LONDON -- 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 an agreement to invest more than $350 million in the British mortgage lender. TPG withdrew after Moody's rating service downgraded Bradford & Bingley's long-term debt ratings from A3 to Baa1. TPG's agreement to invest 179 million pounds ($356 million) in B&B included an escape clause in the event of downgrading. Bradford & Bingley, a specialist in mortgages for the purchase of rental properties, now hopes to raise 400 million pounds ($800 million) entirely through a cash call to shareholders. The rights issue is supported by major shareholders M&G Investment Managers, Legal & General Investment Management, Insight Investment and Standard Life Investments, will have a...
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