Private equity firmAdvent International Corp.is arranging $400 million in debt financing for its June 4 buyout of recovery auditing specialist Connolly LLC, which nabbed a B2 rating from Moody's Investors Service. Moody's said Advent will also use additional equity to pay for the buyout. The ratings agency assigned a Ba3 rating to a proposed $240 million first-lien term loan due in 2018 and a $30 million revolver due in 2017. Moody's assigned a Caa1 rating to a proposed $130 million second-lien term loan due in 2019, as well.RBC Capital MarketsandSunTrust Banks Inc.are arranging the loans. Connolly said it will use Advent's network and services business expertise to drive growth. Moody's said it expects revenue to increase by 30% in 2012 and more than 10% in 2013, which should lower the debt-to-Ebitda ratio to under 5 times over the next 12 to 18 months though revenue will still be under $300 million annually. Larry Connolly, CEO of Connolly Inc., and Libby Connolly Alexander, CEO of Connolly Healthcare, will remain with the company as executives, shareholders and board members.
Baker Botts LLP antitrust partner Charles A. Loughlin was selected as the next deputy chief trial counsel for the Federal Trade Commission bureau of competition For other updates launch today's Movers & shakers slideshow.
Sandell Asset Management spearheaded an activist campaign at communications testing company Viavi Solutions. The firm wrote a letter urging Viavi to embark on a strategic review. Sandell believes Viavi, formerly known as JDS Uniphase, could score $10 per share in a sale. More video