IFR US ECM Pricings
Corebridge Financial (US, insurance) ─ $1bn Block. 32.6m shares (Secondary) at $31.10 versus $31.10-$31.26 marketing and $31.26 last sale. JPM. Corebridge bought back $500m of stock being sold in the offering.
Estee Lauder (US, consumer goods) ─ $1bn Block. 11.3m shares (Secondary) at $90.00 versus $90-$92 marketing and $92.88 last sale. JPM. Leonard Lauder estate is the selling shareholder.
Exzeo Group (US, insurtech) ─ $168m IPO. 8m shares (Primary) at $20.00 versus $20-$22 marketing. TRST, CITZ, WBLR. NYSE “XZO”. Spin-off from HCI Group. 5% DSP.
Guardant Health (US, healthcare) ─ $300m ABB. 3.3m shares (Primary) at $90.00 versus $90.00-$92.00 marketing and $98.14 last sale. GS, JEFF, LEER, GUGG. Upsized from $250m. Concurrent $350m 7.5y CB. Wall cross.
Guardant Health (US, healthcare) ─ $350m 7.5y cvt priced at 0%, up 35% versus zero-percent fixed and 30%-35% marketing. GS, JEFF, LEER, GUGG. Upsized from $300m. Concurrent $300m common stock offering. Wall cross.
Ramaco Resources (US, coal mining) ─ $54.4m ABB. 2.2m shares (Borrowed shares) at $24.25 versus $26.59 last sale. GS, MS. Stock loan facility to facilitate delta hedging on concurrent $300m 6y CB. Wall cross.
Ramaco Resources (US, coal mining) ─ $300m 6y cvt priced at 0% up 35% versus 0%-0.5% and 30%-35% marketing. GS, MS. Concurrent $54.4m stock loan placement to facilitate delta hedging. Capped call to $54.56, a 100% premium.