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FACTBOX-Bond, share sales delayed by volatile markets
July 20, 2007 / 11:52 AM / 10 years ago

FACTBOX-Bond, share sales delayed by volatile markets

7 Min Read

(Adds new material from July 17 to July 19, NIBC Bank, VTB-24)

July 20 (Reuters) - Global market volatility sparked by concerns over the U.S. subprime mortgage market has prompted several companies to delay or withdraw planned offerings of shares, bonds or loans, and has hit some mergers and acquisitions.

Following is a list of recently postponed or cancelled securities sales, as well as M&A deals affected by the volatility: (For stories please double click on codes in square brackets.)

July 19

Prologis European Properties pepr.as

The ProLogis (PLD.N) fund, which operates distribution and warehouse facilities, postponed a 10-year euro benchmark bond, a market source said. [ID:nL19750077]

July 18

Banca Agrileasing

Italy's Banca Agrileasing put on hold plans to sell a senior seven-year euro FRN. [ID:nL18903795]

HARMONY GOLD (HARJ.J)

South Africa's Harmony Gold delayed a $350 million bond issue. [ID:nL18878176]

July 17

a-Tec atec.vi

Austrian machinery maker A-TEC Industries put its planned euro hybrid bond on hold "pending more stable market conditions". [ID:nL17685338]

July 16

Maxeda Diy

The 1.075 billion euro covenant lite loan backing the buyout of Dutch retailer Maxeda DIY was pulled. [ID:nL1628406]

ROSNEFT (ROSN.MM)

Russian state-controlled oil firm Rosneft postponed its planned dollar bond due to market volatility. [ID:nL16767681]

Telemobil

Romanian mobile phone operator Telemobil postponed a $125 million bond issue, a market source said. [nL16732048]

Vtb-24

VTB-24, the retail banking arm of Russian bank VTB (VTBRq.L), delayed a $500 million issue of residential mortgage-backed securities until 2008. [ID:nL16101747]

July 11

First Gulf Bank fgb.ad

The UAE-based bank delayed a $3.5 billion eurobond programme because of unfavourable market conditions. [ID:nL1150695]

QUEBECOR MEDIA (QBRb.TO)

Quebecor Media, a unit of Quebecor Inc. pulled a $750 million junk bond sale, high-yield research firm KDP Investment Advisors said. [ID:nN11295129].

Nibc Bank

NIBC Bank postponed plans to sell a three-pillar senior unsecured four-year euro benchmark FRN.

July 10

Pkn Orlen pkna.wa

Poland's PKN Orlen postponed a planned seven-year euro bond, after setting guidance, citing market turmoil. [ID:nL10723440]

July 9

SWIFT & CO

Meat producer Swift & Co pulled a $600 million three-part high-yield bond deal, sources said. [ID:nN09308420]

CREDIT AGRICOLE (CAGR.PA)

Credit Agricole postponed a Tier 1 subordinated euro bond sale.

July 6

Carphone Warehouse cpw.l

British mobile phone retailer Carphone Warehouse cancelled its planned sterling benchmark bond sale. [ID:nL06106369]

Bank of Moscow mmbm.mm

The Russian bank postponed its planned euro-denominated, five-year eurobond. [ID:nL03722222]

July 5

Diamond Circle Capital

UK investment firm Diamond Circle Capital Plc postponed a planned $400 million IPO with sources close to the company blaming a tepid market and investors not understanding the sector. [ID:nL05711241]

July 3

Servicemaster Co svm.n

ServiceMaster Co postponed a $1.15 billion high-yield debt offering, sources said. [ID:nN03429740]

Picis Inc

Healthcare software company Picis Inc filed to withdraw its IPO of common stock citing changes in its financing and strategic plans. [ID:nWNAS5253]

July 2

Coles Group cgj.ax Takeover

Wesfarmers Ltd (WES.AX) agreed to buy Australian retailer Coles Group alone after private equity partners Permira and Pacific Equity Partners withdrew. A source familiar with the situation said the private equity firms were unable to make a deal stack up after the sudden jump in the cost of credit in U.S. markets over the past week. [ID:nSYD209645].

June 29

Bombardier Recreational Products

The privately held snowmobile and sports boat manufacturer postponed a $1.12 billion loan, sources said. [ID:nN29421190]

Oreck Corp.

Home appliances maker Oreck pulled its $200 million refinancing loan, sources said. [ID:nN29429460]

Quark Pharmaceuticals Inc

California-based Quark postponed its IPO due to concerns about "market conditions," underwriters said. [ID:nN29355699]

June 28

Texas Pacific [tpg.ul]

The private equity firm pulled out of bidding for Australian retailer Coles Group CGJ.AX. The cost of credit was one of the factors behind the decision, sources said. [ID:nSYD202991]

KIA MOTORS CORP (000270.KS)

South Korean automaker Kia Motors Corp. postponed plans for a five-year benchmark dollar bond sale. [ID:nSEO310500]

June 27

Magnum Coal Co.

Magnum Coal Co. pulled its plan to issue 7-year $350 million second-lien secured notes, sources said. [ID:nN27422516]

MISC BHD (MISC.KL)

Malaysia's MISC Bhd, the world's largest carrier of liquefied natural gas, put its 10-year $750 million bond issue on hold. [ID:nHKG306583]

IXYS CORP. (IXYS.O)

Semiconductor company IXYS Corp. said it would not proceed with its plan to offer $60 million of convertible subordinated notes. [ID:nWNAS4799]

June 26

Arcelor Finance

Arcelor Finance, the main finance vehicle for steelmaker Arcelor Mittal CELR.PAISPA.AS, put on hold a planned 2-part 1.5 billion euro bond sale. [ID:nL26377555]

Catalyst Paper Corp

Catalyst Paper Corp., a leading producer of mechanical printing papers in North America, withdrew its proposed private placement of $200 million in aggregate principal amount of senior notes. [ID:nPnTO421a]

Endoceutics Inc.

Canada's EndoCeutics Inc. filed with regulators to withdraw a planned IPO. [ID:nWNAS4734]

u.s. Foodservice

U.S. Foodservice postponed the financing to back its $7.1 billion leveraged buyout by Clayton, Dubilier & Rice and Kohlberg Kravis & Roberts from Ahold AHLN.AS, sources said. [ID:nN26252986]

Everquest Financial Ltd.

Everquest Financial Ltd., a company formed by Bear Stearns Cos. BSC.N to invest in repackaged debt securities, withdrew plans for a $100 million IPO. [ID:nN26242189]

June 21

Reso-Garantia

Russian retail insurance company RESO-Garantia cancelled plans to float a 20 percent stake on domestic bourses, Vedomosti business daily reported. [ID:nL2160363]

June 20

IRPC (IRPC.BK)

Thailand's IRPC, which operates Southeast Asia's largest fully-integrated petrochemical complex, postponed a two-part bond issue. [ID:nBKK160367]

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