sections

Thursday, 14 December 2017

Stephen Lacey' s stories

Sort by: Newest firstOldest firstA-ZZ-A

  • 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.

  • LatAm deal flow takes off on EM rotation

    Equities | 15 September 2017

    With economic growth across Latin America recovering, and US growth stalling, companies across the region are looking to cash in through new stock sales. There are at least eight Latin American companies currently marketing deals, both IPOs and follow-on stock sales, targeting a combined US$4.2bn.

  • 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.

  • 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.

  • Carrizo upsizes with Delaware Basin purchase

    Equities | 30 June 2017

    With oil in retreat and sector valuations hammered, now would seem an unusual time for E&Ps to make opportunistic acquisitions. And to the casual observer, it is – recent activity has been limited to sponsor exits of deepwater explorer Kosmos Energy and RSP Permian in May.

  • Canada Goose two-for-one stock sale not cheap

    Equities | 30 June 2017

    Canada Goose touted its continued expansion with the opening of a new production centre, its fifth, and a distribution centre, noting that it has increased the number of Canadian workers employed by 200% and that it now employs 10% of the country’s cut-and-sew labour force.

  • Canada Goose set loose for first follow-on

    Equities | 16 June 2017

    Canada Goose, the premium parka maker, filed documents on Wednesday to facilitate a secondary sell-down by private equity firm Bain Capital, senior management and other insiders. The proposed stock sale comes just three months after the IPO, well within the 180-day lock-up agreed with the underwriters.

  • Banco Macro seeks to capitalise on consolidation

    Equities | 16 June 2017

    Argentine commercial banks are rushing to the equity markets to secure the firepower needed to participate in ongoing consolidation.

  • BanBajio takes international deposits on US$420m IPO

    Equities | 09 June 2017

    Mexican commercial bank Banco del Bajio saw surprisingly strong support for its IPO. At four times oversubscription, the offering was not a blowout, but getting it done at all was notable in the light of renewed global banking turmoil.

  • Carlyle Group seeks premium valuation on TCG BDC IPO

    Equities | 09 June 2017

    Carlyle Group is seeking the permanency of a public vehicle with the forthcoming IPO of TCG BDC. With myriad similar vehicles – business development companies (BDCs) backed by Ares, Apollo, TPG and Goldman Sachs – the question for investors will be to discern between subtle differences in the businesses.

  • Kinder Morgan sign

    Politics drives Kinder Morgan down

    Top News | 02 June 2017

    Concerns that Kinder Morgan Canada might struggle to deliver its C$7.4bn (US$5bn) Trans Mountain pipeline - which led to a large cut in valuation on its C$1.75bn IPO - look to have been well-judged, with the project imperilled before trading even began.

  • Banco Macro fuels M&A speculation with follow-on

    Equities | 02 June 2017

    Banco Macro’s all-primary stock sale, raising around US$650m, could herald consolidation moves among Argentine banks.

  • Canadian cobalt player gets physical on IPO

    Equities | 02 June 2017

    Tesla is the obvious investment choice for those looking at electric vehicles with few alternatives. Cobalt, used in rechargeable batteries for autos, computers and cell phones, is another possibility.

  • Kinder Morgan sign

    Kinder Morgan lowers sights on Canadian pipeline IPO

    Top News | 26 May 2017

    Controversy surrounding the Trans Mountain oil pipeline expansion - and the potential impact on delivering the C$7.4bn (US$5.5bn) project - meant Kinder Morgan had to acquiesce to a deeply discounted valuation in order for the C$1.75bn (US$1.3bn) spin-off IPO of Kinder Morgan Canada to go ahead.

  • Turkish F1 Grand Prix at the Istanbul Park circuit in Istanbul

    Formula One accelerates under new owners

    Top News | 19 May 2017

    CVC has led a group of shareholders selling down their exposure to Formula One, just as new owner Liberty Media overhauls the business of the race series to maximise returns. The US$1.24bn follow-on of Liberty Media shares also included a primary portion that will repay some of the debt incurred in the US$4.4bn acquisition completed in January.

  • Tellurian ditches US$100m raising

    Equities | 19 May 2017

    Tellurian, the new plaything of LNG pioneer and ousted former Cheniere Energy boss Charif Souki, was hoping to chip away at funding a massive new project with a US$100m equity raising overnight on Wednesday.

Show  10 per page20 per page50 per page