Wednesday, 13 December 2017

Stephen Lacey' s stories

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  • Vehicles are displayed at a Carvana dealership

    Carvana raises cash without scrutiny

    Top News | 08 December 2017

    Fast-growing used car retailer Carvana, known for its vending-machine distribution centres, has as many detractors as supporters.

  • Bill Barrett touts credit accretion on merger

    Equities | 08 December 2017

    Bill Barrett, a US E&P in the Denver-Julesberg Basin, was scrutinised for its planned merger with Natural Gas Partners’ Fifth Creek Energy. The merger and related financing promise massive dilution to shareholders combined with the potential for continued cashflow outspend to grow production.

  • Vehicles are displayed at a Carvana dealership

    Carvana raises cash without scrutiny

    Ticker | 04 December 2017

    Fast-growing used car retailer Carvana raised US$100m through the private sale of convertible preferred securities on Monday, a deal that allowed the listed company to avert public scrutiny.

  • Carlyle Group logo

    A chance to invest alongside Carlyle

    Top News | 01 December 2017

    Want to invest alongside Carlyle Group on a private equity deal? Good luck. Outside of owning its publicly-traded equity – which is a poor proxy for its PE investments – there has been no way to gain access, other than through pension funds or endowments that are among the firm’s limited partners.

  • Denali embarks on Alzheimer's quest

    Equities | 01 December 2017

    Alzheimer’s drug developer Denali Therapeutics secured US$30m in a late-stage private funding round just ahead of the launch this week of its up to US$158.3m IPO.

  • Brazil

    Brazil's last-minute rush to equity markets

    Top News | 01 December 2017

    Brazilian companies could raise up to R$10.6bn (US$3.2bn) through IPOs in December as they rush to sell shares ahead of any potential volatility caused by the general election in October 2018.

  • TV station shake-up spurs ECM action

    Equities | 01 December 2017

    Local TV station rivals Tribune Media and Gray Television brought separate follow-on offerings las

  • Reels of sewing thread

    Stitch Fix forced to discount wares on IPO

    Top News | 17 November 2017

    The fabric underlying the US IPO market is unravelling. Stitch Fix, a six-year-old online fashion store, became the latest victim of investor push-back, selling 8m shares at US$15 to raise US$120m, below the US$18–$20 targeted and less than the 10m shares launched.

  • Loma Negra

    Argentine's Loma Negra cements future

    Top News | 03 November 2017

    Cement production is not the sexiest business but at least it is straightforward. When tied to the budding Argentine economic recovery, the investment premise of Loma Negra is alluring and long-tailed.

  • CSL puts SPACs on watch with Sentinel Energy IPO

    Equities | 03 November 2017

    Equity funding across the oil patch has slowed to a crawl of late, though CSL-backed SPAC Sentinel Energy Services is looking to provide an alternative way for the sector to access ECM.

  • BP overcomes investor revolt with US$765m MLP IPO

    Equities | 27 October 2017

    BP got its prize on the spin-off of its US midstream assets, BP Midstream Partners, but not the price. The outcome reflected a brewing pushback from dedicated investors over structural and corporate governance on master limited partnerships.

  • BP logo

    BP uses MLP to deliver dividend

    Top News | 20 October 2017

    BP is this week wrapping up the long-awaited spin-off of its US midstream assets, BP Midstream Partners, as part of its “getting back to growth” initiative.

  • Votorantim likes sound of heavy metal

    Top News | 13 October 2017

    Brazilian conglomerate Votorantim is spinning off its zinc-mining unit, taking advantage of surging demand for the heavy metal with an up to US$650m IPO for subsidiary Nexa Resources.

  • Loma Negra cements ties to recovery

    Equities | 13 October 2017

    Planes (Azul), banks (many), and now cement - Latin American capital markets haven’t seen this type of activity in, well, ever.

  • Carlyle, CSL target energy with SPAC debuts

    Equities | 06 October 2017

    What do Carlyle Group and CSL Capital Management have in common? Both are alternative asset managers, the former with a global, broad mandate and the latter focused on energy. Another commonality is that neither firm has backed a special acquisition company.

  • Mexican national flag

    Alfa balks at investor bid for Sigma IPO

    Top News | 29 September 2017

    Mexican conglomerate Alfa pulled the plug on the up to US$1bn spin-off of its food division Sigma Alimentos on Wednesday rather than accept what it viewed as a cut-rate valuation.

  • Alfa cancels IPO of subsidiary Sigma

    Ticker | 27 September 2017

    Mexican conglomerate Alfa pulled the plug on the up to US$1bn spin-off of its food division, Sigma Alimentos, on Wednesday after the company and investors failed to see eye to eye on pricing.

  • Speciality trucker lays out roadmap for growth

    Equities | 22 September 2017

    Daseke, the flat-bed and speciality trucker headed by Don Daseke, is one of the fastest-growing, yet least recognised, trucking companies in the US. But a US$63.5m follow-on offering, despite its small size, put the company on investor roadmaps.

  • Maxwell Technologies keeps funding at home

    Structured Equity | 22 September 2017

    It has been a challenging year for the Committee on Foreign Investment in the United States (CFIUS), the government agency charged with reviewing foreign ownership of US companies.

  • Oasis Midstream falls short on MLP IPO

    Equities | 22 September 2017

    There was a tepid debut last week for Oasis Petroleum’s midstream affiliate Oasis Midstream Partners.

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