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Cybersecurity specialist KEYW Holding turned the corner on its detractors with an overnight, US$130m five-year CB. Highlighting management’s bullish outlook the company offset dilution to premium share prices by spending US$16m to fund a call-spread overlay.
Bookbuilds on biotech IPOs are all about deal optics. Almost universally the strategy is a late-stage, pre-IPO investment, followed by a testing the waters exercise, and finally the formal public launch, the latter featuring explicit or implicit participation by venture capitalist or cross-over institutional investors.
TerraForm Power, the carve-out IPO of SunEdison’s solar-power fleet, is the latest beneficiary of a series of progressively more aggressive alternative energy vehicles.