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OpenGate Capital Sells Omniplast BV to Consortium of Investors

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Realization of Legacy Investment Specializing in PVC Piping
Systems for the Agricultural and Greenhouse Sector

LOS ANGELES & PARIS–(BUSINESS WIRE)–OpenGate
Capital
, a global private equity firm, announced today that it has
sold Omniplast BV (“Omniplast”) to a group of European investors
composed of Reedcapital, Luigi M. Chiaraviglio, and Swiss Merchant
Corporation. Omniplast was acquired by OpenGate in 2015 through the
firm’s original, pre-fund investment in Ivy Group. Financial terms were
not disclosed.

Andrew Nikou, OpenGate Capital’s founder and CEO commented, “We believe
that Omniplast stands for global innovation in the fields of piping and
fitting systems. I am incredibly proud of the efforts of OpenGate’s
European team in the four years since acquiring Omniplast and have now
fulfilled our mandate to exit the business at an ideal time. I wish the
entire team at Omniplast an abundance of success under their new owners’
stewardship.”

The team at OpenGate Capital responsible for this investment and
realization included: Julien Lagrèze, Partner; Sebastien Kiekert Le
Moult, Partner; Marc Veillas, Managing Director; and Jonny Leppin,
Senior Vice President.

Renaud Delaage, Partner at Reedcapital said, “Omniplast has a tremendous
management team that will benefit greatly from the operational resources
and entrepreneurial spirit that we will provide. We have a clear path to
grow this business organically and through add-on acquisitions.”

Luigi M. Chiaraviglio added: “We are excited to contribute to the growth
of this niche leader, whose products are exported globally, into its
next phase of development.”

“We brought together investors sharing our philosophy of long-term value
creation,” stated Filippo Sciorilli Borrelli, Managing Director of Swiss
Merchant Corporation. Borrelli went on to say, “We are eager to start
this journey.”

Luigi M. Chiaraviglio and Renaud Delaage led the transaction. Filippo
Sciorilli Borrelli led the equity syndication for Swiss Merchant
Corporation and played a key role in the execution.

Omniplast has earned a strong reputation and a loyal customer base
within the agricultural and greenhouse sector. The business produces and
distributes pressure and non-pressure PVC piping systems for the
transportation of gases and fluids. Within its diverse product
portfolio, Omniplast has developed five quality standards from
three-layer non-pressure pipes, to irrigation and KIWA pressure pipes,
to pipe-related specialties. The business is supported by forward
integrated logistical solutions enabling efficient packaging and
transportation. Headquartered in Veghel, The Netherlands, Omniplast has
approximately 60 employees.

OpenGate Capital acquired Omniplast through its legacy, pre-fund
portfolio as one of three businesses within Ivy Group. At acquisition,
Omniplast had two entities in The Netherlands and Germany, which were
separated in 2018 as part of a strategy to maximize each entity’s value.
The German business, which specializes in PVC pipes for the residential
market, was not included in the transaction.

The realization of Omniplast follows OpenGate Capital’s announcement
that NAKAN, another division within Ivy Group, had been sold to Westlake
Chemical Corporation in January of 2019.

About OpenGate Capital

Founded in 2005, OpenGate Capital is a global private equity firm that
strives to acquire and optimize lower middle market businesses
throughout North American and Europe. With a strategic international
presence and a focus on corporate carve-outs and complex situations, the
firm’s expertise allows it to realize a seller’s divestiture objectives
while mitigating the risks associated with a business’s transition to
independence. OpenGate is headquartered in Los Angeles and Paris and has
a seasoned in-house team of professionals overseeing the entire
lifecycle of each investment. To learn more about OpenGate, please visit www.opengatecapital.com.

About Reedcapital

Reedcapital is a private investment firm focused on the acquisition,
transformation and development of lower-middle-market businesses. The
firm invests in both performing and underperforming companies
to create long term sustainable value. Typical investment opportunities
are corporate divestitures and carve-out, complex situations and
underperforming businesses. Reedcapital and its partners have been
involved in over 30 transactions ranging from corporate divestitures,
turnaround acquisitions, industry consolidations and other special
situations investments across a wide array of industries and
geographical markets. More information available on www.reedcapital.fr.

About Luigi M. Chiaraviglio

Luigi has been a private equity investor for more than 15 years, with
Compass Partners in London first and Investindustrial in Milan, Lugano
and New York later and has completed over 10 transactions for a value in
excess of Eur 2bn including buyouts or expansion capital deals,
restructurings, refinancing and exits and has been on the board of
several companies in Europe and the USA. He is the Managing Director of
Vista Investors, an investment firm operating through a multi-family
office model, focusing on repositioning and expanding lower mid-market
businesses or corporate group divisions. For more information please
visit www.vista-investors.com.

About Swiss Merchant Corporation SA

Swiss Merchant Corporation(“SMC”), founded in 1990, is a corporate
finance advisory boutique based in Lugano, Switzerland. SMC specializes
in offering tailor made services for its clients aimed at long-term
value creation. SMC’s one-stop-shop approach is designed to fulfill
clients’ needs. SMC started as a private equity firm, successfully
managing four investment funds from 1989 until 2015. Whilst maintaining
an active role in direct investments and club deals, SMC has leveraged
its experience as an advisor to its portfolio companies to focus on
helping clients make informed financial decisions. More information
available on www.swissmerchantcorporation.ch.

Contacts

OpenGate Media Contacts
Alanna Chaffin
Email: achaffin@opengatecapital.com
Telephone:
+1 (310) 432-7000

Mike Sitrick
Sitrick & Company
Email: Mike_Sitrick@sitrick.com
Telephone:
+1 (310) 788-2850

OpenGate Business Development Contact
Joshua Adams
Email:
jadams@opengatecapital.com
Telephone:
+1 (310) 432-7000

Reedcapital Media Contact
Email: media@reedcapital.fr
Telephone:
+33 1 72 74 10 31

Luigi M. Chiaraviglio Media Contact
Email: media@vista-investors.com
Telephone:
+41 79 95 95 795

Swiss Merchant Corporation Media Contact
Email: info@swimeco.ch
Telephone:
+41 91 2103568

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Business Wire

KBRA Releases its Portfolio Analysis Tool for Structured Credit

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NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its KBRA Portfolio Analysis Tool (K-PAT), which is detailed in the company’s Structured Credit Methodology.

K-PAT was developed to evaluate portfolios underlying collateralized loan obligations (CLOs) and others containing mostly sub-investment grade corporate exposures. It is a formulaic tool that can be used to quickly project the expected cumulative default amount at each KBRA rating level. The formula starts with the KBRA probability of default (K-PD) of each credit and incorporates both a rating multiplier for each rating level and an adjustment based on the portfolio’s diversity. The K-PD is based on the credit assessment and tenor, the latter of which can be adjusted for transactions with reinvestments that will increase the overall portfolio duration.

K-PAT’s output provides a portfolio-level projected default rate that is representative of KBRA’s views on the economic environment that may be experienced at a specific rating level, and used as an input when performing a full cash flow analysis.

The K-PAT file is Excel-based and available as a free download on the KBRA website.

To download the file, click here.

Related Publications: (available at www.kbra.com)

CONNECT WITH KBRA

Twitter
LinkedIn
Download the iOS App
YouTube

About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
George Lyons, CFA, Senior Director

(646) 731-3314

glyons@kbra.com

Sean Malone, CFA, Director

(646) 731-2436

smalone@kbra.com

Steven Zhen, Analyst

(646) 731-3379

szheng@kbra.com

Eric Hudson, Managing Director

(646) 731-3320

ehudson@kbra.com

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Business Wire

Allegion Announces Pricing of $400 Million of Senior Notes

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DUBLIN–(BUSINESS WIRE)–Allegion plc (NYSE: ALLE) (“Allegion” or the “Company”), a leading global provider of security products and solutions, today announced that it priced its previously announced offering of $400 million aggregate principal amount of 3.500% senior notes due 2029 (the “Notes”). The offering is expected to close on September 27, 2019, subject to the satisfaction of customary closing conditions.

The Notes will be guaranteed upon their issuance by Allegion US Holding Company Inc., a wholly-owned subsidiary of Allegion.

Allegion intends to use all of the net proceeds from the offering to repay a portion of the borrowings under its term loan facility. “This offering allows us to extend maturities at attractive interest rates,” said Patrick Shannon, senior vice president and CFO of Allegion.

BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers.

Allegion has filed an effective registration statement with the U.S. Securities and Exchange Commission (SEC) for the offering and encourages investors to read it (including the accompanying prospectus, the related prospectus supplement and the information incorporated by reference therein) for more complete information about Allegion and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies may also be obtained by contacting BofA Securities, Inc. at the following address: NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina, 28255-0001, Attn: Prospectus Department, or by calling 1-800-294-1322, or by emailing dg.prospectus_requests@baml.com; Goldman Sachs & Co. LLC at the following address: 200 West Street, New York, New York 10282, Attn: Prospectus Department, or by calling 1-866-471-2526; or J.P. Morgan Securities LLC at the following address: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor, or by calling collect 1-212-834-4533.

These securities are only offered by means of a prospectus and a prospectus supplement related to the offering. This news release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor will there be any sales of securities mentioned in this news release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the expected closing of the offering and the use of proceeds therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. These statements are based on the Company’s currently available information and its current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties – many of which are beyond the Company’s control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company’s business is included in filings it makes with the SEC from time to time, including its Form 10-K for the year ended December 31, 2018, Form 10-Q for the quarters ended March 31, 2019, and June 30, 2019, and in its other SEC filings. The Company undertakes no obligation to update these forward-looking statements.

About Allegion

Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and other institutions. Allegion had $2.7 billion in revenue in 2018, and sells products in almost 130 countries.

Contacts

Media Contact:
Whitney Moorman – Reputation Management Leader

+1.317.810.3241

Whitney.Moorman@allegion.com

Analyst Contact:
Mike Wagnes – Vice President, Treasury and Investor Relations

+1.317.810.3494

Michael.Wagnes@allegion.com

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Business Wire

First BanCorp to Announce 3Q 2019 Results on October 22, 2019

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SAN JUAN, Puerto Rico–(BUSINESS WIRE)–First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that it expects to report its financial results for the third quarter ended September 30, 2019, before the market opens on Tuesday, October 22, 2019.

First BanCorp will hold a conference call and live webcast to discuss the financial results at 10:00 a.m. Eastern time on Tuesday, October 22, 2019. The call and webcast will be broadcast live over the Internet and can be accessed through the investor relations section of the Corporation’s website: www.1firstbank.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary software. The call may also be accessed through a dial-in telephone number 877-506-6537 or 412-380-2001 for international callers. Following the webcast presentation, a question and answer session will be made available to research analysts and institutional investors.

A replay of the webcast will be archived in First BanCorp’s website until October 22, 2020. A telephone replay will be available one hour after the end of the conference call through November 22, 2019 at 877-344-7529 or 412-317-0088 for international callers. The replay access code is 10135120.

About First BanCorp

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Limited Liability Company and First Express, Inc., both small loan companies, and FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

Contacts

First BanCorp.
John B. Pelling III

Investor Relations Officer

787-729-8003

john.pelling@firstbankpr.com

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