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TPG pulls out of Bradford & Bingley plan
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Posted on
Jul 04 2008 6:50 AM
by
adeal
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Mortgage lender Bradford & Bingley PLC said Friday it is revising its plans to raise new capital after U.S. private equity fund Texas Pacific Group pulled out of its agreement to invest. Fort Worth, Texas-based TPG withdrew after Moody's rating service downgraded Bradford & Bingley's long-term debt ratings from A3 to Baa1. TPG's agreement to invest $356 million in B&B included an escape clause in the event of downgrading.
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