Monday, June 1, 2009
Brookdale Sr Living Plans $150M Share Offering
Brookdale Senior Living Inc. (NYSE: BKD - News; the "Company") announced today that it plans to raise $150 million in a public offering of its common stock. The Company expects to grant the underwriters an option for 30 days to purchase up to an additional $22.5 million of its common stock to cover over-allotments, if any. Goldman, Sachs & Co., Merrill Lynch & Co. and Barclays Capital Inc. will serve as Joint Book-Running Managers for the offering
DCT Commences Common Share Offering
DCT Industrial Trust Inc. (the "Company") (NYSE: DCT - News) announced today that it has commenced a public offering of 22,500,000 shares of common stock. In addition, the Company expects to grant to the underwriters for the public offering an option for 30 days to purchase up to 3,375,000 additional shares of common stock to cover overallotments, if any. Merrill Lynch & Co., J.P. Morgan and Wachovia Securities will serve as the joint book-running managers for the offering.
Iconix Brand Announces Follow On Sh Offering
Iconix Brand Group, Inc. (Nasdaq: ICON - News; "Iconix" or the "Company"), today announced that it has filed a shelf registration statement with the Securities and Exchange Commission for a proposed follow-on public offering of shares of its common stock for the Company and certain of its stockholders. The Company also anticipates filing a preliminary prospectus supplement. Barclays Capital Inc. and Lazard Capital Markets LLC are acting as joint bookrunning managers for the offering, with Credit Suisse Securities (USA) LLC acting as the co-manager for the offering.
SunTrust Banks Priced $1.4B Share Offering
SunTrust Banks, Inc. (NYSE: STI - News) announced it has priced a $1.4 billion offering of 108 million shares of its common stock at $13.00 per share. The underwriters will have a 30-day option to purchase up to an additional 16.2 million shares of the Company's common stock.
Morgan Stanley, Sandler O'Neill + Partners, L.P., SunTrust Robinson Humphrey, Inc. and Goldman, Sachs & Co. are serving as joint bookrunning managers for the offering.
Morgan Stanley, Sandler O'Neill + Partners, L.P., SunTrust Robinson Humphrey, Inc. and Goldman, Sachs & Co. are serving as joint bookrunning managers for the offering.
InterPipeline Fund To Raise $150M In Equity Offering
Inter Pipeline Fund (IPL_u.TO) said it will raise C$150.2 million in a bought-deal financing, with proceeds to be initially used to pay down bank debt, while also provide capital for organic growth projects.
The petroleum transportation company said it entered into an agreement to sell 18.2 million Class A limited partnership units at C$8.25 each, a discount of 6 percent to its Friday's closing price of C$8.73.
The deal, being made through a syndicate of underwriters led by CIBC as sole bookrunner and co-led by TD Securities Inc, has an over-allotment option for underwriters to purchase up to an additional 2.7 million units at the same offering price.
Should the over-allotment option be exercised in full, the total gross proceeds of the offering would be C$172.7 million, the company said.
Inter Pipeline is the latest among a series of Canadian companies like Denison Mines (DML.TO), Lundin Mining (LUN.TO) and Moto Goldmines (MGL.TO), which have taken the discount-equity offering approach to bolster their balance sheets.
In addition to this offering, Inter Pipeline said it could raise an additional C$130 million annually, based on initial investor participation rates, under its enhanced distribution plan, implemented last month.
The petroleum transportation company said it entered into an agreement to sell 18.2 million Class A limited partnership units at C$8.25 each, a discount of 6 percent to its Friday's closing price of C$8.73.
The deal, being made through a syndicate of underwriters led by CIBC as sole bookrunner and co-led by TD Securities Inc, has an over-allotment option for underwriters to purchase up to an additional 2.7 million units at the same offering price.
Should the over-allotment option be exercised in full, the total gross proceeds of the offering would be C$172.7 million, the company said.
Inter Pipeline is the latest among a series of Canadian companies like Denison Mines (DML.TO), Lundin Mining (LUN.TO) and Moto Goldmines (MGL.TO), which have taken the discount-equity offering approach to bolster their balance sheets.
In addition to this offering, Inter Pipeline said it could raise an additional C$130 million annually, based on initial investor participation rates, under its enhanced distribution plan, implemented last month.
GM Dropped From DJIA
With GM"s filing of its Chapter 11 bankruptcy, it has been dropped from the Dow Jones industrial average. Cisco Systems is replacing the automaker on the DJIA. Citigroup has also been dropped, with Travelers Group, the insurance giant, replacing them.
Lumena Resources Announces $190M IPO
Chinese chemicals maker Lumena Resources Corp began marketing a Hong Kong IPO on Monday to raise up to $190 million, according to sources familiar with the matter, testing investor sentiment for new listings in the city.
IPO issuance in Hong Kong is down 72 percent thus far this year, according to Thomson Reuters data, but a near 67 percent surge in the Hang Seng Index .HSI since a March trough has prompted numerous hopefuls to consider reviving listings that were put on hold last year, banking sources have said.
Lumena and its owners are selling 577.2 million shares, or 30 percent of the firm's enlarged share capital, at HK$1.72-HK$2.56 each in a deal that values the company at 5.3-7.8 times forecast 2009 earnings, said the sources, who had direct knowledge of the deal but were not authorised to speak about it.
At the high end of pricing, the IPO would be the world's seventh-largest this year, Thomson Reuters data show, and the second-largest in Hong Kong, after the $1.3 billion May offering by Chinese aluminium extrusion products maker China Zhongwang Holdings (1333.HK).
Shares in Zhongwang now trade nearly 11 percent above their offer price.
Investor interest in new listings has been guarded this year, with Hong Kong retail investors failing to subscribe for all of the shares allocated to them in the Zhongwang IPO.
"There are some attractive stocks at good valuations in the cash market so there isn't much focus on IPOs at this point," said Patrick Yiu, associate director with CASH Asset Management.
"Success of individual IPOs has much to do with line of business companies are involved in, for example a Chinese property or materials company will find many buyers," he said.
Sichuan-based Lumena produces thenardite, which is a solid form of sodium sulphate and an important raw material for the production of powdered detergents, dyes, textiles, glass, kraft pulp and pharmaceutical products.
The company's underwriters forecast it to earn 521 million yuan ($76 million) this year and 857 million yuan in 2010, according to one of the sources.
Pricing is set for June 10 with a trading debut of June 16. Lumena will be listed under the symbol "0067".
Of the shares to be sold, 70 percent would be new and 30 percent would be existing shares, the source said.
The banks handling the IPO are Credit Suisse (CSGN.VX), Macquarie (MQG.AX) and BOCI.
Several companies are considering launching IPOs in Hong Kong, as the market for offerings thaws after months of little activity.
Other hopefuls include Canada-listed mining group SouthGobi Energy Resources (SGQ.V), which is looking to raise between $200 million and $250 million in a Hong Kong listing over the next few months, a source told Reuters on Monday. [ID:nHKG72545]
Chinese sportswear retailers Fujian Peak Group and 361 Degrees are also eyeing third-quarter Hong Kong listings to raise a combined $400 million, the South China Morning Post reported last week.
IPO issuance in Hong Kong is down 72 percent thus far this year, according to Thomson Reuters data, but a near 67 percent surge in the Hang Seng Index .HSI since a March trough has prompted numerous hopefuls to consider reviving listings that were put on hold last year, banking sources have said.
Lumena and its owners are selling 577.2 million shares, or 30 percent of the firm's enlarged share capital, at HK$1.72-HK$2.56 each in a deal that values the company at 5.3-7.8 times forecast 2009 earnings, said the sources, who had direct knowledge of the deal but were not authorised to speak about it.
At the high end of pricing, the IPO would be the world's seventh-largest this year, Thomson Reuters data show, and the second-largest in Hong Kong, after the $1.3 billion May offering by Chinese aluminium extrusion products maker China Zhongwang Holdings (1333.HK).
Shares in Zhongwang now trade nearly 11 percent above their offer price.
Investor interest in new listings has been guarded this year, with Hong Kong retail investors failing to subscribe for all of the shares allocated to them in the Zhongwang IPO.
"There are some attractive stocks at good valuations in the cash market so there isn't much focus on IPOs at this point," said Patrick Yiu, associate director with CASH Asset Management.
"Success of individual IPOs has much to do with line of business companies are involved in, for example a Chinese property or materials company will find many buyers," he said.
Sichuan-based Lumena produces thenardite, which is a solid form of sodium sulphate and an important raw material for the production of powdered detergents, dyes, textiles, glass, kraft pulp and pharmaceutical products.
The company's underwriters forecast it to earn 521 million yuan ($76 million) this year and 857 million yuan in 2010, according to one of the sources.
Pricing is set for June 10 with a trading debut of June 16. Lumena will be listed under the symbol "0067".
Of the shares to be sold, 70 percent would be new and 30 percent would be existing shares, the source said.
The banks handling the IPO are Credit Suisse (CSGN.VX), Macquarie (MQG.AX) and BOCI.
Several companies are considering launching IPOs in Hong Kong, as the market for offerings thaws after months of little activity.
Other hopefuls include Canada-listed mining group SouthGobi Energy Resources (SGQ.V), which is looking to raise between $200 million and $250 million in a Hong Kong listing over the next few months, a source told Reuters on Monday. [ID:nHKG72545]
Chinese sportswear retailers Fujian Peak Group and 361 Degrees are also eyeing third-quarter Hong Kong listings to raise a combined $400 million, the South China Morning Post reported last week.
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