Sunday, 25 March 2018

Stephen Lacey' s stories

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  • Turkish F1 Grand Prix at the Istanbul Park circuit in Istanbul

    Formula One accelerates under new owners

    Top News | 19 May 2017

    CVC has led a group of shareholders selling down their exposure to Formula One, just as new owner Liberty Media overhauls the business of the race series to maximise returns. The US$1.24bn follow-on of Liberty Media shares also included a primary portion that will repay some of the debt incurred in the US$4.4bn acquisition completed in January.

  • Tellurian ditches US$100m raising

    Equities | 19 May 2017

    Tellurian, the new plaything of LNG pioneer and ousted former Cheniere Energy boss Charif Souki, was hoping to chip away at funding a massive new project with a US$100m equity raising overnight on Wednesday.

  • Becton Dickinson logo

    Becton thrills equity investors on M&A financing

    Top News | 12 May 2017

    Becton Dickinson is gradually making its debt-heavy US$24bn acquisition of CR Bard more market-friendly, not least with a US$4.95bn equity fundraising last week.

  • Kinder Morgan opts for IPO

    Equities | 12 May 2017

    Kinder Morgan kicked off marketing on Wednesday on the C$1.75bn (US$1.3bn) carve-out IPO of its western Canadian pipeline operations, Kinder Morgan Canada (KMC), and in doing so cut off hopes of a potential sale of the unit.

  • Gardner Denver, Solaris slip on oil decline

    Equities | 12 May 2017

    The IPOs of Gardner Denver, the KKR-backed industrial conglomerate, and frac-sand storage unit maker Solaris Oilfield Infrastructure both faced harsh valuation scrutiny. Despite taking below-range pricing, both elected to move forward, allowing them to

  • DHX Media manoeuvres to fund Peanuts purchase

    Structured Equity | 12 May 2017

    DHX Media, the producer of TV content for children, welcomed Peanuts and Strawberry Shortcake to its growing catalogue of shows by agreeing to pay US$345m to owner Iconix Brand.

  • SBD gets credit for US$675m MCB

    Structured Equity | 12 May 2017

    Stanley Black & Decker again showed off its financial sophistication with an innovative US$675m mandatory convertible designed to maximise accounting benefits in a rating-friendly wrapper. In the context of a US$21.3bn market capitalisation, the benefits of the security are incremental – but the deal is consistent with the power tool maker’s reputation for financial tinkering.

  • Pumpjacks taken out of production

    Liberty fracker gets rocky reception for IPO

    Top News | 05 May 2017

    Liberty Oilfield Services was forced to cancel its IPO on Thursday, even after slashing the asking price and the number of shares on offer in an effort to get over the line. The failure was almost inevitable as the pressure-pumper simply could not defy the collapse in share prices of oilfield services stocks this year.

  • Alignvest SPAC takes forward-looking view

    Equities | 05 May 2017

    Alignvest Acquisition II, the second special purpose acquisition company vehicle sponsored by Canadian alternative asset manager Alignvest Management, is employing a forward purchase agreement on its C$250m (US$182m) IPO. The forward purchase agreement totals C$113m.

  • Gardner Denver in US$1bn-plus IPO

    Equities | 05 May 2017

    KKR-backed industrial products company Gardner Denver is off and running in its bid to return to public markets, launching an IPO to raise up to US$1.1bn to cut debt.