PennyMac Trust Prices $320M IPO

PennyMac Mortgage Investment Trust (NYSE: PMT - News), a newly-formed mortgage real estate investment trust, today announced the pricing of the initial public offering of 16,000,000 common shares at $20.00 per share. PennyMac Mortgage Investment Trust has also granted the underwriters a 30-day option to purchase up to an additional 15% of the common shares sold in the underwritten offering to cover overallotments, if any. Concurrently with the completion of the initial public offering, PennyMac Mortgage Investment Trust intends to complete a private placement of 5% of the common shares sold in the underwritten offering at the same $20.00 per share.
The gross proceeds of the initial public offering and the private placement, before deducting the underwriting discount and expenses related to the offering, are expected to be approximately $335 million (assuming the underwriters' overallotment option is not exercised). PennyMac Mortgage Investment Trust intends to use the net proceeds from the offerings to purchase residential mortgage loans and mortgage-related assets, a substantial portion of which may be distressed.
The shares of PennyMac Mortgage Investment Trust are expected to be listed on the New York Stock Exchange under the ticker symbol "PMT."
Merrill Lynch & Co., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities are the joint book-running managers for the offering. JMP Securities and Stifel Nicolaus are acting as co-managers

Harbin Electric Prices $93.6M Share Offering

Harbin Electric, Inc., ("Harbin Electric" or the "Company"; Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced that it has priced a public offering of 6,250,000 shares of its common stock, at $16.00 per share. The shares are being sold under the Company's previously filed shelf registration statement, which was declared effective by the Securities and Exchange Commission on June 9, 2009.
Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $93,600,000. Harbin Electric has granted the underwriters option to purchase up to an additional 937,500 shares to cover over-allotments, if any. The offering is subject to customary closing conditions and is expected to close on Tuesday, August 4, 2009.
The Company intends to use the net proceeds from the sale of the securities to repay certain indebtedness, to fund product development, and/or for working capital and general corporate purposes, including for potential acquisitions.
Roth Capital Partners, LLC is acting as the sole underwriter.

Greenhill Prices $228M Share Offering

Greenhill & Co., Inc. (NYSE: GHL - News), a leading independent investment banking firm, announced today that it priced an offering on July 30, 2009 of 3,000,000 shares currently owned by certain managing directors and senior advisors of Greenhill & Co. at $76.00 per share. The selling stockholders have granted the underwriters an option to purchase up to an additional 450,000 shares within a 30-day period to cover additional sales. The offering is expected to close on August 4, 2009, subject to customary closing conditions. Goldman, Sachs & Co. is acting as bookrunning manager for the offering, and William Blair & Company, JMP Securities, Keefe, Bruyette & Woods and Sandler O'Neill + Partners, L.P. are acting as co-managers for the offering.

Commonwealth Bank Prices 1B Euro Bond Offering

Commonwealth Bank of Australia priced a 1 billion Euro tier 2 bond issue through Barclays plc, Commonwealth Bank of Australia and JPMorgan Chase.

EFG Eurobank Prices 500M Euro Bond Offering

EFG Eurobank Ergasias priced a 500 million Euro bond offering through BNP Paribas, Deutsche Bank and UBS.

Irish Life & Permanent Prices 1B Euro Bond Offering

Irish Life & Permanent plc priced a 1 billion Euro bond offering through joint lead underwriters Barclays plc and Deutsche Bank.

Dollar General Planning IPO

Private equity firm Kohlberg Kravis Roberts & Co [KKR.UL] is in the advanced planning stage for an initial public offering of stock in discount U.S. retailer Dollar General Corp, the Wall Street Journal said, citing people familiar with the matter.
KKR is also expected to be one of the lead underwriters on the deal along with Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N), the sources told the paper.
Dollar General's board is likely to meet soon to finalize the selection of underwriters, according to the paper.
KKR could not be immediately reached for comment by Reuters.
KKR valued its portfolio investment in Dollar General at $1.6 billion in March, according to documents that gave details of its biggest investments in various portfolio companies as of March 31.
KKR wrote up the value of its investment in Dollar General in March, compared with December and there has been speculation about whether it will seek an initial public offering for the discount store.

MFA Financial Announces Share Offering

MFA Financial, Inc. (NYSE: MFA - News) announced today it plans to make a public offering of 30,000,000 shares of its common stock. MFA intends to grant the underwriters a 30-day option to purchase up to an additional 4,500,000 shares of common stock to cover over-allotments. All of the shares will be offered by MFA. Morgan Stanley and Deutsche Bank Securities are acting as joint book-running managers for the offering, with Credit Suisse, JMP Securities, UBS Investment Bank, Cantor Fitzgerald & Co. and Keefe, Bruyette & Woods acting as co-managers.

Cell Therapeutics Closes $40.3M Share Offering

Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) ("CTI" or the "Company") today announced the closing of its previously announced public offering of 33,731,923 shares of its common stock and warrants to purchase up to 8,432,981 shares of its common stock, including the underwriter's exercise of its overallotment option. The Company received approximately $40.3 million in net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses.
Each warrant has an exercise price of $1.70 per warrant share, for total potential additional gross proceeds to the Company of approximately $14.3 million upon exercise of the warrants. The warrants are exercisable immediately upon their date of issuance and will expire nine months thereafter.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM - News), acted as sole book-running manager for the offering

Pinnacle Entertainment Prices $450M Bond Offering

Pinnacle Entertainment Inc priced a $450 million bond offering JPMorgan, Bank of America Merrill Lynch, Barclays plc and Deutsche Bank were joint lead bookrunners.

Nexen Prices $1B Bond Offering

Nexen Inc priced a $1 billion 2 tranche bond offering. Bank of America Merrill Lynch, BNP Paribas and Deutsche Bank were joint lead bookrunners.

Arch Coal Commences Share/Debt Offerings

Arch Coal, Inc. (NYSE: ACI - News) today announced that it has commenced an offering of 17,000,000 shares of its common stock pursuant to an automatic shelf registration statement on Form S-3 filed previously with the Securities and Exchange Commission (SEC). The company intends to grant the underwriters of the common stock offering an option for 30 days to purchase up to 2,550,000 additional shares of common stock to cover over-allotments, if any.
The company plans to use the net proceeds of the offering to finance a portion of the $761.0 million purchase price for the previously announced acquisition of the Jacobs Ranch mining complex in Wyoming. The acquisition is expected to close in the third quarter of 2009. If the acquisition is not completed, the company intends to use the net proceeds from this offering for general corporate purposes, which may include the financing of future acquisitions, including lease-by-applications, or strategic combinations, capital expenditures, additions to working capital, repurchases, repayment or refinancing of debt or stock repurchases.
BofA Merrill Lynch, Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are the joint book-runners for the common stock offering.
Arch Coal, Inc. (NYSE: ACI - News) today announced that it has commenced an offering in accordance with Rule 144A under the Securities Act of 1933, as amended, of $500 million in aggregate principal amount of senior unsecured notes due 2016. The notes will be guaranteed by the company's subsidiaries that guarantee indebtedness under the company's existing senior secured credit facility.

Human Genome Sciences Begins Share Offering

Human Genome Sciences, Inc. (Nasdaq: HGSI - News) today announced that it has commenced an underwritten public offering of up to 18,000,000 shares of its common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of the Company's common stock. The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement previously filed with the Securities and Exchange Commission on Form S-3.
The Company intends to use net proceeds from the offering for general corporate purposes, including clinical trial, research and development, general and administrative and manufacturing expenses, as well as for potential sales and marketing activities. The Company may also use a portion of the proceeds for the potential acquisition of, or investment in, companies, products or technologies that complement our business. While the Company evaluates company, product, technology and similar opportunities from time to time, the Company currently has no material agreements or commitments with respect to any such acquisition or investment. The Company also may use a portion of the net proceeds to repay, repurchase or retire all or a portion of its 2 1/4% convertible subordinated notes due 2011 and 2 1/4% convertible subordinated notes due 2012.
Goldman, Sachs & Co. and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering.

Trina Solar Announces Follow On Share Offering

Trina Solar Limited (NYSE: TSL - News; "Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced that it intends to offer, subject to market and other conditions, 4,000,000 American depositary shares ("ADSs"), each representing 100 ordinary shares of the Company. Trina Solar intends to grant the underwriters an option to purchase up to an additional 600,000 ADSs.
Trina Solar plans to use the net proceeds of the offering to repurchase some of its 4.00% convertible senior notes due 2013 and to fund facilities expansion and for other general corporate purposes. The Company's management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes than what it currently intends.
Goldman Sachs (Asia) L.L.C. and Credit Suisse Securities (USA) LLC will act as joint bookrunners and Piper Jaffray & Co will act as a co-manager for the offering.

Sappi Ltd Prices Bond Offering In Two Tranches

Sappi Ltd, South African pulp and paper maker, priced $300 million bond and 350 million Euro bond offerings. Calyon, Citigroup, HSBC Holdings, JPMorgan and Royal Bank of Scotland underwrote the offerings.

Boeing Prices $1.95B Bond Offering

Boeing Co. priced a $1.95 billion bond offering in three tranches. Bank of America Merrill Lynch, Deutsche Bank and Morgan Stanley were joint lead underwriters.

Cell Therapeutics Prices $35M Sh Offering

Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) ("CTI" or the "Company") today announced the pricing of an underwritten public offering of 29,332,107 shares of its common stock and warrants to purchase up to 7,333,027 shares of its common stock at a price to the public of $1.30 per share of common stock and warrant to purchase 0.25 shares of common stock, for gross proceeds of approximately $38.1 million. In connection with the offering, the Company granted the underwriter a 30-day option to purchase up to 4,399,816 additional shares of its common stock and warrants to purchase up to 1,099,954 additional shares of its common stock to cover overallotments, if any. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses, excluding any exercise of the underwriter's overallotment option, are expected to be approximately $35.0 million.
Each warrant has an exercise price of $1.70 per warrant share, for total potential additional gross proceeds to the Company of approximately $12.5 million upon exercise of the warrants. The warrants are exercisable immediately upon the date of issuance and will expire nine months thereafter.
The Company expects to close the offering on or about July 28, 2009, subject to customary conditions, at which time the Company will receive the cash proceeds from the offering and deliver the securities.
The Company currently intends to use the net proceeds from the offering for working capital and for general corporate purposes, which may include, among other things, paying interest on and/or retiring portions of the Company's outstanding debt, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications and general working capital.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM - News), acted as sole book-running manager for the offering.

Orexigen Therapeutics Prices $70.9M Share Offering

Orexigen Therapeutics, Inc. (Nasdaq: OREX - News) today announced that it has priced an underwritten public offering of 10,000,000 shares of its common stock at a price of $7.50 per share. Net proceeds, after estimated underwriting discounts and commissions and estimated expenses, will be approximately $70.9 million. Orexigen has granted the underwriter a 30-day option to purchase up to an additional 1,500,000 shares of common stock to cover overallotments, if any. The offering is expected to close on or about July 28, 2009, subject to satisfaction of customary closing conditions. Leerink Swann LLC is acting as sole book-running manager for the offering. Lazard Capital Markets LLC, Canaccord Adams Inc., JMP Securities LLC and Natixis Bleichroeder Inc. are acting as co-managers for the offering.

Federal Home Loan Banks Prices $4B Bond Offering

Federal Home Loan Banks priced a $4 billion bond offering. Bank of America Merrill Lynch, Citigroup, and RBS Greenwich were joint lead bookrunners.

Land Securities Prices 360.25M GBP Bond Offering

Land Securities plc, this property firm, priced a 360.25 million GBP bond offering. HSBC Holdings plc was the sole bookrunner.

Cloverie Prices 425M Euro Bond Offering

Cloverie plc priced a 425 million Euro bond offering. Calyon, Citigroup and JPMorgan Chase were joint lead underwriters.

General Elec. European Funding Prices 2B Euro Bond

General Electric European Funding prices 2 billion Euros bond offering. Banca IMI, ING Group, Banco Santander and Unicredit SpA were joint lead underwriters.

Virgin Media Finance Prices $600M Bond Offering

Virgin Media Finance plc, priced a $600 million bond issue. Goldman Sachs, BNP Paribas, Deutsche Bank, HSBC, JPMorgan and UBS were joint lead underwriters.

Ecopetrol Prices $1.5B Bond Offering

Ecopetrol SA , Colombia's state controlled oil company, priced a $1.5 billion bond issue. Barclays and JPMorgan were joint bookrunners.

Centrica Offers 1.77B Euros For Venture Production

Centrica, the UK energy company, has offered to acquire Venture Production, the UK oil & gas company, for 1.77 billion Euros. Goldman Sachs, Royal Bank of Scotland, JPMorgan advised Centrica, while Rothschild and UBS Investment Bank advised Venture Production.

CDC Software Launches $52.1M IPO

CDC Software Corp filed its initial public offering of American Depositary Shares with a price range of $11 to $13 per ADS, or $52.1 million in proceeds. Lazard Capital Markets and JMP Securities were joint lead underwriters.

Legal & General Prices 300M GBP Bond Offering

Legal & General plc, the UK insurance company, priced a 300 million GBP bond issue through Barclays Holdings plc as lead underwriter.

ISS A/S Prices 525M Euro Bond Offering

ISS A/S, the European facilities company, priced a 525 million Euro bond offering. Goldman Sachs led the offering.

Edison SpA Prices 700M Euro Bond Offering

Edison SpA, the energy company, priced a 700 million Euro bond issue. Banca IMI, Banco Bilbao Vizcaya Argentaria and Societe General were joint lead underwriters.

Seneca Foods Prices $82.6M Share Offering

Seneca Foods priced its $82.6 million secondary share offering. Merrill Lynch and Piper Jaffray were joint lead underwriters.

CareFusion Prices $1.4B 3 Tranche Bond Offering

CareFusion Corp priced a $1.4 billion bond offering in three tranches. Deutsche Bank, Goldman Sachs and UBS Investment Bank advised.

CoBiz Finl Prices $53.5M Share Offering

CoBiz Financial Inc. (Nasdaq: COBZ - News), a financial services company with $2.5 billion in assets, announced the pricing of an underwritten public offering of 12,670,000 shares of the Company's common stock at a price of $4.50 per share. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $53.5 million. The offering size was increased from $45 million (as previously announced) to $57 million. CoBiz intends to use the net proceeds of the offering for general corporate purposes, including supporting the capital needs of its bank subsidiary, expanding its operations through new branch offices, possible acquisitions and funding working capital needs.
The Company expects to close the transaction, subject to customary conditions, on or about July 20, 2009.
Keefe, Bruyette & Woods is acting as sole underwriter. CoBiz has granted the underwriter a 30-day option to purchase up to an additional 1,900,500 shares of CoBiz common stock to cover over-allotments, if any.

Rowan Cos Launches $375M Sr Note Offering

Rowan Companies, Inc. (NYSE: RDC - News) today announced that it intends to offer, subject to market and other conditions, $375 million of senior unsecured notes through a registered public offering. The notes will bear interest at a fixed rate and will mature in 2019.

The notes offering and sale will be made under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on July 15, 2009. The proceeds from the notes offering will be used for general corporate purposes.
In connection with the notes offering, Barclays Capital Inc., Goldman, Sachs & Co., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers.

Yorkshire Water Svcs Prices 650M GBP 3 Part Bond

Yorkshire Water Services priced a 650 million GBP bond offering in three tranches. Royal Bank of Scotland, HSBC and Banco Santander were joint lead bookrunners of this offering.

Hypo Group Alpe Adria Prices 1B Euro Bond Offer

Hypo Group Alpe Adria priced a 1 billion Euro bond issue. Bayern LB, BNP Paribas, Citigroup and Unicredit SpA were joint lead underwriters.

Jubilee Platinum Offers To Buy Braemore For 23M Euros

Jubilee Platinum, the UK natural resources company, offered to acquire Braemore Resources, the UK nickel and platinum metal producer, for 23 million Euros. JM Finn Capital Markets advised Jubilee Platinum, while Qinisele Resources and WHI Ireland advised Braemore Resources.

Philip Morris Intl Buys Swedish Match SA For $219M

Philip Morris International, the US tobacco company, agreed to acquire Swedish Match South Africa from Swedish Match for $219.65 million. Credit Suisse advised Phillip Morris, while JPMorgan advised Swedish Match South Africa.

Corporacion Financiera Buys 10% Stake In Indra Sistemas

Corporacion Financiera Alba, the Spanish private equity firm acquired a 10% stake in Indra Sistemas, the Spanish IT solutions company, for 246 million Euros. JPMorgan and UBS advised Indra Sistemas on the deal.

Johnson & Johnson Buys 18% Of Elan For $1B

Johnson & Johnson, the US health care products maker, agreed to acquire an 18.4% stake in Elan Corp, the Irish biopharmaceutical company. Johnson & Johnson will invest $1 billion in Elan in exchange for newly issued American Depositary Receipts which represents 18.4% of the company. Citigroup advised Elan on the deal.

Bemis To Buy Alcan Packaging For $1.2B

Bemis Co, the packaging manufacturer, has agreed to acquire Alcan Packaging for $1.2 billion. The transaction is expected to close by the end of 2009. Bemis was advised by Greenhill & Co and Barclays, while Alcan was advised by Morgan Stanley.

Segro To Buy Brixton For 1.125B Euros

Segro, the UK property investment company, has agreed to acquire Brixton, the UK property investment company, via a scheme of arrangement for 1.125 billion Euros. Segro was advised by JPMorgan, Barclays plc and UBS Investment Bank, while Brixton was advised by Citigroup, Nomura Holdings.

Central Pacific Finl Announces $100M Sh Offering

Central Pacific Financial Corp. (NYSE: CPF - News), parent company of Central Pacific Bank, announced that it has commenced a public offering of its common stock to raise gross proceeds of up to $100.0 million in an underwritten public offering through Sandler O'Neill + Partners, L.P. The Company plans to use the net proceeds from this offering to further strengthen its capital position and for general corporate purposes. The Company intends to grant the underwriters a 30 day option to purchase shares, representing gross proceeds of up to an additional $15.0 million, to cover over-allotments, if any.

SABMiller Prices 1 Billion Euro Bond Offering

SABMiller priced a 1 billion Euro bond issue. BNP Paribas, JPMorgan, Royal Bank of Scotland and Barclays plc were joint lead underwriters.

Regal Cinemas Prices $400M Note Offering

Regal Cinemas Corp priced $400 million of senior notes. Credit Suisse, Deutsche Bank and JPMorgan were joint lead underwriters.

Cyberspace Investment News Report For July 10

Good evening, this is Laura Speizman, Cyberspace Investment News with the Friday July 10th report.
The Dow Jones industrial average and S&P 500 both closed lower for the fourth straight week in a row, while Nasdaq closed lower for the third of the last four weeks. Energy prices slumped as crude oil prices lost 10% of their value this week to close under $60 a barrel. While GM emerged from bankruptcy, consumer sentiment fell to 64.6%, lower than anticipated.
This week saw some heavy debt and merger related offerings. Debt highlights included Oracle Corp’s $4.5 billion bond offering, retailer Toys R Us’ $950 million bond offering, and Petroleo Brasileiro’s $1.25 billion bond offering. Merger highlights included: Partner Re, the insurer, acquiring competitor Paris Re for $2 billion, Validus Holdings acquiring IPC Holdings for $1.65 billion, Liberty International acquiring Pearl Group for 834 million Euros, and Ball Corp acquiring Metal Container’s assets for $577 million.
While equity was a bit slower this week, IPO activity has been gaining ground especially amongst financial companies. Colony Capital and FourSquare Capital both launched $500 million IPO’s, while Genworth Financial priced its IPO at $19 per share.
This has been the Friday report, Good night.

Colony Capital Launches $500M IPO

Colony Capital Founder Thomas BarrackColony Financial Inc., a newly formed subsidiary of Century City, CA-based real estate investment company Colony Capital, LLC, is launching an initial public offering to buy distressed commercial real estate debt and other assets, according to a June 30 regulatory filing with the Securities and Exchange Commission. The new company, structured as a finance real estate investment trust (REIT), intends to request the listing of its common stock on the New York Stock Exchange and will "acquire, originate and manage a diversified portfolio of real estate-related debt instruments," according to the S-11 registration statement for the IPO reviewed by CoStar Group. "We initially intend to focus primarily on acquiring, originating and managing commercial mortgage loans and other commercial real estate-related debt investments. We also may acquire other real estate and real estate-related debt assets," Colony said in its prospectus. Continued pricing volatility suggests that the commercial mortgage-backed securities (CMBS) market will bring attractive invesment opportunities for several years, the company said. Colony Financial will also target mezzanine, bridge, real estate-owned (REO), debtor-in-possession and loan-to-own debt. In addition, Colony believed that the availability of government-backed Term Asset-Backed Securities Loan Facility (TALF) financing presents an attractive opportunity to achieve higher returns on qualifying CMBS investments. Colony Financial will be externally managed and advised by Colony Financial Manager, LLC, a wholly owned subsidiary of Colony Capital, the privately held international real estate investment firm founded in 1991. Colony Financial intends to seek tax status this year as a REIT. The company did not disclose the number of shares it will issue in the IPO or the target price per share in its filing. The company had not made any investments as of the date of the filing. Merrill Lynch is serving as underwriter of the proposed offering. Colony Capital is one of the world’s largest acquirers and financiers of real estate-related assets with 200 employees in 14 offices spanning 10 countries. The company isn’t new to the game of making opportunistic investments in distressed assets. Colony has invested more than $39 billion in over 8,500 assets since 1991 and raised and managed $15.4 billion of equity capital on behalf of more than 200 institutional investors. In the early ‘90s, Colony Capital became one of the first buyers of distressed assets from Resolution Trust Corp. (RTC) and Federal Deposit Insurance Corp. (FDIC) auctions, according to the June 30 prospectus. In the mid and late ‘90s, Colony shifted its focus to Europe and Asia and as the current U.S. downturn began in late 2007 and commercial real estate fundamentals began to deteriorate, Colony established a distressed credit private investment fund which has participated in five recent FDIC auctions and invested about $172 million of capital through the acquisition of four commercial mortgage loan portfolios and other CRE-related debt. Outside the world of real estate investment, however, Colony may be best known for its founder, chairman and CEO, billionaire Thomas J. Barrack, Jr., and its role in the November 2008 purchase of one of the world’s most famous distressed properties, the late pop musician Michael Jackson’s Neverland Ranch in Santa Barbara County, CA. Jackson last year reportedly transferred title of the 2,800-acre property to Sycamore Valley Ranch Co. LLC, a joint venture between the pop singer and a Colony affiliate. Barrack and Colony expressed condolences to the Jackson family and released other statements pertaining to Neverland in recent days. However, Barrack announced on the Colony Capital web site he is suspending public comment on his blog due to the "quiet period" for public comments required by regulators after a company files a registration statement for an IPO "I realize this is a moment when you were probably hoping for loads of communications from me with regard to many of the current events that are transpiring around certain Colony investments," Barrack said in the statement. "We recently filed a registration statement for a public offering on Colony Financial, Inc., and as a result -- I have been bound, gagged, and ordered to not communicate in a public forum during this time."

Validus Holdings Buys IPC Holdings For $1.65B

Validus Holdings Ltd (VR.N)said it agreed to buy Bermuda reinsurance rival IPC HoldingsLtd (IPCR.O) for $1.65 billion in cash and stock, beating another rival, Flagstone Reinsurance Holdings Ltd (FSR.N), andlikely ending a months-long bidding war. On a conference call with investors held by both companies, Validus management said they expected the acquisition to close before the end of the third quarter, and as early as late next month. IPC accepted Validus' offer after months of rebuffing the company, as it was sweetened to give its shareholders 0.9727 of a Validus share for each of their shares and $7.50 in cash.
That values IPC at $29.48 per share, or 6.8 percent above its Wednesday closing price. Validus' previous offer included more shares but only half as much cash. The company's shares were down 3.6 percent at $21.79 at midday on the New York Stock Exchange. IPC shares
were up 21 cents at $27.82 and Flagstone shares were up 7.4 percent at $10.45. The deal looks set to end four months of uncertainty for IPC, which had initially planned a rival offer. Flagstone, the third bidder to emerge, on July 1 offered 2.638 of its common shares and $5.50 in cash for each IPC share. That valued IPC at about $1.74 billion, or $31.17 per share, based on Wednesday's close. The company said it was "surprised and disappointed" in a statement issued after Validus and IPC's joint agreement was announced. Buying IPC gives the buyer more capital, allowing it to sell more property catastrophe reinsurance just as rates are rising. Validus will have about $3.4 billion in shareholders' equity after the purchase closes.
TARGET COMPANY
IPC's board entertained a number of suitors' offers before agreeing to be bought by Validus, interim CEO John Weale told investors. He added that a variety of factors, not solely
price, were considered in deciding which deal was best for shareholders over time. IPC shareholders will have roughly one-third ownership of Validus after the deal. A.M. Best, a rating agency that carries clout with insurance buyers, cut IPC's rating to "A-" after the deal was
announced, and Validus, which is rated "A-," had its ratings put under review with negative implications. "We don't expect anything imperiling the A- rating," said Validus Chief Executive Ed Noonan. Validus was created in 2005, less than two months after Hurricane Katrina, which led to contraction in the property-catastrophe reinsurance market. It was backed by Aquiline Capital Partners LLC, a private equity firm run by former Marsh & McLennan Cos (MMC.N)

Chief Executive Jeffrey Greenberg, who remains on Validus' board. Greenhill & Co advised Validus, while Skadden, Arps, Slate, Meagher & Flom LLP, Cahill Gordon & Reindel LLP and Appleby provided legal advice. JPMorgan and the law firms Sullivan & Cromwell LLP and Mellon Jones & Martin advised IPC.

Seneca Foods Announces Cl A Share Offering

Seneca Foods Corporation (Nasdaq: SENEA - News, SENEB - News) today announced a secondary offering by certain of the Company's shareholders of 3,702,000 shares of Class A common stock. The offering includes an option for the underwriters to purchase up to 554,332 additional shares from the selling shareholders to cover overallotments, if any. The offering is being conducted as a public offering pursuant to an effective registration statement under the Securities Act of 1933. Merrill Lynch & Co. is sole book-running manager and Piper Jaffray & Co. is joint lead manager of the offering. Seneca Foods will not receive any of the proceeds from this offering

Kennametal Priced $126M Share Offering

Kennametal Inc. (NYSE: KMT - News) announced today that the public offering of 7,000,000 shares of its common stock has priced at today's market close of $15.75 per share. The offering includes a 30-day option for the underwriters to purchase up to an additional 1,050,000 shares to cover over-allotments, if any.
Kennametal will use the net proceeds from the offering to pay down outstanding bank debt.
J.P. Morgan and Merrill Lynch & Co. are the joint book-runners for the common stock offering. Lead managers include Key Banc, Capital Markets Inc. and PNC Capital Markets LLC. Co-managers include ABN AMRO Incorporated, BNY Mellon Capital Markets, LLC, Comerica Securities, Inc., Mitsubishi UFJ Securities (USA), Inc. and Mizuho Securities USA Inc.

VanceInfo Tech Prices $62M Follow On ADS Offering

VanceInfo Technologies Inc. (NYSE: VIT - News; "VanceInfo"), an IT service provider and one of the leading offshore software development companies in China, today announced that its follow-on public offering of 5,429,565 American Depositary Shares ("ADSs"), each representing one ordinary share of VanceInfo, was priced at $11.00 per ADS. Of the ADSs to be sold in the offering, 300,000 ADSs will be sold by VanceInfo, and 5,129,565 ADSs will be sold by selling shareholders. In addition, the underwriters have been granted an option to purchase up to an additional 814,435 ADSs from VanceInfo and the selling shareholders, within 30 days from the date of the prospectus, to cover any over-allotments.
VanceInfo intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, for general corporate purposes. VanceInfo will not receive any of the proceeds from the sale of ADSs by the selling shareholders.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are serving as the joint bookrunners for this offering. Cowen and Company, Oppenheimer & Co. and Susquehanna Financial Group, LLLP are serving as co-managers.

FourSquare Capital Launches $500M IPO

AllianceBernstein became the latest of the nine firms awarded the right to take part in the U.S. Treasury's toxic debt investment plan to seek capital from the equity markets.
Foursquare Capital Corp., a real estate investment trust majority-owned by AllianceBernstein (AP.N) has filed for an initial public offering of up to $500 million, according to a prospectus filed on Wednesday.
The REIT, which specializes in commercial and residential mortgage-backed securities, aims to capitalize on government programs to buy assets at reduced prices.
AllianceBernstein beat out more than 90 other managers to work with the Treasury in the Public-Private Investment Plan, or PPIP, meant to rid banks' balance sheet of assets whose values have been decimated though the financial crisis.
Foursquare plans to use a "significant amount of the proceeds" for AllianceBernstein's participation in PPIP, according to the prospectus filed with the U.S. Securities and Exchange Commission.
Foursquare said the "current distressed condition in the financial markets" would allow it to buy mortgage assets at "significantly depressed trading prices and higher yields."
Another REIT, Western Asset Management Mortgage Capital Corp, filed for an IPO last month. Its parent, WAMCO, is among the fund managers the U.S. Treasury selected for PPIP.
The IPO market has remained a challenge for a number of issuers. In June, Invesco Mortgage Capital (IVR.N)-- owned by PPIP manager Invesco -- slashed the size of its IPO by more than half, raising about $170 million.
Foursquare's IPO will be led by Bank of America Merrill Lynch (BAC.N) and Morgan Stanley (MS.N), according to the filing.
Foursquare plans to qualify as a REIT for U.S. federal income tax purposes starting with the taxable year ending December 31, 2009.

Korea Gas Prices $500M Bond Offering

Korea Gas, South Korea's largest importer and distributor of gas, priced a $500 million bond offering. Bank of America Merrill Lynch, Deutsche Bank and JPMorgan were joint lead bookrunners on the offering.

Metro AG Prices 600M Euro Bond Offering

Metro AG priced a 600 million Euro bond issue dated 2014. Commerzbank AG, HSBC and Societe Generale were joint lead underwriters.

EWE AG Prices 500M Euro Bond Offering

EWE AG priced a 500 million Euro bond offering due 2021. Calyon, Commerzbank, Royal Bank of Scotland were joint lead underwriters.

Arena Pharmaceuticals Launches Share Offering

Arena Pharmaceuticals, Inc. (Nasdaq: ARNA - News) announced today that it intends to offer shares of its common stock in a public offering. Piper Jaffray & Co. will be the sole underwriter for the offering. The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission on November 25, 2008, which became effective on December 3, 2008. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.

Genworth Financial Prices IPO At $19/Share

Financial security company Genworth Financial Inc. (GNW: News ) announced Monday that it has priced the initial public offering or IPO in Canada of 44.7 million common shares of its Canadian mortgage insurance subsidiary, Genworth MI Canada Inc., at C$19.00 per share. Pursuant to the closure of the offering, the shares of Genworth MI would trade under the "MIC" symbol on the Toronto Stock Exchange. The company noted that subject to customary closing conditions, the IPO is scheduled to close on July 7, 2009.In a statement, chairman and chief executive officer of Genworth Financial,Michael Fraizer said, "This IPO reinforces our already sound financial foundation and provides additional capital flexibility to Genworth. At the same time, we will continue to benefit from the earnings associated with our majority position in Genworth MI Canada as it plays an important role in providing solutions to the housing finance market in Canada."The Richmond, Virginia-based company noted that the IPO would generate total gross proceeds of about C$850 million, or net proceeds of about US$635 to US$730 million. Genworth MI Canada would receive proceeds of about C$97 million, while about US$753 million would be received by Genworth Financial.The proceed from the offering would be used to retire all outstanding debt and further enhance Genworth MI's well-capitalized financial position. Pursuant to the offering, Genworth MI Canada would have a market capitalization of about C$2.2 billion.The company noted that of the 44.7 million common shares being offered, 5.1 million shares are being sold by Genworth MI Canada, and 39.6 million shares are being sold by Genworth Financial, Genworth MI Canada's parent company.
CIBC World Markets, Goldman Sachs Canada and Scotia Capital were joint lead underwriters for this offering.

Petroleo Brasileiro Prices $1.25B Bond Offering

Petroleo Brasileiro, Brazil's state run oil company, priced a $1.25 billion bond offering. Morgan Stanley, Citigroup, Banco Santander were joint bookrunners.

Prudential Prices $750M Bond Offering

Prudential plc priced a $750 million Tier I Bond dated 2014. BNP Paribas, Citigroup, HSBC were joint lead underwriters.

Toys R US Prices $950M Bond Offering

Toys R Us priced a $950 million bond offering. Bank of America, Deutsche Bank, Goldman Sachs and Wachovia were joint lead underwriters.

Ruukki Grp Offers 201M Euros For Sylvania Resources

Ruukki Group, the Finnish resources company, offered to acquire Sylvania Resources, the Australian mining company, for 201 million Euros. Standard Bank Group is advising Ruukki Group, while Ambrian Partners is advising Sylvania Resources.

Cosmote Mobile Buys Telemobil for 207M Euros

Cosmote Mobile Telecommunications, the Greek telecom company, agreed to acquire Telemobil , the Romanian wireless communication services provider, for 207 million Euros. Citigroup, Rothschild advised Cosmote, while BNP Paribas advised Telemobil.

Hellenic Petroleum Buys BP Assets For 359M Euros

Hellenic Petroleum, the Greek energy group, agreed to acquire BP's greek assets for 359 million Euros. Rothschild advised Hellenic Petroleum.

Ball Corp Buys Metal Container Plants For $577M

Ball Corp agreed to acquire 4 metal beverage can and lid manufacturing plants of Metal Container Corp from Anheuser Busch InBev for $577 million. Goldman Sachs, JPMorgan advised Ball Corp, while Deutsche Bank, Lazard advised Metal Container.

A Silva & Silvas Acquires Cintra For 451M Euros

A consortium led by A Silva & Silvas acquired Cintra Aparcamientos for 451 million Euros. Caixa Banco de Investimento advised the consortium group, while Banco Bilbao Vizcaya Argentaria and Calyon advised Cintra.

BG Group To Buy 50% Of Exco Res. For $655M

BG Group, the UK Energy group, agreed to acquire a 50% stake in the US oil & gas assets of Exco Resources $655 million. Deutsche Bank advised BG Group, Goldman Sachs advised Exco Resources.

Liberty Intl Buys Pearl Group For 834M Euros

Liberty International agreed to acquire Pearl Group, the UK long-term investor in the closed life fund sector, for 834 million Euros. Citigroup advised Liberty International.

J&T Finance To Buy Intl Power Opatovice for 864M Euros

J&T Finance Group, a Slovakian financial services company, agreed to acquire International Power Opatovice, a Czech power company, for 864 million Euros. ING, Citigroup are advising International Power.

Wind SpA Prices Two Bond Offerings

Wind Spa, the Italian telecommunications company, priced two bond offerings issued for $2.1 billion and 1.25 billion Euros. Credit Suisse, BNP Paribas, Calyon, Citigroup, Goldman Sachs and JPMorgan advised.

Energie-Baden Wuerttemberg Prices 1.35B Bond Offer

Energie-Baden Wuerttemberg AG priced a 1.35 billion Euro bond offering in two tranches. Morgan Stanley and Royal Bank of Scotland advised on the offering.

Deutsche Lufthansa Priced 750M Euro Bond Offer

Deutsche Lufthansa AG priced a 750 million Euro bond offering. HSBC, Morgan Stanley advised on the offering .

Oracle Prices $4.5 Billion Bond Offering In 2 Tranches

Oracle Corp prices $4.5 billion bond offering in two tranches on June 30, 2009. Bank of America Merrill Lynch and Morgan Stanley advised on the offering.

MetLife Prices $500M Bond Offering

MetLife priced a $500 million bond issue on June 30, 2009. Morgan Stanley, JPMorgan advised.

PartnerRe Buys Paris Re For $2 Billion

PartnerRe, a reinsurance company, said Sunday it had agreed to buy a smaller European competitor, Paris Re, in an all stock deal valued at $2 billion.
Under the terms of the deal, Partner Re will purchase a 57% stake in Paris Re. PartnerRe had already in recent weeks acquired a 6% stake in Paris Re.
The deal is expected to close sometime in the fourth quarter. PartnerRe was advised by Greenhill & Co and UBS.

Int'l Assets To Buy FCStone Group For $130M

Securities firm International Assets Holding Corp (IAAC.O) agreed to buy commodity risk management firm FCStone Group Inc (FCSX.O) in an all-stock deal valued at about $130 million, as it looks to expand presence in the commodities market.
FCStone's stockholders will get 0.2950 share of International Assets for each share held, valuing FCStone shares at $4.64, based on International Asset Holding stock's closing price of $15.74 on Wednesday.
The deal valued FCStone, whose shares have fallen more than 85 percent in the last one year, at a premium of about 12 percent based on International Assets' Wednesday close.
However, International Assets' shares closed down 11.5 percent at $13.93 on Thursday, erasing any premium to FCStone shareholders.
Concerns about Kansas City, Missouri-based FCStone had grown earlier in the year after the firm warned of mounting losses tied to a soured energy-trading account. The broker was the clearing firm or counter-party on those accounts.
Loss-making FCStone, which arranges and clears energy and commodity trades, had blamed a decline in market transparency and liquidity as contributing to problems assessing losses.
Following the deal, Altamonte Springs-based International Assets' current shareholders will own about 52.5 percent of the company, while FCStone shareholders will hold the rest, International Assets said in a statement.
FCStone will continue to operate independently after the deal, which is expected to close in the fourth quarter.
The combination will create a financial services firm with an asset base of about $2.3 billion and annual revenues of about $411 million. The combined entity will service more than 10,000 customers, with offices in eleven countries, International Assets said.
Sean O'Connor, currently the chief executive of International Assets, will be CEO of the combined company.
If the deal is terminated, each party may be required to pay the other party a termination fee of $4.9 million and expenses of up to $2 million.
International Assets, which has fueled its growth through acquisitions and was named to the Fortune 500 list, has gained over 80 percent in value since January.
Banc of America Merrill Lynch Securities and Houlihan Lokey served as financial advisors to International Assets, while BMO Capital Markets served as financial advisor to FCStone.