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Stay tuned to TheDeal.com for updates to these stories and more.
Warburg Pincus Setting aside worries about current financial conditions, investors are sinking $15 billion into Warburg Pincus' 10th fund, exceeding the original goal for the fund by 25%.
The New York-based buyout shop said that it has closed Warburg Pincus Private Equity X LP at $15 billion, attracting more investments than the original $12 billion target in spite of the current economic uncertainty.
Citigroup Inc., CIT Group Inc. Meanwhile, banking giant Citigroup Inc. and commercial lender CIT Group Inc., have announced equity sales of $6 billion and $1.5 billion, respectively, to shore up their balance sheets after recording massive write-downs and credit losses tied to subprime mortgages. Reports on Reuters and Bloomberg say Citigroup issued preferred shares that offer a dividend of 8.4% for 10 years and a floating rate after that. This offering will bring Citigroup's total capital-raising effort since November to more than $36 billion. And CIT Group said it would raise $1.5 billion from selling common and convertible preferred stock, increasing the allotment by half after initially announcing a $1 billion offering Monday. Delta Air Lines Inc.-Northwest Airlines Corp. The leader of Delta's pilots union suggested Monday he would consider arbitration with Northwest pilots on how to merge their seniority lists, after they failed to reach a deal before their airlines agreed to merge last week. In a letter to pilots Monday, Lee Moak said union leaders are committed to the concept that the unions should integrate their seniority lists after negotiation of a single joint contract and, if necessary, "expedited arbitration to be completed before closing of a corporate transaction." Tribune Co.-Newsday-News Corp. Tribune Co. is reportedly near a deal to sell Long Island, N.Y., paper Newsday to Rupert Murdoch's News Corp. for $580 million, according to press reports from both of the companies' outlets Tuesday. Tribune, a Chicago-based media conglomerate that real estate mogul Sam Zell took private in 2007 through an $8.2 billion employee shareholder buyout, has been looking for ways to pare down debt since the deal's close. Tribune also plans to sell the Chicago Cubs baseball team and possibly their home ballpark Wrigley Field, and deals around these properties could help bolster its liquidity position. American Ironhorse Motorcycle Co. And finally, American Ironhorse wants its bidding procedures approved for the sale of the company before it has a stalking-horse bidder. Judge Russell F. Nelms of the U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth will consider the bidding procedures for the maker of custom-built motorcycles on Friday. See TheDeal.com story on Warburg Pincus' fund See TheDeal.com story on Citi, CIT See TheDeal.com story on AIM See earlier story from TheDeal.com on Delta-Northwest Categories Deal Video
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