IFR US ECM PRICINGS
Blue Water Acquistion III (Cayman Islands, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. BTIG. Nasdaq “BLUWU”. Upsized from $200m. Blue Water Venture Partners (Joseph Hernandez). Biotech/Technology. 24 months. 100% in trust.
FirstEnergy (US, utility) – $1.15bn 3.5y cvt priced at 3.625%, up 20% versus 3.25%-3.75% and 20%- 25% marketing. MS, BARC, CITI. Upsized from $950m. Concurrent $1bn 5y CB. Repurchase all or a portion of,$1.5bn principal 4% CB due in 2026.
FirstEnergy (US, utility) – $1bn 4.5y cvt priced at 3.875%, up 20% versus 3.5%-4% and 20%- 25% marketing. MS, BARC, CITI. Upsized from $850m. Concurrent $1.15bn 4y CB. Repurchase all, or a portion of, $1.5bn principal 4% CB due in 2026.
Oddity Tech (Israel, cosmetics) – $525m 5y cvt priced at 0%, up 32.5% versus 0% fixed and 27.5%-32.5% marketing. JPM, GS, MS. Upsized from $350m. Capped call to $138.92, a 100% premium.
Xometry (US, ecommerce) – $225m 5y cvt priced at 0.75%, up 30% versus 0.75%-1.25% and 27.5%-32.5% marketing. GS, JPM. Concurrent $8m share repurchase. Capped call to $63.35, a 75% premium. Concurrently repurchased $201.7m of outstanding principal on 1% CB due 2027 for $216.7m. Wall cross.