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Monday, 26 February 2018

Stephen Lacey' s stories

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  • Rite Aid sign

    Albertsons to list through Rite Aid merger

    Top News | 23 February 2018

    US grocery giant Albertsons moved a step closer to finally securing a listing by agreeing to merge with publicly traded drug store chain Rite Aid in a US$22.5bn tie-up of troubled retailers.

  • Crescent Capital innovates with US$250m SPAC

    Equities | 16 February 2018

    Special purpose acquisition companies (SPACs) are ripe for potential conflicts of interest that are often embedded in the structural nuances of what is a highly engineered product.

  • banks

    Lion Capital SPAC sweetens US$200m IPO

    Ticker | 13 February 2018

    Even special purpose acquisition companies, so-called SPACs that guarantee investors their money back in the worst-case scenarios, are being forced to lower their sights in the current volatile market environment.

  • UBS restructures US ECM

    People & Markets | 09 February 2018

    UBS has laid off six people as part of a restructuring of its US equity capital markets business, with the goal of improving profitability, people familiar with the matter told IFR.

  • A screen displays the Dow Jones Industrial Average after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 8, 2018.

    ECM stays calm amid the storm

    Top News | 09 February 2018

    The sharp drop in equity markets globally and an extraordinary spike in volatility has failed to shake ECM bankers and investors. While equities investors have suffered sharp paper losses, there has been no drop in engagement - even on IPOs.

  • Cactus robust in prickly IPO market

    Equities | 09 February 2018

    Cactus, a provider of wellhead and pressure control equipment, differentiated itself with a robust IPO that provided gains on Thursday’s debut even when the major indices tumbled.

  • TFI TAB Food flame-grilled on IPO attempt

    Equities | 09 February 2018

    TFI TAB Food Investments, the Turkish/Chinese Burger King franchisee, pulled its planned Nasdaq IPO rather than accept a discounted valuation.

  • US: Simply Good makes good on exit

    Equities | 09 February 2018

    The process of de-SPACing a special purpose acquisition company (SPAC) is as important as the initial funding of a SPAC.

  • UBS building in New York

    UBS restructures struggling ECM business in US

    Ticker | 07 February 2018

    UBS has restructured its US equity capital markets business with the goal of driving profitability, laying off six people in the process, sources familiar with the matter told IFR.

  • FTS International sizes up to US$350m IPO

    Equities | 02 February 2018

    Oilfield services companies are aggressively pumping the IPO market for new funding amid recovering oil prices.

  • The SEC is likely to introduce new rules to restrict the way high-speed trading firms operate

    IPO aspirants prepare for SEC shutdown with early filings

    Ticker | 22 January 2018

    Several companies seeking to go public this week moved Friday to eliminate the risk of a US government shutdown and its impact on the Securities and Exchange Commission’s ability to process their filings.

  • Argentina Flag

    Big year ahead for ECM in Argentina

    Top News | 19 January 2018

    This is shaping up as a banner year for equity capital markets in Argentina, where five companies going public in the first quarter are looking to raise a combined US$2.2bn.

  • Americold prepares for expansion

    Equities | 19 January 2018

    Americold Realty, the Ron Burkle-controlled cold-storage REIT, has no peer, at least not one that is public. Typically a lack of comps is a good thing, since it suggests a long runway for growth.

  • Biotechs cross over to public markets

    Equities | 19 January 2018

    A wave of biotech funding early in the new year is not surprising, given the tailwind provided by last week’s JP Morgan conference and associated marketing frenzy.

  • US: Keane Group, Nine Energy ride oil cycle

    Equities | 19 January 2018

    For investors looking at Keane Group, a Cerberus-backed oil fracker that went public a year ago, the company’s recent decision to expand its drilling fleet pointed to confidence in the sustainability of the current drilling cycle.

  • Cantor nabs Apthorpe for equity-linked build-up

    People & Markets | 12 January 2018

    Cantor Fitzgerald has hired Andrew Apthorpe from Royal Bank of Canada as global head of equity-linked origination as it builds up a relatively new business.

  • PE firms pump out oilfield services IPOs

    Equities | 12 January 2018

    US oilfield services companies are once again pumping the IPO market for funding amid recovering oil prices. Several saw their plans thwarted last year as oil retreated, which has led to a more cautious approach this time around.

  • Dole Food withdraws IPO plan

    Equities | 12 January 2018

    Packaged food company Dole Food has ended what many saw as a tenuous bid to go public for a third time.

  • Cantor Fitzgerald logo

    MOVES-Cantor names Apthorpe to build out EQL business

    Ticker | 08 January 2018

    Cantor Fitzgerald has appointed Andrew Apthorpe as global head of equity-linked origination, another high-profile hire as it builds out a relatively new business.

  • Spotify logo from company website

    Bankers eye Spotify's non-IPO warily

    Top News | 05 January 2018

    Confirmation that music streaming service Spotify has confidentially filed a 20F application for a direct listing on the New York Stock Exchange has triggered much discussion of the Swedish company’s decision to shun an initial public offering.

  • Liberty Oilfield reignites planned IPO

    Equities | 05 January 2018

    With oil reaching new highs, oilfield services companies are again pumping out cash.

  • Oasis Petroleum logo

    Oasis Petroleum pays up to enter Permian

    Top News | 15 December 2017

    West Texas oil production reserves are scarce and expensive, as was shown again when Oasis Petroleum paid up to get into the heart of the Permian Basin with its acquisition of Forge Energy.

  • BK Brasil sizzles with local flavour

    Equities | 15 December 2017

    Burger King has been a cash cow for Brazilian private equity firm 3G Capital and its fellow investors, and now things are getting even tastier.

  • Equity House and Asia-Pacific Equity House: Morgan Stanley

    Equity House and Asia-Pacific Equity House: Morgan Stanley

    All Special Reports | 15 December 2017

    Morgan Stanley capitalised on the resurgence in ECM in 2017. It maintained its position as a leader of IPOs, built its presence in block trades and remained the bank adviser of choice, making it IFR’s Equity House and Asia-Pacific Equity House of the Year.

  • North America Equity House: Citigroup

    North America Equity House: Citigroup

    All Special Reports | 15 December 2017

    Equity capital markets across the Americas were marked by diverse investment opportunities in 2017. Yet, against a backdrop of soaring equity valuations, identifying areas of outperformance proved elusive. Citigroup, through a diverse banking platform, provided unexpected sources of alpha, and is IFR’s North America Equity House of the Year.

  • North America Secondary Equity Issue: Formula One's US$1.4bn follow-on

    All Special Reports | 15 December 2017

    It is perhaps apt that Formula One made quick work of a shift in ownership, transitioning from CVC to Liberty Media and onto the public markets in less than a year. The speed is all the more remarkable as CVC had owned the motor racing franchise for more than a decade and twice before had attempted to sell.

  • Latin America Equity Issue: Loma Negra's US$1.1bn IPO

    All Special Reports | 15 December 2017

    Argentina rose from the ashes as a must-own asset class in 2017. But from an equity perspective, the lack of investible options posed a challenge – energy, including former state-owned oil champion YPF, made up 27% of the country’s benchmark Merval Index; utilities 26%; and financials 17%.

  • Americas Structured Equity House: Morgan Stanley

    Americas Structured Equity House: Morgan Stanley

    All Special Reports | 15 December 2017

    Continued low interest rates and liquidity in the straight debt market continue to stifle equity-linked. Competitive cost of capital requires not only more aggressive upfront pricing, but a holistic approach incorporating equity derivatives to enhance economics for issuers. Morgan Stanley met that challenge and is IFR’s Americas Structured Equity House of the Year.

  • Americas Structured Equity Issue: Stanley Black & Decker's US$750m mandatory convertible bond

    All Special Reports | 15 December 2017

    Stanley Black & Decker showed off its financial sophistication with an innovative US$750m mandatory convertible bond issue designed to maximise accounting benefits in a rating-friendly wrapper.

  • 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.

  • Workday logo

    Workday prices tight and right

    Top News | 15 September 2017

    Workday’s US$1bn convertible bond secured the most aggressive pairing of coupon and premium in the US since a deal from Twitter back in 2014.

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