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Tuesday, 24 October 2017

Stephen Lacey' s stories

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  • YY succeeds at second try

    Structured Equity | 21 March 2014

    Chinese social media company YY left nothing to chance on its second attempt to raise equity-linked funds. Having walked away from an earlier try last November, the company took a more conservative approach on a far larger deal size.

  • Fed

    Yellen tests biotech resilience

    Top News | 18 July 2014

    Federal Reserve chair Janet Yellen did no favours to the IPO market last week by calling into question valuations in growth sectors of the US equity market, notably biotech and social media.

  • Year-end selling sees risk elevated

    Equities | 16 December 2016

    The Fed’s move to hike its funds target by 25bp for the second time in as many years was as expected, though equity investors did not react as such. Investor disappointment stemmed from communications that now call for three rate hikes in 2017, as opposed to two previously.

  • Mayer

    Yahoo gains optionality on low-cost CB

    Top News | 22 November 2013

    Yahoo’s move to raise US$1.25bn in low-cost funding could not have been better timed. Cashing in on a bullish run in its shares, the internet search pioneer will pay zero interest on a CB that will not cause any dilution until its stock hits US$53.34 – a 50% premium to current prices and a level not seen since 2000.

  • XPO Logistics logo

    XPO Logistics rolls on acquisitions

    Equities | 31 January 2014

    Roll-ups are inherently treacherous. Consolidating a fragmented industry via acquisitions makes sense only if the acquirer’s currency is valued higher than of the acquired companies. For XPO Logistics, the trucking and freight brokerage run by roll-up king Brad Jacobs (United Rentals, United Waste Systems), that valuation arbitrage is still in play.

  • XPO Logistics' freight forwards deal funding

    Equities | 21 July 2017

    Bradley Jacobs, the consummate dealmaker, reacquainted himself to equity investors, detailing plans to expand XPO Logistics with what turned into US$665.5m of new equity. Though Jacobs, who started and sold multiple businesses including United Rentals and United Waste Systems, has discussed potential acquisitions, no target was named alongside the stock sale.

  • WPX Energy natural gas drilling rig

    WPX Energy reduces risks with US$485m raise

    Ticker | 06 June 2016

    Pre-open blocks are the preferred funding format for exploration and production companies. Execution is not without risks despite familiarity with the format on the part of both investors and investment banks.

  • WPX

    WPX Energy hits oil slick on acquisition funding

    Top News | 17 July 2015

    WPX Energy picked a tough week to come to market. The E&P oil company carried out an equity raising and a high-yield bond sale in the same week that a landmark nuclear agreement with Iran encouraged the belief that crude prices will head lower still. WPX shares promptly plunged to an all-time low on Friday of

  • WPX Energy natural gas drilling rig

    WPX Energy funds drilling plans through to 2018

    Equities | 10 June 2016

    Pre-open blocks are the preferred funding format for exploration & production companies. Execution is not without risks despite familiarity on the part of both investors and investment banks.

  • Workday logo

    Workday prices tight and right

    Top News | 15 September 2017

    Workday’s US$1bn convertible bond secured the most aggressive pairing of coupon and premium in the US since a deal from Twitter back in 2014.

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