Posts related to ‘Secondary Offering’

Underwriting Syndicate Bonanza Continues (FTNT, AWK, BZ, LFT, SII)

This morning we have a syndicate bonanza with a very solid IPO pricing and many secondary offerings getting priced.  Fortinet, Inc. (NASDAQ: FTNT) priced 12.5 million shares in IPO at $12.50, above the $9.00 to $11.00 range.   There are also many secondary offerings:  American Water Works (NYSE: AWK) 37.35 million shares priced at $21.63; Boise Inc. (NYSE: BZ) 17 million shares priced at $4.85; Longtop Financial Technologies Limited (NYSE: LFT) 3.7 million shares priced at $31.25; Smith International Inc. (NYSE: SII) priced 28 million shares priced at $26.50.

We have detailed information on the size, use of funds, underwriters, and performance on each below.
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Posted on: November 18, 2009 – 10:01 am in ADR, IPOs, Secondary Offering, , , , ,

DryShips Goes For Capital Raise, Again (DRYS)

DryShips Inc. (NASDAQ: DRYS) just hexed its investors who were hoping to see the stock keep running over the $7.00 hurdle.  The company just announced that it has commenced a public offering of $300 million aggregate principal amount of convertible senior notes.  The company listed the use of proceeds as being for vessel acquisitions, working capital, and other general corporate purposes.  These are under an existing shelf, but the offering method here may sour some investors who recently bought stock.
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Posted on: November 17, 2009 – 4:25 pm in ADR, Secondary Offering, Transports,

Beazer Files to Raise $750 Million (BZH)

Money Stack ImageBeazer Homes USA, Inc. (NYSE: BZH) has just filed a mixed securities shelf registration that will allow it to sell securities in the amount of up to $750 million.  This will allow Beazer and its subsidiaries to sell any combination of Senior Debt Securities, Subordinated Debt Securities, Common Stock, Preferred Stock, Depositary Shares, Warrants, Rights Stock Purchase Contracts, Stock Purchase Units, and Guarantees of Debt Securities.
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Posted on: November 13, 2009 – 5:03 pm in Housing, Secondary Offering,

Trouble in Property Syndicates (TPGI, AVI)

We have two deals which have been called off in the land of mixed use properties as a secondary by Thomas Properties Group, Inc. (NASDAQ: TPGI) and one was the IPO which was supposed to price from Aviv REIT Inc. (NYSE: AVI).

Thomas Properties Group, Inc. (NASDAQ: TPGI) announced last night that that it has postponed its secondary offering of 22 million shares of common stock.  The reason, “due to unfavorable market conditions.”… management said that it does not consider the current market price of the common stock to be reflective of its inherent value.

Aviv REIT Inc. was supposed to be on the IPO deck.  The REIT, real estate investment trust, focuses on healthcare properties.  The IPO was on deck to price last night or this morning as the company and shareholders planned to sell 16.6 million shares in an indicated price range of $17 to $19 per share.  We had heard only mixed information, and no date nor new effort terms have been indicated.

If you have been tracking how this 2009 IPO market went from Winola to something far worse, this may not be a surprise.  Also worth noting is that of the deals we track for 2009 we have more that are busted than those which are higher.

JON C. OGG

Posted on: November 4, 2009 – 9:40 am in IPOs, REIT, Secondary Offering, ,

Stock Market Absorbs $500+ Million in Secondaries Today (AAWW, DTG, HUB-B, OCFC, SWSI, VECO)

Money ImageThe market has just absorbed over $500 million worth of stock in secondary offerings today alone.  We have offerings that came from Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW), Dollar Thrifty Automotive Group, Inc. (NYSE: DTG), Hubbell Incorporated (NYSE: HUB-B), OceanFirst Financial Corp. (NASDAQ: OCFC), Superior Well Services, Inc. (NASDAQ: SWSI), and Veeco Instruments Inc. (NASDAQ: VECO).
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Posted on: October 29, 2009 – 1:35 pm in Secondary Offering, , , , , ,

Key Secondary Offerings (BEXP, MAC, MI, NARA, WTNY, EURX)

Money ImageWe have many key secondary offerings on deck today.  Brigham Exploration (NASDAQ: BEXP), Macerich Co. (NYSE: MAC), Marshall & Ilsley (NYSE: MI), Nara Bancorp (NASDAQ: NARA), and Whitney Holding (NASDAQ: WTNY) all priced secondary offerings.  Eurand NV (NASDAQ: EURX) is also on deck with a secondary offering, but no formal pricing has yet been seen.
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Posted on: October 22, 2009 – 9:28 am in Banking, Secondary Offering, , , , , ,

IPO Market Showing Concern (MG, TLCR, BSBR, EM, CLNY, RA, FIG, ARI, VITC, ECHO, CPC, GAME, SNDA, CYOU, SOHU, CPIX, OMER, BX)

bull-and-bear-image2It was just in August that practically every single initial public offering was trading above its IPO price.  The market had rallied significantly, and still rallied after that to just this week have a 10,000 handle on the DJIA.  Investors started warming to more risk-based capital, and investment bankers were finally able to get deals done.  Even waves and waves of secondary offerings were able to be absorbed merely by brokers being able to tell clients they could buy stock at an implied discount to the average price over the few days before.  But suddenly, the IPO market has turned out some real dogs with fleas.

Mistra Group (NYSE: MG) priced its offering at $12.50 on October 7.  While it traded as low as $12.17, it has escaped the hangman’s file of ‘busted deals’ as it is now a $13.51 stock.  The one thing that may have helped was that it priced under an initial range of $14 to $16 per share.  Talecris Biotherapeutics Holdings Corp. (NASDAQ: TLCR) also went into the busted category temporarily after hitting a low of $18.01 after a $19.00 pricing.  Fortunately, it is up at $19.97 so is also now out of the hangman’s eyes.  Still, an 8% gain and a 5% gain in this market might leave some investors feeling lonely.  Banco Santander Brasil S.A. (NYSE: BSBR) was a very large IPO of over 500 million shares at an implied $13.40, and this one got out of the “busted IPO” dungeon on Thursday and closed at $13.51 on Friday.  Before Thursday it had spent its 6 prior trading sessions as a busted IPO.

Emdeon Inc. (NYSE: EM) had traded above $18.00 briefly after its IPO priced at $15.50 in August. But now the healthcare revenue and payment cycle management solutions provider, which is supposed to be a healthcare winner ahead, closed down at $15.35 on Friday  and had been slightly lower during the week.  This was effectively a re-IPO as Emdeon had been public before after General Atlantic Partners acquired it and it also received an investment from Hellman & Friedman. It also has ties to James Clark, the Netscape founder and was part of Healtheon.

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Posted on: October 17, 2009 – 8:45 am in ADR, Biotech, Business Services, China, Editor's Picks, Entertainment, IPOs, Mergers and Buy Outs, Private Equity, REIT, Secondary Offering, Trading Alert, Value Investing, , , , , , , , , , , , , , , , , ,

Level 3 Filing Pressure Shares, Maybe Unjustly (LVLT)

Money Stack ImageLevel 3 Communications, Inc. (NASDAQ: LVLT) has just disclosed in an SEC filing the “Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.”  The company noted that it consummated the transactions contemplated by a Securities Purchase Agreement that it executed with certain investors on October 1, 2009 in connection with the offering and sale of $275,000,000 aggregate principal amount of its 7% Convertible Senior Notes due 2015, Series B.  A copy of the Purchase Agreement was previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on October 2, 2009, and is incorporated herein by reference.  It appears that the title of the filing has made more of an impact than the actual terms.
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Posted on: October 15, 2009 – 4:49 pm in Bonds, Internet, Secondary Offering, Telecom,

Quasi-IPO FILING: Golden Minerals Company (GDMN)

Gold ImageAn initial public offering filing has been made by a company called Golden Minerals Company, although we would rate this as a quasi-IPO that looks more like a secondary offering and not a full blown IPO.  This trades under the ticker of “GDMN” on the Pink Sheets and trades under the ticker “AUM” on the Toronto Stock Exchange.  It plans to trade on the NYSE AMEX.  No financial terms were given other than a proposed maximum offering of $115,000,000.00 and Dahlman Rose & Company, LLC will serve as the sole book-running manager.
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Posted on: October 15, 2009 – 10:24 am in Commodities, IPOs, Metals, OTC, Secondary Offering,

DragonWave Debuts In U.S. Listing (DRWI, CLWR)

DragonWave LogoDragonWave Inc. (NASDAQ: DRWI) is not exactly a new company nor is it exactly an initial public offering.  The stock has traded on the Toronto Stock Exchange under the ticker “DWI” since 2007.  It has also been a very strong stock in the Canadian trading as it was under $2.00 at the start of 2009 and rose to over $10.00 (Canadian Dollars) recently. Today, will mark the initiation of the listing on NASDAQ.
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Posted on: October 15, 2009 – 9:50 am in ADR, IPOs, Insider Activity, Secondary Offering, Technology Companies, WiMAX, Wireless, ,

Conseco Scores Paulson & Co. Investment (CNO)

Money ImageConseco, Inc. (NYSE: CNO) was a mixed blessing today after the close.  The firm is diluting shareholders with a secondary offering, but it also announced that the esteemed firm Paulson & Co. is taking 16.4 million shares and additional warrants for another 5 million shares.  This is listed as an aggregate purchase price of $77.9 million.
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Posted on: October 13, 2009 – 4:15 pm in Activist Investor, Financial Stocks, Private Equity, Secondary Offering,

More Secondaries Hitting the Market (LAD, PZG, SVNT, GOL)

Money Stack ImageWe have seen at least four different secondary offerings this morning, and there are some others that are pending to be priced for trading today.  The offerings are from Lithia Motors Inc. (NYSE: LAD), Paramount Gold & Silver (AMEX: PZG), Savient Pharmaceuticals (NASDAQ: SVNT), and GOL Linhas Aereas Inteligentes SA (NYSE: GOL).  Details on pricing and reactions are available below.
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Posted on: October 9, 2009 – 8:26 am in Secondary Offering, , , ,

Major Secondary Offerings Keep Coming (ALTH, ATAX, ARYX, APPY, GRS, LINE, SGMO, CAR)

Money Stack ImageWe are seeing more and more waves of secondary offerings continue to hit the Street since the stock market has held up. Many stocks are close to near-term highs and it seems they are raising cash in case the opportunity goes away.  Allos Therapeutics, Inc. (NASDAQ: ALTH), America First Tax Exempt Investors, L.P. (Nasdaq: ATAX), ARYx Therapeutics, Inc. (NASDAQ: ARYX), AspenBio Pharma Inc. (NASDAQ: APPY), Gammon Gold, Inc. (NYSE: GRS), LINN Energy, LLC (NASDAQ: LINE), and Sangamo BioSciences, Inc. (Nasdaq: SGMO) have all priced secondary offerings.  Avis Budget Group, Inc. (NYSE: CAR) is one of the pending offerings.
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Posted on: October 7, 2009 – 11:09 am in Secondary Offering, , , , , , , ,

AirTran Punished for Share Offering (AAI)

Money Stack ImageAirTran Holdings, Inc. (NYSE: AAI) is being punished after the close after it announced a securities sale.  The discount air carrier plans to sell $75,000,000 in convertible senior notes due in 2016 in an underwritten registered public offering.  Concurrently with the note offering, the company plans to sell 9,000,000 shares of its common stock as well.  The company does note that neither offer is contingent upon the other.
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Posted on: October 6, 2009 – 4:49 pm in Airlines, Secondary Offering,

Public Nanotech VC Raises Cash (TINY)

Money Stack ImageHarris & Harris Group, Inc. (NASDAQ: TINY) is one of the few public nanotech and micro-tech interests out there that is in a sector that is still grossly under-followed and under-covered.  The venture capital and investment firm is seeing its shares hit hard today after it priced a public secondary offering of stock.  The company sold 4,250,000 shares of common stock at $4.75 per share, and the gross proceeds are expected to be $18,648,750.00 to the company.
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Posted on: October 6, 2009 – 10:17 am in Nanotech, Private Equity, Secondary Offering,

Verenium Crushed on Offering (VRNMD)

Burning Money PicIf any ethanol is supposed to be feasible, it is cellulosic ethanol.  One player in that sub-sector is Verenium Corp. (NASDAQ: VRNMD).  Unfortunately, its shares are getting crushed this morning as it has detailed its planned sale of stock and warrants.  The small company has priced a public offering of 2,250,000 shares of its common stock and warrants to purchase an additional 900,000 shares of common stock at a price to the public of $6.00 per unit.
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Posted on: October 6, 2009 – 10:00 am in Alternative Energy, Oil & Gas, Secondary Offering,

Palm Boosts & Prices Secondary Offering (PALM)

Palm Pre ImagePalm, Inc. (NASDAQ: PALM) has priced its public secondary offering of 20 million shares at a price of $16.25 per share.  This is a fter a $17.07 close yesterday.  Palm noted that it will have 162,329,477 shares outstanding after the offering, excluding shares from the over-allotment option if exercised.
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Posted on: September 23, 2009 – 7:37 am in Consumer Electronics, Secondary Offering, Telecom, Wireless,

Secondaries Keep Flooding In (DVR, FSP, HBAN, MWA, NMM, HEAT, SAH, SXCI, VVUS, BRKR)

Money Stack ImageYou know the market is still strong when secondary floodgates open up and are so well received that so many deals are seeing increased offerings.  Some of the deals we have seen this morning alone are Cal Dive International Inc. (NYSE: DVR), Franklin Street Properties Corp. (NYSE: FSP), Huntington Bancshares Incorporated (NASDAQ: HBAN), Mueller Water Products, Inc. (NYSE: MWA), Navios Maritime Partners L.P. (NYSE: NMM), SmartHeat Inc. (NASDAQ: HEAT), Sonic Automotive Corp. (NYSE: SAH), SXC Health Solutions (NASDAQ: SXCI), and VIVUS Inc. (NASDAQ: VVUS).  Of the deals that priced today, the total came to more than $1.4 billion.  We have also seen a new filing out of Bruker Corporation (NASDAQ: BRKR) for selling family members not tied to the business.  Full details and some added color on each deal are provided below.
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Posted on: September 18, 2009 – 9:58 am in Banking, Brokerage Firms, Secondary Offering, , , , , , , , , ,

Secondary Offering Floodgates Open (BGS, CMFO, COIN, LOPE, LGCY, OPEN, PRKR, KGS, UDR, IACI)

Burning Money PicMoney Stack ImageWhat happens when market rallies go on and on?  Outside of the basics, you just about always get a flurry of corporations and public entities selling shares as secondary offerings flood the market.  Between yesterday and today we have seen a deluge of secondary offerings either priced or filed from the likes of B&G Foods, Inc. (NYSE: BGS) China Marine Food Group Limited (AMEX: CMFO), Converted Organics Inc. (NASDAQ: COIN), Grand Canyon Education, Inc. (NASDAQ: LOPE), Legacy Reserves LP (NASDAQ: LGCY), OpenTable, Inc. (NASDAQ: OPEN), ParkerVision, Inc. (NASDAQ: PRKR), Quicksilver Gas Services LP (NYSE: KGS), and UDR, Inc. (NYSE: UDR).

As long as you keep seeing the DJIA, S&P, and NASDAQ hitting new intermediate highs and the market does not roll over, you can expect the floodgates for companies raising capital to continue.   Full details on each offering or filing are below.
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Posted on: September 15, 2009 – 3:30 pm in Internet, Oil & Gas, Private Equity, Secondary Offering, , , , , , , , , ,

E*TRADE Almost Reverses Own Fortune (ETFC)

ETRADE LogoThe analyst who upgraded E*TRADE Financial Corporation (NASDAQ: ETFC) at Citigroup is probably not feeling as confident as compared to about an hour ago.  Citi raised its rating to BUY from Hold and raised its target to $2.30 from $1.50.  This had shares marked up higher as per our “Volume Spike” alert service.  But then at 9:20 AM EST, a headline hit saying that E*TRADE had terminated its stockholder rights plan and filed for an ATM (at-the-market) program to issue common stock.  This is on the heels of the announced CEO departure last week.
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Posted on: September 14, 2009 – 10:08 am in Analyst Calls, Brokerage Firms, Secondary Offering,