November 22, 2019 / 11:06 PM / 20 days ago

IFR US ECM Weekly Wrap-up

NEW YORK, Nov 22 (IFR) - WEEKLY TOTAL $9.6bn – IPO $993m – ABB/BLOCK $6.3bn – FOLLOW-ON $1.65bn – CB $705m Monday

8X8 (US, software) – $75m add-on to 0.5% CB due 2024. MS. Add-on to $287.5m principal 0.5% CB.

Canadian Apartment Properties REIT (Canada, REIT) – C$425m Block. 7.9m units (100% prim) at C$53.60 versus C$55.85 last sale. RBC. Upsized from 6.5m units (C$350m).

Duke Energy (US, utility) – $2.16bn Block. 25m shares (100% prim) at $86.45 versus $86.45-$87.30 marketing and $88.65 last sale. JPM, GS, BARC, CS, BOFA, CITI, MS, WF.

Ellington Financial (US, mortgage REIT) – $76.4m ABB. 4.2m shares (100% prim) at $18.20 fixed versus $18.81 last sale. UBS, CS, BOFA, KBW.

GreenVision Acquisition (China, SPAC) – $50m IPO. 5m units (100% prim) at $10.00. Each unit comprises one share and one full warrant. IBANK. Tuesday

Amplitude Healthcare Acquisition (US, SPAC) – $100m IPO. 10m units (100% prim) at $10.00. Each unit comprises one share and one-half of a warrant. BMO, SVBL.

Axonics Modulation Technologies (US, medical device) –$110m ABB. 5m shares (91% prim, 9% sec) at $22.00 versus $21.50-$22.50 marketing and $22.99 last sale. BOFA, BARC.

Chefs’ Warehouse (US, specialty retailer) – $130m 5y cvt priced at 1.875%, up 35% versus talk of 1.375%-1.875% and 32.5%-37.5%. JEFF, BMO.

Fluidigm (US, medical equipment) – $50m 5y cvt priced at 5.25%, up 25% versus fixed 5.25% and 25% price talk. BARC. Upsized from $45m.

MGM Growth Properties (US, casino REIT) – $937.5m ABB. 30m shares (100% prim) at $31.25 versus $31.25-$31.75 marketing and $32.49 last sale. JPM, MS, BOFA, EVER. Upsized from 24m shares. 12m shares forward sold.

New York Mortgage Trust (US, mortgage REIT) – $152.5m Block. 25m shares (100% prim) at $6.10 fixed versus $6.25 last sale. MS.

Safehold (US, REIT) – $102m FO. 3m shares (100% prim) at $34.00 versus $34.60 last sale and $35.93 launch. GS, BOFA, JPM, BARC, MZHO. Concurrent private placement to iStar equal to 56% of total offering size. Upsized from 2m shares. Wednesday

CRISPR Therapeutics (Switzerland, biotech) – $274m FO. 4.3m shares (100% prim) at $64.50 versus $67.42 and $68.46 at launch. GS, PJ, JEFF.

Canaan (China, cryptocurrency) – $90m IPO. 10m ADSs (100% prim) at $9.00 versus $9-$11 marketing. CITI, CREN, CMBI. Nasdaq “CAN”. 14 investors indicated an interest in 5% of the ADSs.

GSX Techedu (China, online education) – $252m FO. 18m ADS (100% sec) at $14.00 versus $14.57 last sale and $16.75 at launch. CS, GS, BOFA, DB. Upsized from 15m shares.

Karuna Therapeutics (US, biotech) – $250m FO. 2.6m shares (100% prim) at $96.00 versus $96.00 last sale and $108.95 launch. GS, CITI, STFL.

Invitation Homes (US, REIT) – $1.7bn Block. 57.6m shares (100% sec) at $30.10 versus $30.06-$30.10 marketing and $30.06 last sale. MS.

Molecular Templates (US, biotech) - $50m ABB. 6m shares at $8.00 and $2m cvt pfd versus $8.27 last sale. COWN, BARC, STFL.

OptiNose (US, biotech) - $53.6m ABB. 5.5m shares (80% prim, 20% sec) at $9.75 fixed price versus $11.41 last sale. JEFF, COWN, PJ.

Performance Food (US, food distributor) – $447.8m FO. 10.1m shares (100% prim) at $44.25 versus $44.70 last sale and $46.17 at launch. CS, WF, BOFA, JPM, BARC, BMO, CONE, MS, RABO. Forward sale. Upsized from 9.2m shares.

SiTime (US, electronics equipment) – $55.9m IPO. 4.3m shares (100% prim) at $13.00 versus $13-$15 marketing. BARC, STFL. Management indicated an interest in buying $1.5m of shares.

Software Acquisition (US, SPAC) – $130m IPO. 12.5m units (100% prim) at $10.00. Each unit comprises one share and one-half of a warrant. BRIL. Upsized from $125m.

SunPower (US, renewable energy) – $154m FO. 22m shares (100% prim) at $7.00 versus $7.42 last sale and $8.30 at launch. GS, BOFA. Thursday

Alpine Income Property Trust (US, REIT) – $142.5m IPO. 7.5m shares (100% prim) at $19.00 versus $19-21 marketing. RJ, BAIRD, BRILEY, BMO, JMS, DAD.

CHP Merger (US, SPAC) – $275m IPO. 27.5m units (100% prim) at $10.00. Each unit comprises one share and one-half of a warrant. JPM, CS, MS.

Danaos (Greece, containerships) – $54m FO. 9m shares (100% prim) at $6.00 versus $7.65 last sale and $11.00 at launch. CITI, JEFF.

Genpact (US, BPO) – $615.2m Block. 15.4m shares (100% sec) at $39.95 versus $39.95-$40.25 marketing and $40.40 last sale. GS. Clean-up trade.

Liberty Media/Sirius exchangeable (US, media conglomerate) - $525m 30y, put-five exch into SIRI priced at 2.75%, up 27.5% versus talk of 2.5%-2.75% and 27.5%-30%. JPM, BNP, CITI, UBS, CA, DB, MIZU. Upsized from $400m.

Log-In Logistica (Brazil, transportation) – R$633.7m ($151m) FO. 43.7m shares (100% prim) at R$14.50 versus R$18.20 last sale and R$20.23 at launch. GS, ITAU, SAFRA, BNP.

Organogenesis (US, medical device) – $45m FO. 9m shares (100% prim) at $5.00 versus $6.07 last sale and $7.96 launch. CS, SVBL.

PropTech Acquisition (US, SPAC) – $150m IPO. 15m units (100% prim) at $10.00. Each unit comprises one share and one-half of a warrant. CANT.

Reporting by Robert Sherwood

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below