Friday, 15 December 2017

Stephen Lacey' s stories

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  • Bill Ackman, chief executive officer and portfolio manager of Pershing Square Capital Management, L.P.

    Ackman moves on with US$475m Nomad sale

    Top News | 08 September 2017

    Pershing Square Capital Management, battling poor performance and a sharp decline in assets under management in recent years, continues to be a valuable source of ECM trades for investment banks.

  • Antero dips into midstream affiliate

    Equities | 08 September 2017

    Secondary sales of MLP stock by sponsoring parents are rare events, and generally a sign of distress.

  • Energy Transfer takes US$1bn equity dip

    Top News | 18 August 2017

    Energy Transfer Partners, one of the largest publicly traded master limited partnerships, swallowed a bitter pill as it secured US$1bn in an overnight stock sale on Monday. The cash infusion cures the pipeline operator’s funding needs until the middle of next year, but pricing was painful

  • Riverstone-backed company circles US$3.8bn E&P

    Equities | 18 August 2017

    Silver Run Acquisition II, a special purpose acquisition company headed by former Anadarko Petroleum chief executive James Hackett and backed by Riverstone Group, agreed to acquire not one, but two companies last week.

  • BioMarin Pharmaceuticals logo

    BioMarin CB takes one from NextEra playbook

    Top News | 11 August 2017

    BioMarin Pharmaceutical took advantage of a supply drought in the US equity-linked market to get the best possible pricing on last week’s US$450m, seven-year CB. And it didn’t pay its underwriters a great deal - if anything - for their trouble.

  • US: Healthcare Realty plays it pretty

    Equities | 11 August 2017

    Financial discipline is difficult in a hyper-competitive M&A environment.

  • US: ConEd raises US$345m at 0.1% discount

    Equities | 11 August 2017

    Consolidated Edison, the electric utility more in the news of late for operational mishaps, surfaced Tuesday with a US$345m, all-primary block.

  • Contura Energy rejects public offer

    Equities | 11 August 2017

    Contura Energy, the thermal and met coal producer formed from the ashes of the bankrupt Alpha Natural Resources, elected to remain private, rather than accept what was viewed as a cut-rate valuation. It would seem there was an offer on the table, just not one that former creditors, now shareholders, would accept.

  • Hot coal

    Contura Energy rides coal upswing

    Top News | 04 August 2017

    US coal’s steady recovery is exemplified by Contura Energy launching an IPO. Having been pushed to the brink by overcapacity and market share losses to natural gas and alternative energy, the coal mining industry has undertaken a dramatic recapitalisation, frequently with the benefit of bankruptcy.

  • Ranger Energy works over investors on US$90m IPO

    Equities | 04 August 2017

    Ranger Energy Services, a provider of well workover services, is looking to push on from the recent commodity price recovery with an IPO sized at up to US$90m. Principal sponsors CSL Capital Management and Bayou Holdings have put in for up to US$30m of the deal.