IFR US ECM Pricings
CytomX Therapeutics (US, biotech) ─ $250m FO. 47.2m shares (Primary) at $5.30 versus $5.45 last sale and $6.75 at launch. JEFF, PS, CANT, BARC. Includes pre-funded warrants.
Nebius (Netherlands, data centers) ─ $2.25bn 5y cvt priced at 1.25%, up 57.5% versus 1%-1.5% and 45%-50% marketing. GS. Upsized from $2bn. Concurrent $1.75bn 7y cvt. Structured with 120% accretion provision that increases effective conversion premium to 89%.
Nebius (Netherlands, data centers) ─ $1.75bn 7y cvt priced at 2.625%, up 55% versus 2.375%-2.875% and 45%-50% marketing. GS. Concurrent $2.25bn 5y cvt. Structured with 120% accretion provision that increases effective conversion premium to 86%.
Ormat Technologies (US, renewable energy) ─ $725m 5y Series A cvt priced at 1.5%, up 30% versus 1.5%-2% and 27.5%-32.5% marketing. JPM, MS, GS, HSBC. Upsized from $600m. Concurrent $150m Series B cvt. Concurrent $25m share repurchase to facilitate delta hedging. Concurrently repurchased $285.9m principal of 2.5% CB due 2027 for $287.9m.
Ormat Technologies (US, renewable energy) ─ $150m 5y-put 1 Series B cvt priced at 0%, up 30% versus 0% fixed and 25%-30% marketing. JPM, MS, GS, HSBC. Concurrent $725m Series A cvt. Concurrent $25m share repurchase to facilitate delta hedging. Concurrently repurchased $285.9m principal of 2.5% CB due 2027 for $287.9m.
SAB Biotherapeutics (US, biotech) ─ $85m ABB. 22.1m shares (Primary) at $3.85 versus $3.75-$4.07 marketing and $4.07 last sale. JEFF, UBS, CITI, BARC. Upsized from $75m. Wall cross. Includes pre-funded warrants.