Saturday, 21 October 2017

Stephen Lacey' s stories

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  • 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.

  • Becton Dickinson logo

    Becton thrills equity investors on M&A financing

    Top News | 12 May 2017

    Becton Dickinson is gradually making its debt-heavy US$24bn acquisition of CR Bard more market-friendly, not least with a US$4.95bn equity fundraising last week.

  • Kinder Morgan opts for IPO

    Equities | 12 May 2017

    Kinder Morgan kicked off marketing on Wednesday on the C$1.75bn (US$1.3bn) carve-out IPO of its western Canadian pipeline operations, Kinder Morgan Canada (KMC), and in doing so cut off hopes of a potential sale of the unit.

  • Gardner Denver, Solaris slip on oil decline

    Equities | 12 May 2017

    The IPOs of Gardner Denver, the KKR-backed industrial conglomerate, and frac-sand storage unit maker Solaris Oilfield Infrastructure both faced harsh valuation scrutiny. Despite taking below-range pricing, both elected to move forward, allowing them to

  • DHX Media manoeuvres to fund Peanuts purchase

    Structured Equity | 12 May 2017

    DHX Media, the producer of TV content for children, welcomed Peanuts and Strawberry Shortcake to its growing catalogue of shows by agreeing to pay US$345m to owner Iconix Brand.

  • SBD gets credit for US$675m MCB

    Structured Equity | 12 May 2017

    Stanley Black & Decker again showed off its financial sophistication with an innovative US$675m mandatory convertible designed to maximise accounting benefits in a rating-friendly wrapper. In the context of a US$21.3bn market capitalisation, the benefits of the security are incremental – but the deal is consistent with the power tool maker’s reputation for financial tinkering.

  • Pumpjacks taken out of production

    Liberty fracker gets rocky reception for IPO

    Top News | 05 May 2017

    Liberty Oilfield Services was forced to cancel its IPO on Thursday, even after slashing the asking price and the number of shares on offer in an effort to get over the line. The failure was almost inevitable as the pressure-pumper simply could not defy the collapse in share prices of oilfield services stocks this year.

  • Alignvest SPAC takes forward-looking view

    Equities | 05 May 2017

    Alignvest Acquisition II, the second special purpose acquisition company vehicle sponsored by Canadian alternative asset manager Alignvest Management, is employing a forward purchase agreement on its C$250m (US$182m) IPO. The forward purchase agreement totals C$113m.

  • Gardner Denver in US$1bn-plus IPO

    Equities | 05 May 2017

    KKR-backed industrial products company Gardner Denver is off and running in its bid to return to public markets, launching an IPO to raise up to US$1.1bn to cut debt.

  • Antero Midstream GP stumbles on debut

    Equities | 05 May 2017

    Antero Midstream GP, a seemingly reliable play on dividend growth, stumbled in its debut session and closed at US$22, below the US$23.50 price set on its IPO of 37.25m shares.

  • Logo of Gardner Denver

    Gardner Denver launches up to US$1.1bn IPO

    Ticker | 03 May 2017

    Gardner Denver is off and running on its bid to return to the public markets, launching an up to US$1.1bn IPO that the KKR-backed industrial conglomerate would use to deleverage.

  • Liberty fracker gets rocky reception for IPO

    Ticker | 03 May 2017

    Liberty Oilfield Services hopes to begin trading this week under the stock ticker BDFC - the Best Damn Fracking Company - but its arrival as a public company has been a little bit rocky.

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