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Tuesday, January 22, 2013|
The TCW Sale is Almost Done
There’s a lot going on at TCW [profile] now that the deal is almost done.
P&I reports that now the deal with Carlyle is pretty much completed, there are number of things to square away now, including the resolution of a hefty chunk of debt.
The paper reports that in the last six weeks alone, the firm acquired one alternatives investment manager, formed a partnership with a second and announced the hiring of new senior officials. At the same time, some other top employees and an investment team have left.
Moreover, the biggest change should be coming in a matter of days: completion of Societe Generale SA's $780 million sale of TCW to The Carlyle Group and TCW employees. P&I reports that the leveraged buyout, announced in August and scheduled to close on Jan. 31, is based on the premise that TCW will be able to handle doubling its debt load by bringing in more investment fees as it builds assets under management.
For instance, a December report from Standard & Poor's Corp., New York, said TCW expects to take on $355 million in new debt after it pays off $152 million in existing obligations.
Read more in P&I.
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