Carlyle Capital's Troubles Since IPO: Timeline


Carlyle Capital, an affiliate of U.S.-based buyout firm Carlyle Group, says it is in default on about $16.6 billion of its debt and its lenders would likely seize its remaining assets.


July 4 - Guernsey-based Carlyle Capital Corporation Ltd (CCC) begins trading on Amsterdam's stock exchange at $20 per share in an initial public offering that was postponed and trimmed due to "headwinds" in the market. The fund had raised $600 million in an earlier private placement.

July 11 - CCC says an over-allotment option for additional shares has been fully exercised, bringing total number of shares to 18.2 million shares and gross proceeds to $345.5 million, compared with initial target of $400 million.



Aug 21 - Carlyle Group commits to lend CCC up to $100 million to help it meet margin calls as the value falls of the mortgage-backed securities it invests in.

Aug 28 - Carlyle Group agrees to lend CCC another $100 million to help it weather the choppy markets. CCC says it is also scrapping a planned dividend and selling $900 million of assets to help shore up the fund.

Nov 15 - CCC reports a third-quarter loss of $34.2 million on credit market turmoil but says markets have stabilized enough for the firm to shore up its finances and begin generating returns for investors.


Feb 28 - CCC reports 2007 net profit of $16.8 million and says Carlyle Group agrees to increase its unsecured revolving credit facility to $150 million from $100 million.

March 6 - CCC says its has been unable to meet some margin calls and has received a notice of default. It says that since the liquidity crisis in global fixed income markets started in August, it had sold almost $1 billion in assets to improve liquidity and reduce leverage.

March 7 - CCC says it has received additional margin calls from lenders and warns its cash could run out. The Dutch market regulator suspends trading in its shares.

March 10 - CCC says it has asked lenders for a standstill agreement as it faces more than $400 million in margin calls.

March 11 - Shares in CCC fall 20 percent as trading resumes after it says it has had "constructive" talks with lenders.

March 12 - The Carlyle Group says the challenges facing CCC will have no "measurable impact" on any other Carlyle-backed funds or businesses.