{"id":1004126928,"date":"2015-09-04T06:17:28","date_gmt":"2015-09-04T14:17:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004126928"},"modified":"2022-12-08T19:32:56","modified_gmt":"2022-12-09T03:32:56","slug":"blackstone-pmi-make-a-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/","title":{"rendered":"Blackstone, PMI Make a Deal"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Blackstone Tactical Opportunities makes another move in the residential mortgage business with the acquisition of a significant equity stake in PMI Group, the holding company of a residential mortgage insurance provider. Both parties are remaining mum on dollar signs and percentages.<\/p>\n

There\u2019s more to the deal than Blackstone\u2019s grabbing a share of PMI.\u00a0 In conjunction with the acquisition, the global investment firm has committed to extending PMI a loan, the proceeds of which will be utilized for working capital needs, including the financing of PMI\u2019s investment strategy. And that strategy may involve using proceeds to raise more capital.<\/p>\n

\u201cBlackstone is well positioned to help the company achieve its strategic objectives and maximize value for all shareholders,\u201d Naveen Bhatia, principal with Blackstone Tactical Opportunities, said in a prepared statement. Two years ago, PMI emerged from bankruptcy protection after its chapter 11 plan of reorganization was confirmed by order of the United States Bankruptcy Court for the District of Delaware.<\/p>\n

In return for the loan, PMI will give Blackstone warrants and other rights, one of which is the right to participate in future equity offerings. Blackstone will also nominate a director to PMI\u2019s board.<\/p>\n

For Blackstone, the purchase of a stake in PMI marks one of a handful of transactions the company has closed in the residential mortgage business over the last year. In January, funds managed by Tactical Opportunities joined forces with TPG Special Situations Partners on an agreement to acquire London-based Acenden Mortgage Servicing Solutions from the administrators of Lehman Bros. And last fall, funds managed and\/or advised by Tactical Operations partnered with TSSP on a deal to purchase specialty U.K. residential mortgage lender Kensington from Invesco plc.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blackstone Tactical Opportunities has made another move in the residential mortgage business.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21783,21742],"tags":[],"class_list":["post-1004126928","post","type-post","status-publish","format-standard","hentry","category-corporate-real-estate","category-investment","category-latest"],"acf":[],"yoast_head":"\nBlackstone, PMI Make a Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone, PMI Make a Deal\" \/>\n<meta property=\"og:description\" content=\"Blackstone Tactical Opportunities has made another move in the residential mortgage business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-04T14:17:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:32:56+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/\",\"name\":\"Blackstone, PMI Make a Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2015-09-04T14:17:28+00:00\",\"dateModified\":\"2022-12-09T03:32:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blackstone, PMI Make a Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Blackstone, PMI Make a Deal - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/","og_locale":"en_US","og_type":"article","og_title":"Blackstone, PMI Make a Deal","og_description":"Blackstone Tactical Opportunities has made another move in the residential mortgage business.","og_url":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-09-04T14:17:28+00:00","article_modified_time":"2022-12-09T03:32:56+00:00","author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/","url":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/","name":"Blackstone, PMI Make a Deal - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2015-09-04T14:17:28+00:00","dateModified":"2022-12-09T03:32:56+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/blackstone-pmi-make-a-deal\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Blackstone, PMI Make a Deal"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004126928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004126928"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004126928\/revisions"}],"predecessor-version":[{"id":1004623762,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004126928\/revisions\/1004623762"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004126928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004126928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004126928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}