Thomas H. Lee Partners, L.P. is a private equity firm specializing in management-led buyouts, growth capital, special situations, industry consolidations, and recapitalizations for growth companies. It also provides bridge loans. The firm seeks to invest in media and telecommunications, financial services, healthcare, industrial, manufacturing, consumer and retail, business and information services, and entertainment sectors. It targets companies based throughout the United States. The firm seeks to acquire substantial ownership positions and board seat in its portfolio companies. The firm invests in companies with enterprise values between $1 billion and $10 billion. It generally, makes in...
100 Federal Street
Boston, MA 02110
Founded in 1974
Fidelity National And Thomas H. Lee Reportedly In Talks To Acquire Lender Processing
May 22 13
Fidelity National Financial, Inc. (NYSE:FNF) and Thomas H. Lee Partners, L.P. are in advanced talks to acquire Lender Processing Services, Inc. (NYSE:LPS), said people familiar with the matter. Under the terms being discussed, the buyers would pay with a mix of cash and Fidelity National Financial stock, said the people. According to the said sources, the deal would value Lender Processing Services shares around $2.9 billion.
Onex Reportedly Failed To Find Buyer For Carestream Health; Called Off Auction
May 17 13
Onex Corporation (TSX:OCX) has called off its auction of Carestream Health, Inc. after failing to find a buyer for the price of $3.5 billion, three people familiar with the matter said. Bain Capital LLC dropped out of the auction the week ending May 17, 2013 and Thomas H. Lee Partners LP exited the process earlier, people said. Onex is now considering other options for Carestream, with a dividend recapitalization the most likely outcome, one of the people said. Under that scenario, Carestream would borrow money to pay Onex, a special dividend. Representatives of Carestream and Onex did not immediately respond to requests for comment, while Bain and Thomas H. Lee Partners declined to comment.
Clear Channel Outdoor Holdings Inc. and Subsidiaries Enters into Memorandum of Understanding with Legal Counsel to Settle the Litigation
Apr 3 13
As previously disclosed, two derivative lawsuits were filed in March 2012 in Delaware Chancery Court by stockholders of Clear Channel Outdoor Holdings, Inc. The consolidated lawsuits are captioned In re Clear Channel Outdoor Holdings, Inc. Derivative Litigation, Consolidated Case No. 7315-CS. The complaints name as defendants certain of the current and former directors of both the Company and its indirect parent company, Clear Channel Communications, Inc.’s (“CCU”), as well as CCU, Bain Capital Partners, LLC (Bain Capital Private Equity) and Thomas H. Lee Partners, L.P. The Company also is named as a nominal defendant. The complaints allege, among other things, that in December 2009 CCU breached fiduciary duties to the Company and its stockholders by allegedly requiring the Company to agree to amend the terms of the Revolving Promissory Note, dated as of November 10, 2005, between CCU, as maker, and the Company, as payee, to extend the maturity date of the Note and to amend the interest rate payable on the Note. According to the complaints, the terms of the amended Note were unfair to the Company because, among other things, the Contract Rate was below market. The complaints further allege that CCU was unjustly enriched as a result of that transaction. The complaints also allege that the director defendants breached fiduciary duties to the Company in connection with that transaction and that the transaction constituted corporate waste. On April 4, 2012, the board of directors of the Company formed a special litigation committee consisting of independent directors (SLC) to review and investigate plaintiffs’ claims and determine the course of action that serves the best interests of the Company and its stockholders. On March 28, 2013, to avoid the costs, disruption and distraction of further litigation, and without admitting the validity of any allegations made in the complaint, legal counsel for the defendants entered into a binding memorandum of understanding (MOU) with legal counsel for the SLC and the plaintiffs to settle the litigation. The MOU obligates the parties to use their best efforts to prepare a Stipulation of Settlement reflecting the terms of the MOU and present such Stipulation of Settlement to the Delaware Chancery Court for approval. The MOU includes the following terms, among others. The Company agrees, not later than 30 calendar days following the approval of the settlement by the Delaware Chancery Court, to (i) demand payment of $200 million outstanding under the Note and (ii) declare a dividend of $200 million that shall be paid simultaneously on the date the payment from the demand is to be made (approximately 89% of the proceeds from such dividend would be distributed to Clear Channel Holdings, Inc., the Company’s direct parent and a direct wholly-owned subsidiary of CCU). CCU and the Company agree to amend the Contract Rate such that, in the event that (x) the outstanding balance of the Note exceeds $1.0 billion, the per annum rate of interest applicable to such excess balance (i.e., the amount that exceeds $1.0 billion) will be an amount equal to the average yield-to-maturity for the series of CCU Legacy Notes that has the nearest future maturity date or (y) the Clear Channel Liquidity Ratio (as defined below) is less than 2.0x, the per annum rate of interest applicable to the entire outstanding balance of the Note will be an amount equal to the average yield-to-maturity for the series of CCU Legacy Notes that has the nearest future maturity date; provided, however, that, the Contract Rate shall in no event be less than 6.5% nor greater than 20%. Clear Channel Liquidity Ratio is defined to equal the (A) aggregate (i) cash and cash equivalents set forth on CCU’s balance sheet (excluding minority interests and unavailable cash) and (ii) borrowing availability under any revolving credit (or similar) facility of CCU (collectively, “Clear Channel Liquidity”) divided by (B) the amount that would be payable to non-affiliated holders of the Company’s common stock (the “Outdoor Public Share”) assuming (1) a demand by the Company of the aggregate amount outstanding under the Note and (2) a simultaneous dividend of the proceeds of such demand to the stockholders of the Company. CCU Legacy Notes is defined as CCU’s 5.5% Senior Notes Due 2014, 4.9% Senior Notes Due 2015, 5.5% Senior Notes Due 2016 and 6.875% Senior Debentures Due 2018, excluding any series of notes that has a maturity date less than 90 calendar days from the date of measurement. The Company agrees to establish a committee of the Board (Committee), composed of all then-serving independent and disinterested directors of the Company, for the specific purpose of monitoring the Note. The Committee will be provided reports on a monthly basis, have access to independent legal and financial advisors, and will have the non-exclusive authority (i.e., in addition to the authority of the full Board), if the Committee so desires and believes it to be in the best interests of the Company’s stockholders, to demand payments under the Note under the following specified circumstances. if the Clear Channel Liquidity Ratio is less than 2.0x on an actual or projected basis, the Committee will be authorized to demand payment up to the full balance outstanding under the Note; or if the Outdoor Public Share is greater than $114.0 million on an actual or projected basis, then the Committee will be authorized to demand payment up to the amount required to reduce the Outdoor Public Share to $85.0 million; in each such case provided that (a) the Committee provides no fewer than 20 and no more than 30 calendar days’ notice that it is exercising its power and authority to make a demand for payment; (b) the Company has the right and ability to declare a dividend equal to the amount so demanded; and (c) the Committee simultaneously declares a dividend equal to the amount so demanded, to be paid simultaneously with the amount paid pursuant to the demand.