Thursday, 22 March 2018

Stephen Lacey' s stories

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  • 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.

  • Riverstone-backed SPAC targets US$500m on IPO

    Equities | 28 July 2017

    When it comes to oil & gas across Latin America there are not a lot of opportunities. Petrobras, YPF and Ecopetrol are options, but all carry baggage of state ownership and all are large, integrated and unlikely to move the needle on performance.

  • Team Inc plugs funding hole with high-cost CB

    Structured Equity | 28 July 2017

    Team Inc, a maintenance contractor to oil refiners and chemical plants, secured an amendment to bank facilities, ahead of soft second quarter results that would have seen it breach covenants.

  • 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.

  • Federal Street touts investor-friendly on SPAC

    Equities | 14 July 2017

    Not all SPACs are created equal.

  • Formula One puts legacy in rear view mirror

    Equities | 07 July 2017

    Formula One seems hell-bent on setting the record for IPO exits. The caveat, of course, is that the motor racing franchise never properly went public, as former owner CVC instead shifted toward a US$4.4bn sale to Liberty Media in November.

  • Blue Apron CEO Matthew B. Salzberg (C) stands on the floor of the New York Stock Exchan

    Blue Apron hits market with slimmed-down IPO

    Top News | 30 June 2017

    Blue Apron, the largest US home meal kit company, was forced to slash the valuation of its IPO by almost 40% last week in the wake of Amazon’s shock decision to buy Whole Foods.