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Friday, 20 July 2018

Stephen Lacey' s stories

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  • hemp cannabis

    Canadian weed grower rolls up at Nasdaq

    Top News | 13 July 2018

    The business of growing cannabis on an industrial scale is being led by Canadians, after the federal government last month moved ahead with measures to legalise recreational consumption of the drug across the country from October.

  • Palo Alto Networks

    Palo Alto lands US$1.5bn from year's biggest CB

    Top News | 13 July 2018

    The US convertible bond market has taken on an element of wash, rinse and repeat, with Palo Alto Networks the latest tech company to take the dip with an opportunistic US$1.5bn five-year CB, the largest CB this year.

  • Spero administers dilution antidote

    Equities | 13 July 2018

    Spero Therapeutics, a pre-clinical biotech, went back to the drawing board to rework the terms but still managed to raise US$75m from a marketed follow-on offering.

  • Shopping mall

    Chile's Mallplaza readies rare LatAm IPO

    Ticker | 12 July 2018

    Chile’s Mallplaza could break the long lull in the Latin American IPO market at it prepares to go public with an approximately US$575m issue, a source told IFR on Thursday.

  • Palo Alto Networks

    Palo Alto sizes up opportunities with US$1.5bn CB

    Ticker | 09 July 2018

    Following the parade of high-growth tech companies, cyber-security specialist Palo Alto Networks is seeking to raise US$1.5bn through the sale of a five-year CB.

  • Magnifying glass

    MongoDB progresses from IPO to first-time CB

    Top News | 29 June 2018

    MongoDB, the self-proclaimed “humongous” developer of database programs, seized upon undiminished demand from convertible bond investors for anything high-growth to land US$250m on the sale of a six-year CB.

  • BJ's Wholesale offers deep discount

    Equities | 29 June 2018

    BJ’s Wholesale Club, a US discount warehouse retailer, extended its philosophy of customer loyalty to the capital markets, delivering investors oversized returns on its IPO.

  • New Frontier SPAC embarks with friends

    Equities | 29 June 2018

    The latest crop of US-listed SPACs has brought international diversification.

  • Poker cards

    Stars Group funds acquisition of Skybet

    Top News | 22 June 2018

    The sin sectors are gaining a lot of attention in the North American capital markets.

  • Biotechs cross-over from private to public markets

    Equities | 22 June 2018

    Biotechs took centre stage in US ECM this past week with seven companies debuting, most in spectacular fashion.

  • New Frontier upsizes ahead of IPO launch

    Equities | 22 June 2018

    New Frontier, a China-focused special purpose acquisition company, is on its way to IPO success, despite the escalating trade war between the US and China.

  • New York Stock Exchange trading floor

    Brazil's Pagseguro readies up to US$1.1bn follow-on

    Ticker | 18 June 2018

    Brazilian card processing firm Pagseguro has launched an up to US$1.1bn follow-on offering, marking one of the few Latin American issuers to venture into the equity capital markets in recent months.

  • Intelsat pumps equity engines for higher orbit

    Structured Equity | 15 June 2018

    Intelsat has rocketed back to life on the promise of 5G next-generation telecoms networks.

  • RH exposes short sellers with US$300m CB

    Structured Equity | 15 June 2018

    Conventional wisdom worldwide is that traditional retailers will be crushed by online competitors.

  • Canopy sprouts roots with C$500m CB

    Structured Equity | 15 June 2018

    Cannabis has, until recently, been the third rail of investment banking.

  • Rare Asian SPAC files for US IPO

    Equities | 08 June 2018

    New Frontier, a vehicle chaired by Hong Kong’s ex-Finance Secretary Antony Leung, is seeking US$200m from an NYSE IPO to pursue acquisitions in Asia.

  • Men are silhouetted against a video screen with a Twitter logo

    Twitter rides S&P 500 entry with US$1bn CB

    Top News | 08 June 2018

    Twitter secured US$1bn from the sale of a six-year convertible bond on Wednesday, capitalising on its entry into the S&P 500 ahead of the open the next morning.

  • Rush for Goldman Sachs' SPAC

    Equities | 08 June 2018

    GS Acquisition, a special purpose acquisition company backed by Goldman Sachs, banked US$600m on its IPO on Thursday, providing it nearly US$5bn for an acquisition once potential debt and stock consideration are factored in.

  • Wall St sign

    Taiwan live streamer postpones US$60m NYSE

    Ticker | 07 June 2018

    Taiwan-based live streaming company M17 Entertainment postponed today’s NYSE debut despite setting the price the US$60m deal.

  • Trident SPAC tips US$175m toward eastern Europe

    Equities | 01 June 2018

    The proliferation of special purpose acquisition companies is rampant.

  • Thomas Farley

    Third Point poised for US$400m SPAC debut

    Top News | 25 May 2018

    Few executives are as informed about the US IPO pipeline as Thomas Farley, whose four-year stint as NYSE president ended on Monday night.

  • Twilio logo

    Twilio connects with investors on US$475m CB

    Top News | 18 May 2018

    Twilio’s communications service is embedded in Uber, Whatsapp and other ubiquitous mobile apps, enabling the company to build its cash pile last week via a US$475m convertible bond paying a coupon of just 0.25%.

  • Alteryx US$200m CB prints at 98 OID

    Structured Equity | 18 May 2018

    Things are humming along for Alteryx, the machine-learning analytics provider that went public a little over a year ago. From its IPO in March, to a secondary sell-down in September, the company has thrashed investor expectations on a quarterly basis.

  • Akamai streams 0.125% on US$1bn seven-year CB

    Structured Equity | 18 May 2018

    After settling decade-long litigation and making friendly with an activist shareholder, Akamai Technologies continued recent success with a US$1bn seven-year convertible bond that is among the lowest-cost financings ever.

  • Shell logo

    Shell pumps out profit on US$3.3bn block

    Top News | 11 May 2018

    Against a backdrop of global political unrest, Royal Dutch Shell secured US$3.3bn overnight on Monday from the sale of its entire 8% stake in Canadian Natural Resources.

  • Nabors plugs balance sheet with US$500m of equity

    Equities | 11 May 2018

    Drilling rig operator Nabors Industries is taking its time taking out near-term debt maturities.

  • Warrior Met Coal churns cash flow to shareholders

    Equities | 11 May 2018

    Warrior Met Coal, the reconstituted met coal assets of the bankrupt Walter Energy, proved a disappointment on its April 2017 IPO, although this was largely because of inflated investor expectations.

  • Shell logo

    Shell nets US$3.3bn on block sale of CNR

    Ticker | 08 May 2018

    Royal Dutch Shell monetised its entire 8% stake of Canadian Natural Resources in a US$3.3bn block sale overnight on Monday.

  • NiSource secures US$600m

    Equities | 04 May 2018

    NiSource, a regulated natural gas utility, has been under pressure to stabilise its credit ratings amid declines in cash flows.

  • Centene logo

    Centene expands coverage on US$2.6bn equity raise

    Equities | 04 May 2018

    With a back story as intriguing as any recent M&A deal, Centene secured the equity funding for its pending US$3.75bn acquisition of Fidelis Care with a US$2.6bn equity raise.

  • PermRock sinks on entry into public markets

    Equities | 04 May 2018

    Mineral royalty trusts pay investors income from a commodity resource with a finite life, ultimately dissolving when underlying production has exhausted.

  • Deutsche Bank

    Failed block hits Deutsche ECM results

    Ticker | 27 April 2018

    Deutsche Bank’s ECM performance in the first quarter was hammered by a massive loss on a block trade, the bank said yesterday, and the €38m (US$46m) loss it absorbed was a major factor in the 50% decline in equity underwriting revenues to €76m.

  • Deutsche Bank headquarters

    Failed block hits Deutsche ECM results

    Equities | 27 April 2018

    Deutsche Bank’s ECM performance in the first quarter was hammered by a massive loss on a block trade, and the €38m (US$46m) loss it absorbed was a major factor in the 50% decline in equity underwriting revenues to €76m.

  • Centene logo

    Centene closes in on purchase of Fidelis

    Top News | 27 April 2018

    Centene, the sixth-largest US health insurer, plans to launch funding for its long-delayed US$3.75bn acquisition of New York health plan provider Fidelis Care early this week, bankers close to the situation told IFR.

  • AT&T

    AT&T disconnects spin-off of LatAm pay TV unit

    Top News | 20 April 2018

    AT&T cancelled the IPO of its Latin America and Caribbean pay TV unit Vrio last week rather than accept a deeply discounted valuation.

  • Deutsche links new security to JP Morgan

    Structured Equity | 20 April 2018

    Deutsche Bank introduced an innovative security with the sale on Wednesday of a US$225m, five-year cash-settled exchangeable bond tied to the performance of JP Morgan shares.

  • AT&T

    UPDATE 1-AT&T lowers sights on LatAm pay TV IPO

    Ticker | 18 April 2018

    AT&T is facing significant investor pushback on the spin-off of Vrio, forcing it to accept a deeply discounted valuation on a partial sale of the LatAm pay TV unit.

  • AT&T lowers sights on LatAm pay TV IPO

    Ticker | 18 April 2018

    AT&T is facing significant investor pushback on the spin-off of Vrio, forcing it to accept a deeply discounted valuation on a partial sale of the LatAm pay TV unit.

  • A HNA Group logo is seen on the building of HNA Plaza in Beijing, China.

    Hilton exit forces concessions from HNA

    Top News | 13 April 2018

    HNA Group made two major concessions on its US$4.8bn sell-down of a 26% stake in Hilton Worldwide last week, part of a US$

  • The HNA Group logo is seen in this illustration photo.

    Exit from Hilton forces concessions from HNA

    Ticker | 11 April 2018

    In order to raise US$16bn through asset sales, struggling Chinese investment conglomerate HNA Group had to make some concessions along the way.

  • The Spotify logo hangs on the facade of the New York Stock Exchange

    Spotify makes noisy NYSE debut

    Top News | 06 April 2018

    It was pretty much downhill all the way for Spotify Technology’s shares in the three days after they opened for trading at 12.43pm New York time on Tuesday following the company’s unusual direct listing.

  • Spotify

    Spotify's direct listing crosses up buyers, sellers

    Ticker | 03 April 2018

    The much-hyped debut Spotify Technology was, in retrospect, rather unspectacular, at least by standards of traditional capital markets.

  • Spotify logo from company website

    Spotify takes limelight in break from convention

    Ticker | 03 April 2018

    Spotify Technology embarks on its public life with no lack of intrigue.

  • Spotify

    Spotify releases numbers before direct listing

    Top News | 29 March 2018

    Spotify Technology has announced it expects to grow revenue by as much as 30% and narrow losses in 2018, as it gears up for its direct listing this week on the New York Stock Exchange.

  • Dominion Energy takes US$1.4bn equity plunge

    Equities | 29 March 2018

    The change in US tax rates and allowances has hit utilities hard, with Dominion Energy one of those left rethinking its strategy.

  • Overstock pulls planned share sale

    Equities | 29 March 2018

    Is Overstock.com, the internet retailer cum digital currency incubator, for sale or not?

  • UBS logo

    MOVES-ECM veteran Frank Maturo to retire from UBS

    Ticker | 22 March 2018

    Veteran US ECM banker Frank Maturo is calling it quits.

  • Spotify logo from company website

    Spotify calls the tune with direct listing

    Top News | 16 March 2018

    Spotify Technology streamed its glitzy investor day live last week, the latest step in its revolution against traditional IPOs as the company prepares for a direct listing on the NYSE on April 3.

  • Spotify logo from company website

    Spotify outlines five reasons for direct listing

    Ticker | 15 March 2018

    Ahead of its investor day presentation at 1pm in New York on Thursday, Spotify Technologies outlined five reasons why it’s opting for a direct listing instead of a traditional IPO:

  • Spotify preps for IPO with investor day

    Ticker | 13 March 2018

    Spotify’s unusual journey toward a direct stock listing is progressing with an investor day Thursday before a planned NYSE debut on April 3.

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