Public Offering Floodgates Open Wide (CUZ, DHX, DFS, EPR, FNSR, FPO, GEL, G, GLP, HIG, IRDM, LXRX, NVAX, ORG, SATC, TTMI)

If you think you are alone in noticing that the markets have held up extremely well, you better take a look and see what managers and officers of public companies are doing on capital raises. There is a wave of secondary offerings this week either that already priced or on deck from companies such as Cousins Properties Incorporated (NYSE: CUZ), Dice Holdings Inc. (NYSE: DHX), Discover Financial Services (NYSE: DFS), Entertainment Properties Trust (NYSE: EPR), Finisar Corp. (NASDAQ: FNSR), First Potomac Realty Trust (NYSE: FPO), Genesis Energy LP (NYSE: GEL), Genpact Ltd. (NYSE: G), Global Partners LP (NYSE: GLP), Hartford Financial Services Group Inc. (NYSE: HIG), Iridium Communications Inc. (NASDAQ: IRDM), Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX), Novavax, Inc. (NASDAQ: NVAX), Oriental Financial Group Inc. (NYSE: OFG), Satcon Technology Corporation (NASDAQ: SATC), and TTM Technologies, Inc. (NASDAQ: TTMI) all either have priced deals or pending deals in the world of secondary stock offerings.

As of last night, the week’s offerings were literally a floodgate of secondary offerings. It is almost worrisome when you see this many shares being sold. We have included the appropriate color where applicable, as well as applicable price reactions, comparisons to market cap, the underwriting team on each, and more. The most difficult notion to fathom here is that these are just the decent-sized offerings to large offering from companies which did more than just an automatic shelf registrations. SIXTEEN deals here alone….

Cousins Properties Incorporated (NYSE: CUZ) filed on Tuesday to sell up to $500 million in any combination of Common or Preferred Stock, Warrants, Debt and/or Depositary Shares. The stock held up fine with only a 6.3% drop to $7.85 on Tuesday versus a 52-week range of $5.97 to $10.95. No underwriters were named for the REIT’s securities sale for ‘general corporate purposes’ and the market cap as of Tuesday was $783 million.

Dice Holdings Inc. (NYSE: DHX) registered to sell up to $50 million in common stock for holders, although the prospectus noted common and preferred stock. It also said that any proceeds to the company would be for for ‘general corporate purposes,’ which was inclusive of debt repayment, working capital and/or capital expenditures. Dice shares were down 1.1% to $7.61 n Tuesday and the market cap was about $475 million.

Discover Financial Services (NYSE: DFS) received approval to pay back its TARP obligations. After earnings last night the credit card issuer said it would be selling $350 million in subordinated debt to repay the TARP. Shares were down 1.5% at $15.07 on early look but that is after earnings and may be only a lesser event in the grand scheme of things.

Entertainment Properties Trust (NYSE: EPR) listed almost 6.3 million shares for sale for a value of close to $250 million in common shares. The difference here is that the offering is said to be dividend reinvestment component and a direct share purchase component shares, so these may actually not be sold… ” 8,500,000 common shares to be offered for purchase under the Plan, including 2,202,093 common shares that were previously registered but not sold.”

Finisar Corp. (NASDAQ: FNSR) filed on Monday to sell 7.2 million shares of common stock. Tuesday brought about a drop down 3.4% to $14.30 on above-average share volume. This one is after a significant recovery because its 52-week trading range is $2.56 to $14.90 and its new market cap was $931 million as of Tuesday’s close. Morgan Stanley and Jefferies & Company are joint book-running managers; Piper Jaffray and Morgan Keegan are co-managers.

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