Bain Cap Digs Clear Channel into Big Debt & Exits Sensata w/Stock Offering of $0 to Sensata

[laserhaas]

For those following the never ending battle of exposing Romney and his Bain Capital as nothing more than modern day Robber Baron doing contemporary bust outs; we present you with the news of Sensata's stock offering that gets Sensata zero benefit and the telling of the tale of Bain Capital's restructure of Clear Channel Communications debt load - massive.
[br][hr][br]




Romney's Sensata Exporting Jobs

For some background on Sensata, we turn to Think Progress's 2012 story "Romney Invested In Company That Is Outsourcing Jobs, Forcing Workers To Train Their Chinese Replacements"

The story reflects that;

Workers at Sensata Technologies, a business based in Freeport, Illinois, have been protesting Mitt Romney’s campaign stops across the country all summer because the company, which is owned by Bain Capital, is laying off workers in order to hire employees in China. Bain took control of Sensata in 2006; last year, it took over the Freeport plant and announced that it would layoff 165 workers and close it.

Some of the workers, according to Sensata employees, have been forced to train their Chinese replacements, adding insult to the injury that was their looming job loss.

[br]
To get an insider's picture of Sensata, there's a HuffPo story by a Sensata worker "My Pain is Romney's Gain". Meanwhile, in the Think Progress story, they go on to reflect that the Sensata deal was (purportedly) well after Romney left Bain Capital.

However - the question that remains unanswered is ---

Does Romney (pic above provided by Think Progress) still own Bain Capital?

[br][hr][br]

Bain Capital is Exiting Sensata as Stock Offering Gets Nothing to Sensata.

Can't give you too much on this part of the story; because it is a link to a paid subscription site (and most likely an issue they are seeking to keep swept under the rug). It appears that Bain Capital is (quietly) exiting Sensata; which is peculiar because (usually) after stock offerings - parties are forbidden to exit as it sends an uncanny (shaky) message.

As reported by Topix (here) - it states that;

Sensata Technologies will not receive any proceeds from this offering. The offering is expected to close on BofA Merrill Lynch and Citigroup are acting as underwriters of the offering.

[br]
Topix links to Sys-Con Media story titled "Sensata Technologies Holding N.V. Announces Secondary Offering by Selling Shareholders"; and that story iterates the following --

ALMELO, Netherlands, Sept. 5, 2014 /PRNewswire/ -- Sensata Technologies Holding N.V. (NYSE: ST) today announced that existing shareholders (the "Selling Shareholders&quot have agreed to sell 15,050,632 ordinary shares in an underwritten public offering. Sensata Technologies will not receive any proceeds from this offering. The offering is expected to close on September 10, 2014.

[br]

The begging question is - are the "Selling Shareholders" Bain Capital?
[br][hr][br]

Clear Channel Communications Huge Debt Load of $20 Billion

[br]
Meanwhile, back at the Bain Capital mysfunctional ranch; there's the issue of Bain Capital's & Thomas Lee Partner's acquisition of Clear Channel Communication's being dug further into debt. With the only answer to the problem (outside of a bankruptcy filing) - is to find more suckers to place Clear Channel under more debt.

As reported by MediaPost Publications via Media Daily News story (here) of "Clear Channel Still Juggles Debt" - the online article states that --

Still laboring under $20.7 billion of debt -- most of it assumed in the deal to take the company private, engineered by Bain Capital and Thomas H. Lee Partners in 2008 -- Clear Channel Communications is furiously juggling financial obligations with yet another debt offering, which will be used to pay off debts coming due in the near term.

[br]

Sooner or later, the scheme of putting off till tomorrow, the pain you are causing today - is going to catch up with Clear Channel. As I've iterated before (from my personal experience) Romney's gangs are bad businessmen - as to their ability to actually (consistently) have business maintain growth & profitability. Guitar Center is in questionable health too (though the CFO thereof begs to differ - HERE).

Romney's Bain Cap. is great at sucking out the cash life and playing around with the carcasses.

Tick Tock!

[Erich Bloodaxe BSN]

1. I hate to say it, since there are plenty of regular folks who will take it in

the shorts when Clear Channel goes under, but I'm not terribly going to miss them and their RW-spewing hatemongers.

I hope while Romney is still destroying companies, he starts setting his sites on more RW concerns, simply because they've got money for him to loot.

[laserhaas]

3. Unfortunately - they'll hang on to Limbaugh, Beck, Hannity and the rest of Clear Channel's sell outs

until after the 2016 election...

[laserhaas]

2. Rev Jesse Jackson was arrested (during the 2012 election) protesting with Sensata Employees

You can see the Raw Story at this link

http://www.rawstory.com/rs/2012/10/25/rev-jesse-jackson-arrested-over-bainport-protest-against-economic-terrorism/