IFR US ECM Pricings
Bruker (US, life sciences tools) ─ $600m 3y mand cvt pfd priced at 6.375% div, up 22.5% versus 6.25%-6.75% and 17.5%-22.5% marketing. JPM, BOFA. Using proceeds to repay bank debt.
Centuri (US, infrastructure services) ─ $536.3m ABB. 27.4m shares (Secondary) at $19.60 versus $19.15-$19.75 marketing and $20.55 last sale. JPM. Wall cross. Exit trade for selling shareholder Southwest Gas. Carl Icahn affiliates indicated for up to 2.87m shares sold in the offering.
Customers Bancorp (US, regional bank) ─ $150m ABB. 2.2m shares (Primary) at $68.50 versus $67.00-$69.00 marketing and $72.43 last sale. MS, KBW, RJ.
dLocal (Uruguay, payments) ─ $191.3m ABB. 15m shares (Secondary) at $12.75 versus $12.50-$13.00 marketing and $13.93 last sale. JPM, GS, MS, BTG, CITI. Wall cross. General Atlantic is the selling shareholder.
Dole (Ireland, branded foods) ─ $157.9m Block. 11.9m shares (Secondary) at $13.25 versus $13.25-$13.75 marketing and $14.73 last sale. GS. Castle Cooke/Murdock Group are the selling shareholders.
GSR IV Acquisition (US, SPAC) ─ $200m IPO. 20m units (Primary) at $10.00. KGSW, BENCH. Nasdaq “GSRFU”. Each unit comprises one share and one-seventh right. Gus Garcia/Lewis Silberman. No defined target. 18 months. 100% in trust.
Impinj (US, semiconductors) ─ $170m 4y cvt priced at 0%, up 37.5% versus fixed zero-percent coupon and 30%-35% marketing. JEFF, UBS. Upsized from $150m. Concurrently bought back a portion of $287.5m principal 1.125% CB due 2027. Capped call to $340.32, a 75% premium.
Lumentum (US, networking equipment) ─ $1.1bn 6.5y cvt priced at 0.375%, up 40% versus 0.5%-1% and 35%-40% marketing. GS, MIZU, JEFF, MS, EVER. Using $843.8m to buy back $581m principal of $1.05bn 0.5% CB due 2026. Capped call to $268.24, a 100% premium.
Sotera Health (US, medtech) ─ $307m Block. 20m shares (Secondary) at $15.35 versus $15.20-$15.98 marketing and $15.98 last sale. GS. Warburg Pincus and GTCR are the selling shareholders.