support Hertz Chapter 11 Exit

Hertz Global Holdings selected an enhanced proposal from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners to provide the equity capital required to fund its exit from Chapter 11, keeping the company on track to conclude its Chapter 11 case in June 2021.

Hertz Progress Toward Chapter 11 Exit, Continues Plan of Reorganization Sponsorship Negotiations

Hertz will continue the process of negotiating the terms on which its plan of reorganization will be sponsored without delaying its goal of exiting Chapter 11 by early to mid-summer.

MidCap and Apollo Provide Up to $100MM Mezzanine Facility to LendingPoint

LendingPoint Consolidated, parent of the financial technology platform LendingPoint, closed an up to $110 million, five-year corporate mezzanine credit facility with new partners MidCap Financial Trust, managed by a subsidiary of Apollo Global Management, Inc. and Apollo Investment.

JPMorgan and Others Provide Debt Financing for Service Logic Acquisition

Service Logic was acquired by Leonard Green & Partners from private equity firm Warburg Pincus. Debt financing for the transaction was provided by JPMorgan Chase Bank, Morgan Stanley, Antares Capital and Crescent Capital.

Bank of America Agents Amendment to WEX’s Existing Credit Facilities

According to an 8K filed with the SEC, Bank of America served as administrative agent on an amendment to WEX’s existing senior secured credit facilities. In addition, WEX agreed to a $400 million dollar investment from an affiliate of Warburg Pincus.

Ares Management Provides $2.9B in Commitments in Q3/18

Ares Management’s Credit Group provided approximately $2.9 billion in commitments across 47 transactions that closed during the third quarter of 2018.

Bank Leumi to Sell Leumi Card to Warburg Pincus

Bank Leumi and the Azrieli Group agreed to sell Leumi Card to funds affiliated with private equity fund Warburg Pincus for NIS2.5 billion ($682 million).

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