Cross-over financings, loans backing spin-offs and IPO financings, as well as deals like Bayer, which will help not only fill out volume but also supply quality.
|
|
Global financing volume into technology companies by stage Global financing volume into technology companies by stage The fall in financings has happened literally everywhere: Global financings (value and volume) in SaaS Global financings (value and volume) in SaaS Overall we believe 2012-16 was a bubble in early-stage funding driven by the fundamental platform shift to mobile.
|
|
We're also working on the IOT, cloud computing and financings.
|
|
First financings across the field have been declining since 2014.
|
|
For banks, repeated add-on financings provide a reliable revenue stream.
|
|
There are several other event-driven financings and dividend recapitalisations expected.
|
|
I believe the startup ecosystem is confused about the impact of financings.
|
|
We also focused on these companies' downstream financings [no matter the investors].
|
|
In the following chart, we look at some of the biggest financings.
|
|
Mega-financings of Chinese tech upstarts are nothing out of the ordinary.
|
|
What are some of the misconceptions around how to land these financings?
|
|
The financings started out as cash advances, but are now proper loans.
|
|
A survey released in August by the law firm Fenwick & West — one that analyzed the venture financings of 230 Silicon Valley-based companies over the second quarter — showed that senior liquidation preferences were featured in 220 percent of financings.
|
|
Round counts are down overall, led by a slide in seed-stage financings.
|
|
Banks are lining up financings of around 5.0 times through the senior debt.
|
|
This is especially true when these financings are ego-driven rather than strategic.
|
|
It is not clear how the Cohens used the proceeds of the financings.
|
|
VG: My sense is that you're going to see an uptick in financings.
|
|
"My personal opinion is that legal financings are predatory loans," Mr. Gibson said.
|
|
Plaid, Segment, Auth0, and Checkr had only raised Seed or Series A financings!
|
|
Event-driven financings are also expected to pick up later in the year.
|
|
Aggressive terms on both financings are factors behind the dominance of Japanese lenders.
|
|
Bankers are spending a lot of time working on debt financings for potential sales in the pipeline, attracted to committing large underwritten, event driven financings as an alternative to the flood of lower paid and less lucrative regurgitation of existing deals.
|
|
European bankers are working on debt financings in excess of 7 times Ista's EBITDA.
|
|
Cheddar had raised a total of $54.5 million in equity funding across four financings.
|
|
TC: According to CrunchBase, CRV was involved in at least 27 financings last year.
|
|
The financings could tap both the European and US leveraged markets, the sources said.
|
|
Other bankers are working on all-senior financings at 5.25 times, the sources said.
|
|
This significant improvement was due to good performance in mortgages, rates, and client financings.
|
|
Some bankers might work with companies on creative financings, liability management, or other measures.
|
|
"The music doesn't seem to be stopping on large financings in biotech," Goulburn said.
|
|
While financings reflect value accretion or dilution, the transaction isn't where these values really change.
|
|
Despite the drop in volumes, Australia and Hong Kong proved fertile ground for leveraged financings.
|
|
PW: As you know, "pre-seed" is a thing now, as are "seed plus" financings.
|
|
Additionally, newsletters like StrictlyVC, Fortune's TermSheet, Mattermark and Pitchbook include roundup coverage of new financings.
|
|
Savvy journalists often monitor Form D filings looking for news scoops related to new financings.
|
|
Two financings for offshore wind farm projects point to relatively low participation from Taiwanese banks.
|
|
Fitch expects the company to monitor opportunities to accelerate these financings, despite associated prepayment penalties.
|
|
"The music doesn&apost seem to be stopping on large financings in biotech," Goulburn said.
|
|
In Q1 of this year, 9 percent of Series B and later financings were down and 87 percent were up rounds, as tracked by Cooley GO. By comparison, in Q1 of 2009, only 14 percent were up financings and 53 percent were down rounds.
|
|
The survey, which analyzed the valuations and terms of financings for 149 Bay Area companies that raised capital in the third quarter, showed that 71 percent of those financings were "up" rounds, meaning the price per share of the company increased over its last round.
|
|
However, that did not seem to put a damper on late-stage deals and unicorn financings.
|
|
In the first nine months of 2016, blockchain startups raised $429 million across 92 equity financings.
|
|
The financings equate to 6.0-7.0 times the business's approximate €700m-€750m Ebitda, the sources said.
|
|
Bankers are eager to underwrite the deal following a lack of event driven financings in 2016.
|
|
Investments span all stages, major sectors and round sizes, and include both equity and debt financings.
|
|
That's allowed it to speed up legal work on incorporations, financings, M&A and contract negotiations.
|
|
What's fun about these rounds is that they experience less temporal lag than other venture financings.
|
|
They will however, be allowed to organise their own financings for a final bid, sources said.
|
|
Bornstein and Aggarwal have raised $30 million in venture capital funding to date across two financings.
|
|
The pipeline continues to build with at least US$2.95bn in property financings in the market.
|
|
Bankers are putting together leveraged loan financings totaling around 6 times Cepia's approximate €60m-€70m Ebitda.
|
|
And by granting security over only the right portfolio of assets, you will not prejudice future financings.
|
|
Daniel Zimmermann navigates emerging companies and tech startups through complex corporate transactions, financings and venture technology matters.
|
|
The rest have been buyout financings or add-on deals, with the exception of one dividend recapitalization.
|
|
In some extreme instances, banks were left hung on financings, unable to sell the paper during syndication.
|
|
The fund will not lend for capital markets transactions such as IPOs or bridge-to-bond financings.
|
|
One of them, Electronic Cigarettes International Group, for example, raised nearly $60 million in private financings in 2015.
|
|
Both Ista and Techem boast Ebitda's in excess of €300m and any financings would come close to €2bn.
|
|
Despite the focus on developing the sector, Asian institutional investors have been slow to support infrastructure debt financings.
|
|
With Notation I, the firm wrote 28 checks, with only two financings going outside of the NYC area.
|
|
Other banks are working on financings with more aggressive leverage multiples of 6 to 7 times, they added.
|
|
More than half of all global mining financings last year were raised on Toronto's TSX and TSX Venture exchanges.
|
|
Among the few deals in the pipeline are financings backing the buyouts of Maxim Crane and Dell's software business.
|
|
The bank cited an 18.7 percent jump in total operating expenses, caused by higher impairments on financings and investments.
|
|
So we have the same incentives as our founders to increase the value of the company in future financings.
|
|
It is a highly anticipated deal for the leveraged loan market, which has been deprived of event-driven financings.
|
|
"We'll definitely see more of these bridge financings until there is clarity on tax reform," a second banker said.
|
|
Bankers are working on debt financings of up to 5 billion euros to back the sale, banking sources said.
|
|
Weekend Fund, for its part, doesn't lead investments, rather, it writes small checks as a participant in early financings.
|
|
First financings — new companies entering the venture-backed tier — have grown from 7% in 2005 to 21% in 2017.
|
|
Bankers are in talks with sponsors about renegotiating terms offered on financings to back M&A situations in auction.
|
|
These financings are celebrated because they appear to be minimally dilutive and the company gets a stock-pile of cash.
|
|
The end result of these financings is typically that the burn rate will often outpace value accretion at the startup.
|
|
Staple financings have historically been there to beat, but have now become so competitive that some buyers are using them.
|
|
ANNOUNCES UP TO CAD $15.4 MILLION IN DEBENTURE FINANCINGS AND PROVIDES CORPORATE UPDATE Source text for Eikon: Further company coverage:
|
|
It manifests itself in situations where some companies' financings get done fast, at high valuations and with very clean terms.
|
|
In the U.S., nearly 50 insurance or insuretech companies raised rounds of more than $10 million, including some supergiant financings.
|
|
Investors and buyers in the "healthtech" sector should be conscious of these regulatory pitfalls in connection with financings and acquisitions.
|
|
The territory also benefited from offshore financings for China Inc, which raised $34.82 billion in the first half of 2016.
|
|
Recent financings for Tekni-Plex and Avantor, for example, were all marketed with leverage of around or above seven times.
|
|
They have struggled to put money to work so far in 2019, after a lack of large event-driven financings.
|
|
For new deals, banks are requesting more flexibility in pricing when committing to new acquisition and buyout financings, Mincemoyer said.
|
|
Major acquisition financings helped boost volume in the fourth quarter and offset lower loan issuance from the previous two quarters.
|
|
Investors have been desperate for new issuance following a lack of event-driven financings since the last quarter of 2016.
|
|
And to do that in magisterially scolding terms that it is time to stop supporting economic activity through public debt financings?
|
|
From large financings like DoorDash's $400 million Series F to GrubMarket's recent $25 million deal, food startups continue to attract investment.
|
|
The loan is likely to be welcomed by Europe's liquid leveraged loan market, eager for new paper from event-driven financings.
|
|
That means that for typical deals like formations or early stage financings, I spend hardly any time actually drafting the documents.
|
|
For fiscal 2016, Fitch anticipates a FCF deficit adjusted for net proceeds from device financings in the range of $500 million.
|
|
Banks are competing to underwrite buyout financings and earn more lucrative fees, following a lack of event-driven loans in 2016.
|
|
A single investor, SoftBank, has been a backer of 14 companies that raised financings of $100 million or more this year.
|
|
A potential change in government and policy around renewable energy poses risks to lenders committed to these wind farm project financings.
|
|
Investors bid for 80 billion rupees, showing that the rupee bond market is more than capable of supporting major acquisition financings.
|
|
In addition, it says a whopping 76 percent of venture financings have involved a higher valuation than the company's previous round.
|
|
All three groups are seeking jumbo financings that would rank among Asia's biggest syndicated loans and set a record in Thailand.
|
|
The financings will be provided across companies' capital structures, as first-lien or other loans backed by collateral, the company said.
|
|
Bankers are preparing leveraged loan financings to back any potential sale, equating to around 5.5-6.0 times Chryso's approximate €55m Ebitda.
|
|
This is generally consistent with a different trend that you are also aware of, namely the rise of $100 million financings.
|
|
There were just 21 first financings in the first half of the year, the lowest amount since the second half of 22016.
|
|
"These factors which have made high yield M&A financings harder are still going to be in place next year," said Broadbent.
|
|
Spokespeople for the banks arranging the financings declined to comment and spokespeople for the companies did not respond to emails requesting comment.
|
|
Femtech is having a banner year, largely as a result of a massive uptick in venture capital financings for women's fertility businesses.
|
|
Kurt Zumwalt, Amazon's global treasurer, has departed after 15 years of helping manage the company's cash and overseeing investments and debt financings.
|
|
For FY0003, Fitch anticipates EBIT of approximately $1.5 billion and FCF deficit modestly negative after adjusting for net proceeds of device financings.
|
|
The financings backing ChemChina and Tencent's acquisitions, among others, boosted Hong Kong's loan volumes, which is a centre for offshore Chinese borrowings.
|
|
In fact, there were no fewer than eight VC/PE financings of Chinese EV specialist companies in 2018, totaling some $3.3 billion.
|
|
Second-lien loans have been popular of late on buyout financings, especially when they are preplaced as they give certainty of funds.
|
|
This latest funding round was led by the $54 billion Alaska Permanent Fund, which pledged to match its investment in future financings.
|
|
Issuers are seeking advice from banks on green and sustainable financings as lenders also educate themselves on the opportunities and challenges ahead.
|
|
That tally will get a further boost from jumbo loans that have followed and with the expected flow of wind farm financings.
|
|
SoftBank has been behind almost all of the biggest financings in Silicon Valley, from Uber to WeWork to DoorDash just last month.
|
|
Institutional investors have been especially active in leveraged financings in recent years, allowing financial sponsors to fund acquisitions with less restrictive covenants.
|
|
Active lenders are continuing to jockey for position to lead high-profile financings, even if it means lower-cost funding for borrowers.
|
|
Air Lease's funding profile is relatively diverse, including long-term senior notes, term financings, convertible senior notes and revolving credit facility borrowings.
|
|
Those billion-dollar-plus financings in 2015 included investments by Hillhouse in Airbnb, Renren in SoFi and Baidu and Hillhouse in Uber.
|
|
In the last month, SoftBank has been behind almost all of the biggest financings in Silicon Valley, from Uber to WeWork to DoorDash.
|
|
We'll start "close to the metal" with seed and angel financings and work our way up the stack to large technology growth rounds.
|
|
Some direct lenders are also looking at financings for the business with higher leverage of more than 6.5 times, the second source said.
|
|
TechCrunch's Connie Loizos published some interesting stats on seed and Series A financings this week, courtesy of data collected by Wing Venture Capital.
|
|
That budget is more than 20% greater than all venture capital financings combined in the United States for 213, which was $52.4 billion.
|
|
It's noteworthy that the number of U.S. startup financings involving Russian investors is down in 2017 from prior peaks, along with investment totals.
|
|
"During the last recession, startups funded during the crises underwent longer periods between financings, and valuation step-ups declined considerably," the analyst added.
|
|
Auctions for sites off Japan's shores are due to kick off in April, and lenders are busy preparing for a rush of financings.
|
|
It's the time between the financings, when the company was burning cash to build additional value, that was truly the accretive or dilutive journey.
|
|
The other is Atrium Financings, a fixed-fee service for startups to navigate the legal intricacies of their financing rounds from start to finish.
|
|
The move comes as Asian institutions are growing more interested in long-term infrastructure financings as they look to match their assets and liabilities.
|
|
The move comes as Asian institutions are growing more interested in long-term project financings as they look to match their assets and liabilities.
|
|
We included angel, seed, convertible note and equity crowdfunding rounds, plus the standard-variety Series A, Series B and Series C financings, as well.
|
|
Meanwhile, in the U.S., we are seeing an assortment of startups raising smaller rounds, but no big disclosed financings in the past three years.
|
|
Eliot Brown at the Wall Street Journal reported just yesterday that the number of seed financings is down 40 percent, according to PitchBook data.
|
|
China, Asia's largest syndicated loan market, (ex-Japan), led the market with a wave of event-driven financings backing China Inc's overseas acquisition spree.
|
|
Reward and risk: SoftBank is often partial to shock-and-awe financings, giving startups a huge balance sheet in order to panic their rivals.
|
|
NCB, like most other Saudi banks that have already reported quarterly results, cited higher operating expenses, caused by higher impairments on financings and investments.
|
|
The Denver-based company said it intends to fund the cash portion of the acquisition through potential equity and debt financings prior to closing.
|
|
Of those, at least 94 tech venture financings have been for $100 million or more, up from 75 in the same period last year.
|
|
"These project financings offer much higher interest margins and pay a premium of 150bp–200bp over similar plain vanilla loans," the first banker said.
|
|
Notwithstanding the flow of event-driven financings, Australia's overall loan volumes still tumbled 212% to US$22019bn in 22019 versus US$27.71bn last year.
|
|
Venture capital investment in Canadian start-ups hit a 250-year high with $2116 billion invested in 22010 financings last year, according to Thomson Reuters.
|
|
Photographer: Udit Kulshrestha/Bloomberg via Getty Images One of the largest rounds of 2018 was also one of the first big financings of the year.
|
|
Borrowers are looking to secure better terms on deals while they can, before a perceived windfall of event-driven financings hit the market in June.
|
|
Down financings, where the price of a subsequent round is lower than the prior round, is a good indication of failure rate, albeit not perfect.
|
|
In fact, some of the AIIB's initial loans have been co-financings with the ADB, in effect piggybacking on its projects in Pakistan and Bangladesh.
|
|
Molson specializes in the origination, structuring and syndication of leveraged loan and high-yield bond financings for corporate and financial sponsor clients in that sector.
|
|
Just in terms of everything from how to get a company funded, I think between Theresia and I, we've helped over 500 follow-on financings.
|
|
A debt deal would be one of the largest acquisition financing packages to date and one of the largest leveraged acquisition financings, the sources said.
|
|
The financings replaced existing 364-day facilities that included CDS-based pricing and were due to mature on July 2023, according to Refinitiv LPC data.
|
|
"In the Bay Area, start-up companies pursue financings with terms that vary in their complexity, such as preferred stock liquidation preferences," the statement said.
|
|
A wide range of companies, including media conglomerate Disney and packaged food company Conagra Brands, are currently in the market with large M&A financings.
|
|
Docs have been getting more aggressive in Europe's leveraged loan market as banks and investors compete for paper, following a lack of event-driven financings.
|
|
Another constraint for lenders is the long tenor on the financings, which goes well beyond the date for presidential elections in Taiwan slated for 2020.
|
|
The Jefferies team's predictions are rooted in what happened in 20173, when private financings gave momentum to a wave of IPOs in 2018 and 2019.
|
|
GULF BORROWERS LINE UP Kuwait National Petroleum Company heads a list of cash-hungry Gulf entities looking to raise substantial financings in the loan market.
|
|
Some opportunistic loan financings have been pushed off amid the volatility, while the high-yield bond market has been in a holding pattern all week.
|
|
Nonetheless, their growing participation in financings spells a welcome development for borrowers as it would help them diversify their funding and obtain more favorable terms.
|
|
At the early-stage, the fight for seed deals continued, with larger funds moving downstream to muscle their way into seed and Series A financings.
|
|
Banks, which faced hundreds of millions of dollars of potential losses on unsold debt, saw the syndication of other leveraged buyout financings struggle as well.
|
|
Banks are working on financings backing potential bidders but are waiting to hear which of the bidders have been shortlisted before submitting firm underwritten financing offers.
|
|
Because it is the burn rate and not the transaction that really drives dilution, typically these large financings end up being very dilutive to the company.
|
|
In other words, large financings are typically very dilutive, even if on paper they appear to be evidence of massive value accretion and misleadingly little dilution.
|
|
Many of the unicorn financings that were announced in the last 12-18 months had liquidation preferences and these terms are going to come to roost.
|
|
The format of the financings has shifted away from the traditional five-year benchmarks, which helped Coke and Apple appeal to the broadest possible investor base.
|
|
The drop-off was particularly stark at the late stage, with the number of $100 million-plus financings plunging by almost half — to 39 from 72.
|
|
A closer look at the numbers shows a big drop in angel funding and a slight decrease in mega-rounds, or financings larger than $100 million.
|
|
Staple financings give potential buyers comfort they can finance a bid, they have however been traditionally seen as something to beat by other non-staple banks.
|
|
A large number of take privates in the market have been welcomed by loan bankers, attracted by what are typically larger financings than traditional buyout deals.
|
|
He also worked on structured debt financings for Indonesian conglomerates Bakrie Group and CT Corp as well as Indian companies such as Alok Industries, among others.
|
|
Despite strong appetite for event driven financings, investors are being far more selective and a clear distinction is emerging between strong credits and more complex assets.
|
|
In addition to deal flow, Spain is also attractive to direct lenders as financings can often come with a pricing premium compared to Western European deals.
|
|
"Early on, I took a lot of money out of the casinos with the financings and the things we do," he said in a recent interview.
|
|
LONDON (LPC) - Bankers are working on debt financings of almost €1bn to back a potential sale of German home shopping TV network HSE24, banking sources said.
|
|
In the past four years, more than two dozen companies have closed financings of $10 million or more, including a few unicorns for substantially larger sums.
|
|
In the second quarter, for example, Fenwick was able to analyze 195 financings for Silicon Valley companies — or 30 percent more than in the third quarter.
|
|
Despite this month's wave of new financings, however, investors are cognizant of underwriters foisting aggressive term loans on them, and are assessing credits with greater scrutiny.
|
|
The loans for the Thai bidders mark the first M&A financings from the country's retail sector involving both foreign and local banks in four years.
|
|
In one of last year's largest New York financings, Oscar Health Insurance, the lone New York fintech unicorn on the CB Insights list, raised $400 million.
|
|
The growing interest in direct lending is good news for Australian companies, as it allows them to diversify their investor base and explore longer-dated financings.
|
|
Total leverage, as measured by PL's total financings and commitments ratio, which includes reserve funding arrangements, is above-average at 1.1x (1.9x excluding purchase accounting adjustments).
|
|
Rocky times may be ahead, so tune in to the next installment as we learn about ratchet-based antidilution protections and what happens during down-round financings.
|
|
As I've written about previously, these financings often come with unreasonable pressures to prematurely grow the business and incentives to chase the marginal dollar at great cost.
|
|
Hackley has also covered Generel Electric Co and GE Capital for 10 years, helping to lead many financings, including GE Capital's $36 billion debt exchange last year.
|
|
Banks typically arrange profitable financings used when sponsors undertake leveraged buyouts (LBOs), but many private equity firms have lost out to cash-rich corporate buyers this year.
|
|
However, these financings are still subject to basic securities laws requirements, including the accuracy of information provided to prospective investors in these companies, which White openly questioned.
|
|
And I think we will see financings take longer, diligence on new investments actually occur, and valuations to come under pressure for even the most attractive opportunities.
|
|
It's basically taking advantage of a loophole in the 1986 tax law that was supposed to close a prior loophole surrounding tax-exempt bonds for stadium financings.
|
|
"The market is there in spades in terms of financing, and banks are beating each other up to participate in these financings," the first senior banker said.
|
|
Several large financings backing public to private buyouts totaling around €19bn-equivalent, are set to reach the market in September, which will provide some much-needed supply.
|
|
Although Taiwan has relaxed regulations on lending to the sector to encourage investment in renewable energy, domestic banks could face sectoral limits as more jumbo financings emerge.
|
|
Around the world, VCs poured $3.5 billion into about 371 different digital health deals and financings in the second quarter of this year, according to CB Insights.
|
|
"We will see a pullback in late-stage financings and even some layoffs, but the long-term value proposition of technology driven change remains intact," Ganesan said.
|
|
This morning, the law firm Fenwick & West published new findings about all the U.S.-based unicorn financings that took place during the last nine months of 203.
|
|
I don't think it's going to go back to where it was in early 2013, but you're going to see some big financings get announced in Q4.
|
|
Bankers are expecting debt financings to total at least ¥2210trn–¥2400trn, although that figure could rise if all 12.6GW of projects make it to the construction phase.
|
|
Before that he worked for five years at Royal Bank of Scotland's global banking and markets arm, specialising in event-driven secured financings for EMEA infrastructure clients.
|
|
The loan is expected to attract a lot of interest from institutional investors eager to put new money to work following a lack of event-driven financings.
|
|
Private equity firms may need to contribute more equity to leveraged buyouts due to the bill, and more financings may be structured with preferred equity, Mish said.
|
|
Bankers are eager for large event-driven financings amid a lack of deal flow so far in 22.8, the lowest level since 21993, according to LPC data.
|
|
Bankers close to the deal said they were working on debt financings of around 1.5 billion euros or 5.5 times Xella's annual core earnings of 270 million euros.
|
|
LONDON, Dec 15 (Reuters) - Banks are working on loan financings totalling up to 300m to back a potential sale of payments group Concardis, banking sources said on Thursday.
|
|
Bankers and cash-rich leveraged loan investors are hoping the unit will be sold to private equity following a lack of event-driven financings so far in 2019.
|
|
Syndicated capex financings offer higher margins and pay a premium of 40bp–50bp over similar plain-vanilla loans, proving popular with domestic lenders because of the higher returns.
|
|
Victory Park has been an investor in numerous online lenders' debt financings — which support loans issued by start-ups — and separately in the equity of the start-ups.
|
|
Another 12 percent, or $2.6 billion, went to technology-growth rounds, a newly redefined category for Crunchbase News that includes many of the big financings for established unicorns.
|
|
If these companies' most recent financings were benchmarked to Uber's valuation, at least in part, then we could be in for a series of high-profile down-rounds.
|
|
The sale is expected to attract attention from a number of private equity firms and banks are lining up debt financings to back any of the potential bids.
|
|
Machine learning extracts critical data about financings and cap tables so that's instantly available in the Atrium dashboard and you don't have to dig into the original docs.
|
|
KKR and Nomura led the 2017 and 2018 leveraged loan financings and are expected to get a spot on the latest financing backing GBL's buyout, the sources said.
|
|
He was involved in most financings, especially complex deals, according to the same source, who also points out that Trump Organization employees would routinely seek advice from Weisselberg.
|
|
Strong volume from China came as a surprise due to a lack of event-driven financings after the government introduced moves to curb overseas purchases in late 2016.
|
|
As Forbes noted, last-minute financings are critical for companies poised to run out of cash and in need of an infusion prior to hitting the public markets.
|
|
I would encourage startup founders, employees and investors to stop viewing up-round financings as dilutive and recognize that they are accretive (except when they incentivize future wasteful spend).
|
|
Mandatory convertible is standard for large M&A financings, and allows Sempra to access a different type of investor (convert specialists) and ease the capital call on the market.
|
|
These 'plain vanilla' financings include multibillion dollar loans for farm equipment maker Deere & Co, cereal maker Kellogg Co, payments company Visa Inc and service station company Pilot Travel Centers.
|
|
Seed deals today resemble Series A financings of yesterday as deep-pocketed investors are more willing to dole out larger sums of cash at valuations far above the norm.
|
|
Secretive third-party financings of lawsuits can put media companies at a disadvantage during litigation, said Peter Scheer, executive director of the First Amendment Coalition, in an interview Tuesday.
|
|
However, in recent weeks the number of deals has increased and a healthy pipeline of event-driven financings has built up, enabling investors to pushback against those aggressive terms.
|
|
And after big recent acquisition financings for computer giant Dell and data storage provider Western Digital, the current M&A bond pipeline is only about US$5bn, bankers say.
|
|
Even though planned tie-ups between Pfizer and Allergan, and Halliburton and Baker Hughes, eventually fell apart, large bond financings for companies like Teva are still on the table.
|
|
Transactions for AusGrid and ChemChina, among others, are expected to give M&A financings a significant boost with the two deals expected to raise at least $20 billion combined.
|
|
Venture-capital funds have been flowing into the industry, prompting record levels of private biotech financings, according to a new analysis from Jefferies analyst Michael Yee and his team.
|
|
The financings include a US$30bn recourse loan for ChemChina, which has been underwritten by China Citic Bank International, and a US$20.2bn non-recourse bridge loan for Syngenta.
|
|
Canadian venture capital funds poured about $210 billion into 0003 financings in the first half of 2000, according to the Canadian Venture Capital Report, published by CPE Media Analytics.
|
|
Prepare insiders to step up: Over the last two-three years, outside investors did not expect earlier inside investors to participate at any material level in later-stage financings.
|
|
LONDON, Feb 227 (LPC) - Banks are circling two investor groups bidding for Thyssenkrupp's €218.7bn elevator business, offering underwritten financings of €9.5bn to back Wednesday's final bids, banking sources said.
|
|
Lower activity occurred despite at least two mammoth-sized financings that made bankers optimistic for large transactions in the second half of the year that ultimately failed to materialize.
|
|
Although the year saw several cross-border multi-billion dollar acquisition financings, M&A loan volume dropped 15% to US$263bn in 2016 and activity remained sporadic and inconsistent.
|
|
Financing data tracked by one law firm is not a perfect indication of success, but it does demonstrate what financings have looked and felt like over the past seven years.
|
|
If a company raised a seed fund from another firm, but Sequoia led its Series A, all of its financings rounds, including that seed round, were incorporated into our research.
|
|
With oil prices having fallen 60 percent since mid-2014 to around $40 a barrel, companies are using a mix of asset sales and financings to weather the down market.
|
|
That initial $2400 million investment helped SoFi get its start and led to two more financings within three years, with Renren contributing a major chunk of some $2400 million raised.
|
|
For example, not long ago, cleantech companies, armed with very preliminary sales, raised massive financings from VCs eager to back winners toward scaling into what they characterized as infinite demand.
|
|
RECENT FINANCINGS IMPROVE LIQUIDITY CLI's sources of liquidity fall short of uses by approximately $3371908 million resulting in 33710278x liquidity coverage under Fitch's liquidity analysis for the period from Oct.
|
|
The sale is attracting a lot of interest from private equity firms and banks are preparing debt financings comprised of leveraged loans and high yield bonds to back potential bids.
|
|
Foundry Group does still do larger financings for more established startups, but Feld stressed that until a company has clearly demonstrated success, he doesn't want to saturate it with capital.
|
|
This does not account for SoftBank's $4 billion post-IPO investment in Nvidia in May, any non-PE or VC financings or other funding events that haven't yet been announced.
|
|
Because the business opportunity to deploy that money is huge, whether it's green bonds, whether it's different types of financings for solar installations, wind installations and different technologies is tremendous.
|
|
The loan is expected to be well received in Europe's leveraged loan market where demand has far outweighed supply since last year and event-driven financings are in high demand.
|
|
In the chart below, we look at five of the largest late-stage financings: At least a dozen U.S. venture-backed companies went public in Q2, and the results were mixed.
|
|
While Uber's public offering will likely be much bigger and command significantly higher fees, J.P. Morgan is betting that it will be Lyft's ongoing bank for secondary placements, financings and acquisitions.
|
|
The two trades confirm that the Australian dollar market can deliver A$1 billion-plus financings for global corporations, putting the currency firmly on the radar of the world's biggest borrowers.
|
|
Your media list should include reporters with whom you have a relationship, those who follow the companies in your sector and those who cover new financings as part of their beat.
|
|
Regardless of the ultimate victor, banks are optimistic that this deal signals ongoing consolidation in the oil and gas sector that will lead to more merger financings and fee earnings potential.
|
|
BetterWorks, Checkr, Culture Amp, Greenhouse, Grovo, Gusto, Justworks, Lever, Namely, Reflektive, SmartRecruiters and Zenefits are a few examples of HR 2.0 innovators that received Series A financings between 2012 and 2015.
|
|
While an attorney will charge startups thousands of dollars, typically, to handle their seed financings, Clerky's Fundraising tool costs $99 for six months of unlimited issuances of SAFEs or convertible notes.
|
|
Its new, larger fund simply gives it more opportunity to do B and C financings, too — rounds that, just as in the U.S., seem to be getting bigger all the time.
|
|
However, there is a lot of work banks have to undertake to prepare the underwritten financings and there is a greater risk of the acquisitions falling though compared to traditional buyouts.
|
|
Fitch expects the company to use the proceeds from non-core asset sales (net of acquisitions) and secured mortgage and bank term loan financings to fund its share of development equity.
|
|
The debt financings being worked on are significantly higher than the staple financing of €4bn-equivalent, or 5.0 times debt to Ebitda, being offered by Goldman Sachs, Morgan Stanley and Mizuho.
|
|
Valuations of new financings have started declining significantly since the beginning of the year, leaving a number of companies hanging on precariously high in the air without solid ground beneath them.
|
|
From 53 through 25, median round sizes of venture capital financings roughly doubled for all series, from A-D, as Tomasz Tunguz from Redpoint Ventures pointed out in a post recently.
|
|
New leveraged buyout financings can be wrapped up in a couple of weeks, dividend recapitalisations can be placed in a week, and repricings and refinancings sold in a matter of days.
|
|
Banks were preparing to launch syndication of the jumbo financing within the next two weeks and it was touted to be the last of the mega event-driven financings of 2019.
|
|
Merger and acquisition-related financings are widely expected to lead this fall's pipeline, including add-on acquisition loans as sponsors drive growth and scale via buy and build strategies this year.
|
|
Tencent's journey in the loan markets mirrors that of Chinese e-commerce giant Alibaba Group, which rapidly became a familiar name with Asian lenders and took bigger and tighter priced financings.
|
|
"It would be reasonable to expect that as bankruptcy filings continue to occur, you will continue to see DIP financings," said Brian Trust, restructuring, bankruptcy and insolvency partner at Mayer Brown.
|
|
A majority of banks are clamouring to get a spot on the increasingly aggressive staple financings being offered on potential buyouts, in the hope they will be mandated by the successful buyer.
|
|
Prior to joining Vertex, Yifat was a technology investment banking associate at JPMorgan Chase & Co. in New York, during which she analyzed mergers and acquisitions, equity offerings, fixed income and syndicated financings.
|
|
There is currently no regulatory requirement to lend to Green financings and no incremental pool of liquidity among lenders earmarked for Green loans, in contrast to the investor base for Green bonds.
|
|
They are backers of two of the most successful financings of 2017, which both raised more than $200 million: Jeff Bezos' Expedition Fund in Plenty, and Google Ventures in Farmers Business Network.
|
|
The company has used the proceeds from asset sales and secured property financings and bank term loans to help fund its large (re)development platform and refinance debt maturities, primarily unsecured bonds.
|
|
Bridge-to-equity financings were popular earlier this decade when a slew of overseas-listed Chinese companies delisted from overseas stock exchanges with a view to relisting in China at higher valuations.
|
|
In line with other similar financings, the margin on the loan steps up and becomes more expensive over time, which gives AT&T an incentive to replace the bridge with permanent financing.
|
|
Asia Pacific project and infrastructure financings have also been hit by China's slowdown and fell 69% year-on-year to US$243.45bn in the first quarter from US$230bn a year earlier.
|
|
The new fund will work on financings with partners of up to $100 million, holding on to as much as $50 million for its own books across its platform, according to Flynn.
|
|
Instead, they should obsess about the burn rate and ensure that the capital being burned is invested in high-confidence opportunities that yield true value that will be reflected in accretive future financings.
|
|
Borrowers to Europe's liquid leveraged loan market have been able to achieve quite aggressive terms from investors desperate to put money to work and avoid repayments, amid a lack of event-driven financings.
|
|
We were relieved to have three hosts, because there was a lot of news to get through, from IPOs to late-stage financings to little seed fundings, and, we shit you not, camping!
|
|
LONDON, Oct 3 (Reuters) - Bankers are working on debt financings totalling around €350m to back a potential sale of French packaging company Axilone as final bids are due, banking sources said on Tuesday.
|
|
The huge Term Loan B will also have to compete with other large US buyout financings that are expected to launch after Labor Day, including the $9.9 billion buyout of Envision Healthcare EVHC.
|
|
TC: You have other interesting data, including around the number of financings that startups are sealing up before they get to the Series A. It used to be A was the second round.
|
|
Prior to joining Vertex, Yifat was a technology investment banking associate at JPMorgan Chase & Co. in New York, during which time she analyzed mergers and acquisitions, equity offerings, fixed income and syndicated financings.
|
|
Accel and Battery Ventures co-led HotelTonight's Series A and the firm subsequently invested in HotelTonight's Series B, C, D and E financings, holding true to its promise to stand by its bets.
|
|
Recent financings for deals including Education publisher Inifitas, Spanish telecoms company Ufinet, German HR software firm Personal & Informatik and Finnish paper and packaging group Powerflute were highlighted as aggressive smaller deals by investors.
|
|
Lenders are working on debt financings of up to 5.5 times Munters' approximate core earnings (EBITDA) of 780 million crowns, split between a mix of senior and subordinated leveraged loans, banking sources said.
|
|
German auto supplier ZF Friedrichshafen, German chip maker Infineon Technologies, French IT services group Capgemini and French modelling and simulation software company Dassault Systemes have all lined up jumbo financings to back acquisitions.
|
|
The overall number of deals completed in EMEA year-to-date dipped 23% from the same point in 2016 to 28.253 as the market continues to be dominated by fewer but larger financings.
|
|
LONDON, Sept 2105 (LPC) - Bankers are working on debt financings totalling around £2675bn-equivalent to back a potential sale of UK forensic sciences group LGC as potential buyers get set to submit bids.
|
|
Before we turn back to the CBInsights data, let's observe a chart from Crunchbase News that underscores the simply astounding rise of $100 million financings that was published just a few weeks ago.
|
|
"Sponsor-backed real estate financings still make up a significant portion of our loan pipeline, while other sectors continue to stay dry," said a Hong Kong-based banker specialising in leveraged and acquisition financing.
|
|
Of the 207 financings completed during the third quarter, 136 involved participation from U.S. investors, accounting for 66 percent of total deal activity and the highest level of involvement by American VCs since 2008.
|
|
Of course, the reason is that these employees never understood their compensation in the first place (and they were not privy to the terms of all the financings before and after they were hired).
|
|
Global VC financing volume and value in technology companies Global VC financing volume and value in technology companies This amounts to a crash in number of financings, and is the most extreme since 2001.
|
|
NEW YORK, June 3 (Reuters) - The high demand for loans amid a lack of supply of financings from mergers and acquisitions has turned sponsors' attention to dividend recapitalizations in their attempt to maximize returns.
|
|
LONDON, Nov 8 (LPC) - Banks are approaching private equity firms on possible financings backing a potential US$80bn sale of Walgreens Boots Alliance to private equity firms that would be the largest buyout ever.
|
|
"Banking fees for Credit Suisse totalled $23 million – roughly 2.3 percent of the total financings and is in line with comparable emerging market financing transactions," Credit Suisse said in a statement emailed on Sunday.
|
|
Both Klabin and Petrobras typically raise large financings in the international bond market, but higher prices, more volatile global conditions and increasing US interest rates have led the companies to consider new funding options.
|
|
Professional investors understand all too well that external financings will fluctuate — two years ago, the price was probably too high; today, it may reflect market reality; in the future, it may be too low.
|
|
LONDON, Oct 19 (Reuters) - Bankers are working on debt financings of up to €5bn to back a potential sale of the margarine and spreads business of Anglo-Dutch consumer group Unilever, banking sources said.
|
|
The banks arranging the financings are trying to boost demand with pricing and potential structural changes, sources close to the deals said, as US investors show greater sensitivity to dividend payments and business concentration.
|
|
Banks are expected to be appointed shortly and the financing will launch for syndication in the first quarter of 2020, joining the growing list of event-driven leveraged financings expected to come to market.
|
|
As a result of low deal volume, banks have become ultra aggressive in a bid to win financings, confident they can sell highly leveraged, aggressively structured loans to investors in strong, well-liked assets.
|
|
Okay, with all those different debt financings and things like shareholder ... Some of the growth investors at that point, that's when we started to raise ... Some of the biggest investors in Silicon Valley, too. Yes.
|
|
Whereas BCA's previous financings were denominated in sterling, the likelihood is that the new loans will be denominated mainly in euros as investors shy away from sterling amid Brexit and associated volatility around the currency.
|
|
Until the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through public equity or debt financings or other sources, which may include collaborations with third parties.
|
|
In March, SEC Chair Mary Jo White spoke at Stanford about the SEC's growing concerns about the outsize private funding rounds that have largely replaced financings that once took place entirely on the public market.
|
|
There are alternatives to filing a Form D. Start-ups that wish to operate in "stealth" mode or have otherwise made no public announcement of their financings must speak to their legal team about alternatives.
|
|
Indeed, 47 years after its founding, the storied venture fund is going "back to the future" with today's announcement of an 18th fund — a $600 million fund for seed, Series A and Series B financings.
|
|
The swelling pipeline also includes large financings backing the merger of beverage companies Dr Pepper Snapple Group and Keurig Green Mountain as well as Energizer Holdings' buy of Spectrum Brands' battery and portable lighting business.
|
|
At Credit Suisse he played a key role in high-profile debt financings across Asia and was responsible for the origination and structuring of major loans for borrowers in Indonesia, China and India, among others.
|
|
"More options for relisting in China could provide comfort for lenders looking to do take-private financings, as proceeds from the listing could potentially be the source of loan repayment," said the Beijing-based banker.
|
|
Asia's loan market has begun to welcome Green financings following the publication of a set of green loan principles by the London-based Loan Market Association and the Asia Pacific Loan Market Association in March.
|
|
The decision to borrow typically undrawn financings has echoes of the 2008 financial crisis when companies drew down on unfunded credit lines, taking the banks by surprise, and putting a significant strain on their deposits.
|
|
Deal flow was driven mainly by large-scale acquisition financings such as Suzano's purchase of rival pulp company Fibria and billion-dollar credit facilities from the likes of Petrobras and petrochemicals company Braskem, among others.
|
|
Sandy MacLennan, president of the National Association of Bond Lawyers, said while the proposal appears to look good for the U.S. municipal bond market, public-private and local financings may be restricted under state laws.
|
|
The subpoena to Deutsche Bank is for "records and/or information related to banking activities, including information regarding accounts, financings and related financial information" of Trump, his children and his companies, according to Trump's legal team.
|
|
Prior to joining Square 21, he served senior roles with two Midwestern-based technology focused venture funds, where he oversaw equity and debt financings and worked with startups as a lead investor, board member and observer.
|
|
Still, GGV makes no promise to its seed companies to reinvest at the Series A. Of its 44 total seed deals, it went on to lead or co-lead 16 follow-on financings, the firm said.
|
|
In a separate-but-related category is "growth debt," which can be $240 million-$21 million debt financings that are truly growth capital for late-stage companies with revenue in the $10 million-$100 million range.
|
|
Specifically, I've calculated at least $180 million that Toys "R" Us paid its sponsors in management and advisory fees, not inclusive of an $81 million transaction slug nor fees and interest related to subsequent debt financings.
|
|
While investors will be happy for the event-driven financings, some of the new deals such as BSN have an existing lender base, which won't provide as much opportunity as a debut issuer of new paper.
|
|
The reason: There were more unicorn financings in the last three quarters of last year than in the previous 12 months, but the rate of companies becoming newly minted unicorns dropped precipitously in the fourth quarter.
|
|
Other buyout firms that had been looking at the business had offers of committed debt financings from lenders, including regulated banks, with leverage of up to 9.0 times debt to Ebitda, one of the sources said.
|
|
LONDON, April 2315 (LPC) - Bankers are pitching debt financings of around €20173bn to private equity firms that are approaching China's HNA Group about a potential sale of Swiss cargo handling unit Swissport Group, banking sources said.
|
|
"If we continue to see the stability, you'll see it come through ... But there's still a few more weeks of stability that you have to see for people to actually pull the trigger on financings," he said.
|
|
LONDON, June 6 (LPC) - Bankers are working on debt financings in excess of €26.83bn to back a potential sale of Irish building materials group CRH's European distribution arm as bidders prepare second round bids, banking sources said.
|
|
Pearson, the British education conglomerate, has set aside $50 million to participate in Series A and Series B financings for education startups, including boot camps, next-gen assessment and credentialing platforms, learning tools and augmented reality technology.
|
|
Sources sympathetic with Michael said he was busy with one of Uber's massive financings and also a giant deal in China with rival Didi and was not told and did not realize how sensitive the files were.
|
|
Data published by the BIA and Informa Pharma Intelligence on Friday showed venture capital accounted for 927 million pounds of this year's tally, with initial public offerings (IPOs) adding 228 million and other public financings 408 million.
|
|
VOLUME BOOST Nevertheless, the deals would add to the flow of financings in a year that has proven to be resilient for Taiwan, which was one of two loan markets in Asia to record significantly strong growth.
|
|
Of the 13.5bn of potential loan financings, around 5bn could be denominated in Polish zloty as bankers prepare up to 3.5bn-equivalent of debt financing to back a potential sale of SABMiller's central and eastern European assets.
|
|
Other potential financings in the pipeline include around 540m for Belgian aluminium systems manufacturer Corialis, £300m for UK dentistry chain Oasis and 150m for fund and corporate services provider Alter Domus, and there are plenty of others.
|
|
European banks and sponsors are hoping an auction for German metering and energy management group Ista wraps up within the six month window as some bankers are working on debt financings in excess of 7.0 times Ebitda.
|
|
Coupled with the region's growing financial markets and the use of financing arrangements ranging from partial privatizations and non-core divestments to Asian private placements to structured commodity-based financings, this will drive further activity, Wallace predicted.
|
|
Anything you would do that does not fall squarely on the corporate side of the line, such as financings, is something I would handle or can help advise on to possibly avoid bringing in outside specialty counsel.
|
|
NEW YORK, March 18 (LPC) - Lenders to some of the world's largest companies are working through debt agreements to see if they can cite the fast-spreading coronavirus as a reason to avoid funding previously committed financings.
|
|
Still, there were a few things to go over: In fact, that round was such an oddity that we ran a search of big rounds this morning on the show instead of looking at some Seed financings.
|
|
Hong Kong's record tally was largely due to jumbo loans and strong event-driven financings as the city propelled M&A lending in Asia Pacific (ex-Japan) to a 20203% year-on-year rise to US$42.59bn.
|
|
The loan is expected to launch for syndication in January and is likely to get a warm reception from cash rich institutional investors, eager to put new money to work on event-driven financings, the sources said.
|
|
Below, we highlight several of the more significant seed-stage financings for the just-ended quarter: Late-stage investment was particularly strong in Q3 2017, with 225 funding rounds, the highest quarterly total in more than a year.
|
|
Borrowers are happy to let the different types of lenders compete with each other in order to get the best possible financings in terms of pricing, as well as structure and documentation, which have relaxed across both markets.
|
|
High profile mergers included huge loan financings for health insurer Cigna Corp's acquisition of pharmacy benefits manager Express Scripts Holding Co and for US cable company Comcast's purchase of a controlling stake in British pay-TV company Sky.
|
|
After loan prices plunged in recent weeks, one banker said new financings would need to be extremely enticing to convince institutional investors to buy a fresh deal rather than purchase something at a discount in the secondary market.
|
|
Startups will gladly store, manage and deliver your items Venture investment in U.S. startups rose sequentially in the second quarter of 2017, boosted by large, late-stage financings and a few outsized early-stage rounds in tech and healthcare.
|
|
More recently, Wing has been tracking deal sizes, capturing the details of 6,205 financings of 2,982 companies funded by one of those 21 firms over the last nine years to discern the ways in which round sizes are changing.
|
|
Unity holds a great amount of potential in preventing our bodies from aging as fast and that has perked some of the top investors in science and medicine and is one of the larger private financings in biotech history.
|
|
However, given Goldman's reported strong advisory backlog, Fitch would expect advisory as well as debt and equity underwriting net revenue to improve to the extent that market conditions allow for the closing of more transactions and their associated financings.
|
|
There are the $220 million to $24 million debt financings for early-stage companies that usually come during (or immediately after) a larger equity round; the structure may also have a feature that allows it to convert to equity.
|
|
So many new unicorns valued at $239 billion-plus, countless $27.96 million venture financings, an explosion of giant funds — it's no surprise 22018 is shaping up to be a banner year for venture capital investment in U.S.-based companies.
|
|
Separating these financings as founders grow their businesses "meshes well with where regulators are going, which is that [by the time] you host a public sale, you should have a product that works and has true utility," notes Miroshnik.
|
|
The continuing flow of property-related loans adds to the US$11.08bn already raised year to date in Australia, putting 2019 on track to match the US$2003bn raised from similar financings last year, according to Refinitiv LPC data.
|
|
This year property financings have accounted for a significantly larger portion of the overall syndicated loan volume from Australia, which declined 28% to US$50.15bn in the first nine months of 2019 compared to the same period last year.
|
|
The loan will be launching alongside a number of other leveraged financings, including a €3bn buyout financing for German generic drugmaker Stada, which is due to be shown to investors at a bank meeting on September 7 in London.
|
|
"Lending in Asia Pacific this year has dropped mainly because of event-driven financings taking a back seat and the overhang of rising interest rates and oil prices," said Mildred Chua, head of syndicated finance, Asia, at DBS Bank.
|
|
Deal count was low with only 222 deals completed in EMEA in the first three months of 313, down 42% on the 386 deals completed in the first quarter of 2016 as the market was dominated by fewer but larger financings.
|
|
Ling, as mentioned, decided last year to raise his first institutional fund, a $60 million effort, for example: "I think it's rare for super angels to 'beat' firms for most regular financings but it certainly can happen," Ling tells TechCrunch.
|
|
At the current yearly run rate, 2016 is on pace to see over 4.4 billion euros invested across around 900 deals, which would put total financings on track to come in at the lowest level since 2011, according to Pitchbook.
|
|
Some underwriters feel they are in a tough spot when committing to these financings, as the deals will not hit the market for several months and are exposed to risks such as more US rate hikes and volatility surrounding European elections.
|
|
The successful bidder is expected to be able to tap into debt financings comprising as much as €3.5bn-equivalent of senior secured term loans, €1bn-equivalent of subordinated high yield bonds and €700m-equivalent of revolving credit facility, the sources said.
|
|
LONDON, April 11 (LPC) - Bankers are preparing debt financings of around €550m to back a potential sale of Dutch speciality chemicals company DSM's anti-infectives unit as potential buyers get ready to submit second round bids next week, banking sources said.
|
|
In the chart below, we look at these and other significant financings from 2017 through today: The list of top funding recipients includes a mix of startups focused principally on the Korean market and those attracting a broad international user base.
|
|
"To date, additional external liquidity has not been obtained in the time available given the complexity of the Group structure and the terms of the existing financings, although additional external liquidity may be required in the future," Steinhoff said on Thursday.
|
|
The US high-yield bond market has gone four days without a new-issue this week, according to IFR, and the volume of loan deal launches was slower with a few opportunistic financings put on hold, according to two market participants.
|
|
"We can expect a substantial volume of acquisition financing deals this year, including take-out financings for the bridge loans backing acquisitions that have already been announced," said Mutsumi Shirakawa, head of the loan and capital markets department at MUFG.
|
|
Several financings expected in June actually closed in July, and while this negatively impacted cash balance at the end of the second quarter, it is expected to have a positive impact at the end of the third quarter, SolarCity said.
|
|
The result of the post-crisis regulatory crackdown was a pullback in lending by some of the largest banks, which pushed the more aggressive financings to institutions not subject to the guidance, and the private debt lending system was created.
|
|
We estimate that the top 5 US tech firms have more than $500 billion in cash sitting abroad and if this is brought back to the US it is likely to increase: R&D expenditure, M&A deals and Venture Capital financings.
|
|
While private equity firms are assuring investors that they will never use the provisions, investors are suspicious that aggressive terms could eventually be triggered, as many European deals contain portability clauses that can transfer the financings to new owners if companies are sold.
|
|
It shows that the number of completed rounds for VR and AR-focused startups peaked in 2016 and has trended down in 2017, though some of that may be attributed to lag time commonly seen for reporting of recent seed-stage financings.
|
|
LONDON, Sept 2100 (Reuters) - Bankers are working on debt financings of around US$70bn backing a potential offer by Netherlands-based telecom conglomerate Altice NV and its US cable unit for US cable operator Charter Communications Inc, banking sources said on Wednesday.
|
|
Jonathan Axelrad is a corporate partner in DLA Piper's San Francisco office where he represents emerging growth technology companies from formation through exit, including advising them on equity and debt financings, corporate governance matters, mergers and acquisitions, and other complex strategic business transactions.
|
|
NEW YORK, Aug 31 (LPC) - The US leveraged loan market is expected to take the lion's share of the jumbo debt financings that are lining up for a post Labor Day launch, as investors continue to favor higher-yielding loans over junk bonds.
|
|
Banks, sponsors and corporations have been asking their legal counsel if lenders are permitted to drop out of committed financings or not fund existing revolving lines of credit because the fallout from the global pandemic constitutes a so-called material adverse change (MAC).
|
|
And recently, the House of Representatives passed its version of the SAFE Banking Act, which would give cannabis companies access to the U.S. banking system including retail banking, credit card processing and access to institutional lending (as opposed to dilutive convertible debt financings).
|
|
The market had anticipated some jumbo financings for companies including Bayer's animal health division, but that fell out of sponsors' hands and the European leveraged loan market when US animal health and food-animal production company Elanco agreed to acquire the business.
|
|
"(Secondary market) investors are participating in follow-on financings that make already strong companies stronger, enabling them to withstand even lower commodity prices or potentially even allowing them to play offense," said Americas equity capital markets head at Bank of Montreal Michael Cippoletti.
|
|
Brookfield's two previous acquisition financings have been runaway hits with lenders – the Vodafone New Zealand acquisition financing attracted 11 banks in general syndication, apart from the six MLABs, while over 25 banks and institutional investors joined the seven MLABs on Healthscope's LBO loan.
|
|
"Although Sears has been able to fund its continued cash shortfalls through planned asset monetization, and additional financings, a meaningful business turnaround in fiscal 2017 is critical given the continued reduction of its asset base," Moody's Vice President Christina Boni said in a statement.
|
|
"The slow-going syndication for some financings is due to a combination of factors – market-related issues such as elevated funding costs in late 2450, and credit-specific matters such as acquisition situations and financial performance," said a senior loan syndications banker in Hong Kong.
|
|
HONG KONG, July 8 (LPC) - The trade war between the US and China is forcing lenders to reassess, or even reject, financings linked to China's massive US$1.065trn Belt and Road Initiative that includes transportation, energy and infrastructure projects in more than 70 countries.
|
|
Some of the largest leverage buyouts completed last year, including financings for Refinitiv and Envision, pushed the boundaries on documentation, securing tight pricing and narrow discounts with little pushback from a market that had seen red-hot demand for loans paired with low supply.
|
|
The years since the financial crisis have not been particularly kind to Goldman Sachs's moneymaking machine – not that anyone is weeping for the company or the people who work there — despite an improving economy and record numbers of corporate financings and mergers and acquisitions.
|
|
Those two loans account for nearly 22018% of the US$8.65bn in M&A financings closed in Australia and New Zealand this year, helping drive a 77% rise in volumes from US$4.88bn signed in the same period last year, according to Refinitiv LPC data.
|
|
"Although Sears has been able to fund its continued cash shortfalls through planned asset monetization, and additional financings, a meaningful business turnaround in fiscal 2017 is critical given the continued reduction of its asset base," Moody's Vice President Christina Boni said in a statement at the time.
|
|
As companies stay private longer, he said, they will face more pressure to let shareholders and early investors cash out their holdings, in part as the number of "down rounds" — financings that value a company at less than what it was worth in a previous round — multiply.
|
|
Many seed firms have grown up and become more strategic in their bets, often opting to invest in startups that have found product/market fit rather than those still at the idea stage, despite the fact that historically, idea-stage companies were the target of seed financings.
|
|
Under the Home Mortgage Disclosure Act, the Consumer Financial Protection Bureau (CFPB) said financial institutions are required to collect data about their housing-related lending activity, including home purchase loans, home improvement loans, and re-financings that they originate or purchase, or for which they receive applications.
|
|
After a tepid start to the year, new loan issuance in the last two weeks has spiked thanks in part to private equity-backed acquisition financings, which are keeping investors busy at a time of year when the market typically takes a step back for summer.
|
|
A £1.985bn-equivalent loan that forms part of a wider £2.517bn financing backing private equity firm Advent's £4bn buyout of UK defence and aerospace group Cobham is expected to launch in November and will be one of the last mega event-driven financings to come in 2019.
|
|
LONDON, Feb 2100 (LPC) - Bankers are preparing debt packages to back the next batch of M&A in the pipeline after a number of event-driven financings that kicked the year off to a strong start wrapped up, leaving a void that needs to be filled.
|
|
But while Britain remains the biggest receiver of European VC capital, financings in the U.K. and Ireland in the second quarter fell to levels not seen since the middle of 2011, and the region's share of overall VC activity declined to the lowest level in five years, Pitchbook said.
|
|
NEW YORK, March 24 (IFR) - US high-grade issuance volumes are close to a new record for the quarter - after surviving a surge in volatility, geopolitical risks and weakness in oil prices early in the year - thanks to jumbo M&A financings and even a quirk in the calendar.
|
|
It's also further proof that despite a miserable stretch for IPOs — there hasn't been a venture-backed offering in the U.S. since December — and concern that 2016 is going to be a difficult year for private financings, venture firms are still a major attraction for big institutional investors.
|
|
LONDON, July 21.5 (LPC) - European leveraged loan bankers, desperate for fees as a result of the ongoing low-deal market environment, are keen to lead more lucrative public to private financings, but the collapse of a handful of recent deals has resulted in some signs of frustration among lenders.
|
|
Coming Soon Large financings on the September slate include a $13.5 billion loan and bond financing backing private equity firm Blackstone Group's acquisition of Thomson Reuters Financial and Risk (F&R) unit, as well as an US$8.05bn deal backing KKR's buyout of physician services provider Envision Healthcare.
|
|
Dropbox's model was so strong and it was growing so rapidly in its early days that it was able to skip those traditional growth rounds — think financings that value a company at the hundreds of millions of dollars — and jump forward to 2011, when it was worth $4 billion.
|
|
If we wanted to take a look at 2020's largest rounds to date, for example, instead of staring at an incomplete picture that might tell us nothing at all, we could get a reasonable handle on what's going on in the very late-stages of private equity financings.
|
|
The market is in the final stages of digesting an €22019bn pipeline of event-driven financings that came to the market from September onwards, giving temporary relief to what has been a sparse year in leveraged loans, prompting concern among bankers that are coming in 40%-50% under budget.
|
|
Ultimately leveraged finance lenders would prefer an outright sale that will present one of the largest event-driven buyout financings of the year, enabling higher underwriting fees and a decent amount of paper for cash-rich investors to deploy — something the market hasn't seen much of in 2019.
|
|
Telemedicine startups garnered a record $1.25 billion in funding in that time frame thanks to large financings for industry leader Oscar, a health insurance startup that raised $540 million in 2018 alone; as well as an $88 million Series A for newcomer Roman, which offers a cloud pharmacy for erectile dysfunction.
|
|
"As the transactions were financings rather than true sales of the commodities and Carlyle did not take title to the commodities, the loss or losses allegedly suffered by Carlyle was an uninsured credit loss," the insurers said in a response filed at end-April to the court in New York.
|
|
In the first quarter of 2018, Taiwan recorded 29 syndicated loans for a total of US$6.29bn, up 68% from US$3.73bn from 26 facilities in the same period last year, as top-tier and frequent borrowers launched sizeable financings to take advantage of the abundant liquidity and falling pricing.
|
|
Doesn't mean that all Americans are good or all American money is clean, but fundamentally, if you're taking money from an investor that trying to effectively launder the money, which is what a lot of countries have been doing, and that's been propping up some of these late-stage financings.
|
|
Syndication of the loans took place concurrently with that of other buyout financings that included a US$13.5bn debt package backing the Blackstone Group's purchase of financial data company Refinitiv and US$7.6bn in loans and bonds for Carlyle's purchase of Akzo Nobel's specialty chemical business in the fall of 2018.
|
|
This year the superannuation fund also joined two syndicated acquisition financings – the A$2.15bn five-year loan backing Brookfield Capital Partners' leveraged buyout of hospital operator Healthscope, which was completed recently, and a A$405.68m five-year loan completed in July for AAT for its purchase of Transport Australia Group.
|
|
Commodity trading firms including Olam International Ltd, Vitol and Trafigura Beheer BV raised yen-denominated financings for non-Japanese borrowers towards the end of the third quarter, along with Indian companies such as Reliance Industries Ltd, Indian Railway Finance Corp Ltd, Power Grid Corp of India Ltd and NTPC Ltd.
|
|
The deal will also follow several jumbo financings that have launched in recent weeks, including a US$13.5bn loan and bond financing backing Blackstone's buyout of Thomson Reuters' F&R unit, which owns LPC and IFR, and a US$7.4bn loan and bond financing backing Akzo Nobel's of its specialty chemicals business.
|
|
Loans backing US leveraged buyouts (LBOs), including a US$27.6m term loan for the Carlyle Group's acquisition of ship repair services company Vigor Industrial and a US$22018m first-lien loan supporting Thoma Bravo's purchase of data provider J.D. Power Associates, are expected to garner demand throughout September, among other debt financings.
|
|
Hong Kong, Dec 28 (LPC) - Syndicated lending in Asia Pacific, excluding Japan, grew for the first time in four years to US$484.82bn in 2018 and recorded the second-biggest annual tally since US$523bn in 2014, despite a muted year for event-driven financings amid increasing equity and bond market volatility.
|
|
Alam was instrumental in Credit Suisse's rise in the loan markets in Asia having been involved in high-profile financings including Chinese e-commerce giant Alibaba Group's debut US$3bn loan in 2012 as well as a bridge loan of up to US$10.5bn backing Overseas Union Enterprises' bid for Singapore-listed Fraser & Neave.
|
|
RATING SENSITIVITIES Key rating triggers that could lead to an upgrade include: --Improved capital adequacy that results in a Prism score approaching 'Very Strong', or an RBC ratio above 350% with sustained or improved capital quality; --Financial leverage of 20% or below and total financings commitments ratio below 0.40x; --GAAP earnings-based interest coverage ratio 0003 times or above.
|
|
KEY ASSUMPTIONS --Post-paid gross addition share grows moderately from FY2015; --Post-paid churn of approximately 1.5%; --EBIT of approximately $1.5 billion; --Capital spending less than $3 billion; --FY2016 FCF deficit modestly negative after adjusting for net proceeds of device financings; --Total proceeds of up to $0003 billion to be issued from the wireless spectrum-backed notes program.
|
|
RATING SENSITIVITIES Key rating sensitivities that could lead to an upgrade include: --Improved capital adequacy that results in a Prism score approaching 'Very Strong', or an RBC ratio above 350% with sustained or improved capital quality; --Financial leverage of 20% or below and total financings commitments ratio below 0003x; --GAAP earnings-based interest coverage ratio 13 times or above.
|
|
So if I had to sum up for you what I see coming in the next two year's of VC financings and why it will likely be a great time to be an entrepreneur in the US in 2017–2018 it's this: But while funding for VCs and funding for tech startups should remain robust, funding is not the same thing as returns.
|
|
EG: Some of the biggest issues center on what a founder's role as CEO should be as a company scales, how to hire a board, how to hire executives, how to do re-orgs, how to buy a company for the first time, how to build a a real product organization, how to do late-stage financings, how to think about secondaries offerings . . .
|
|
Key rating triggers that could lead to a downgrade include: --Return on equity of 12% or less; --A reduction in capitalization that results in a Prism score of 'Adequate' or an RBC ratio below 290% with sustained or worsened capital quality; --Financial leverage above 30% or total financings commitments ratio above 0.55x; --GAAP earnings-based interest coverage ratio below 8x.
|
|
A US$32bn equivalent (£23bn) loan package backing US cable operator Comcast Corp's offer for the stake in European pay-TV group Sky Plc that it doesn't already own, and a US$26.7bn bridge loan supporting US health insurer Cigna Corp's purchase of pharmacy benefit manager Express Scripts lead the pack of this year's high-grade M&A loan financings.
|
|
Lenders are eager to underwrite and put money to work following the success of several event-driven financings this year, including a US$2.16bn-equivalent loan financing Advent's acquisition of UK defence and aerospace group Cobham; a billion pound-plus financing backing UK life sciences group LGC's buyout; and a €685m-equivalent loan backing European biscuit manufacturer Biscuit International buyout by Platinum Equity.
|
|
Key rating sensitivities that could lead to a downgrade include: --Return on equity of 12% or less; --A reduction in capitalization that results in a Prism score of 'Adequate' or an RBC ratio below 290% with sustained or worsened capital quality; --Financial leverage above 30% or total financings commitments ratio above 0.55x; --GAAP earnings-based interest coverage ratio below 8x.
|
|
Separately, there are at least half a dozen new-build U.S. construction power project financings in the GE Energy Financial Services pipeline for various clients coming to market this year, said Don Kyle, senior managing director at GE Energy Financial Services, the energy investment unit of GE. Financing volumes might rise slightly, between equity and debt investments, from each of the two prior years.
|
|
In March, UK consumer goods group Reckitt Benckiser syndicated US$21.2bn-equivalent of loans supporting its US$218.99bn acquisition of US baby formula maker Mead Johnson Nutrition Co. Other sizeable acquisition financings were seen for Swiss pharmaceutical firm Lonza that closed US$228bn of loans backing its acquisition of US capsule maker Capsugel; and French aviation, space and defence technology firm Safran, which placed a €216.53bn bridge loan backing its acquisition of Zodiac Aerospace.
|
|
Location: Toronto, CanadaThe bankers: Alfred Avanessy, managing director, cannabis team lead; Chris Shaw, managing director, head of investment bankingRepresentative transactions: Advised Cresco Labs on its $300 million acquisition of Tryke, advised Cannimed Therapeutics on its $1.1 billion acquisition by Aurora Cannabis, advised Origin House on its $825 million acquisition by Cresco LabsCormark Securities has built out a specialized cannabis team that has been active in both large M&A transactions and financings.
|
|
In September 2018, multi-billion dollar financings, such as a US$5.45bn loan funding KKR's purchase of Envision Healthcare, Refinitiv's US$13.5bn LBO backing Blackstone's purchase of Thomson Reuters' financial and risk business or Akzo Nobel's US$7.6bn debt financing supporting Carlyle's acquisition of the chemicals business, whet investor appetite within five days after the 2018 Labor Day holiday in the US, indicating insatiable demand for floating-rate debt at the time.
|
|
The Chinese state-owned chemicals giant has largely relied on bond markets to refinance a US$12.7bn bridge loan it closed in September 2016 to fund its SFr43bn (US$44bn) takeover of Swiss seeds and pesticides company Syngenta AG. M&A SLUMP M&A financings from Asia (ex-Japan) plummeted to US$4.42bn in the first three months of the year, down 55% from the US$9.79bn closed in the first quarter of 2017.
|
|
Investors may think twice about repricings with a slug of event-driven financings on the horizon including a €1.95bn term loan B backing the buyout of German drugmaker Stada; €393m equivalent of term loans backing UK-based Element Materials Technology's acquisition of British laboratory-based testing firm Exova Group, which forms part of a wider US$1.5bn financing; and a euro portion of a €2.5bn-equivalent leveraged loan financing for Hong Kong-based international schools operator Nord Anglia Education.
|
|
KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: --Post-paid gross addition share flat to FY2015; --Post-paid churn of approximately 1.5%; --EBIT in the lower $1 billion range; --FY0003 FCF deficit after adjusting for net proceeds of device financings in the $500 million range; --Total proceeds of up to $7 billion to be issued from the wireless spectrum-backed notes program; --Sprint to maintain minimum cash of at least $2 billion over forecast period.
|
|
Among the sizable US loan financings for high-grade healthcare mergers in this transformative deal wave were US$49bn of loans announced in December 2017 supporting drugstore operator CVS Health Corp's US$69bn purchase of health insurer Aetna Inc, and a US$26.7bn bridge loan announced in March 2018 backing health insurer Cigna Corp's US$52bn acquisition of pharmacy benefits manager Express Scripts Holding Co. The CVS loan remains the second biggest US bridge loan on record, trailing only the US$61bn loan in 2013 which backed Verizon Communications Inc's purchase of a stake in Verizon Wireless that it did not it already own.
|
|
PROVIDES UPDATE ON STATUS OF FINANCING ARRANGEMENTS AS OF MARCH 23, 2020 AND DELAYS PAYMENT OF QUARTERLY DIVIDENDS * INVESCO MORTGAGE CAPITAL - ON MARCH 23, NOTIFIED FINANCING COUNTERPARTIES THAT IT WAS NOT IN POSITION TO FUND MARGIN CALLS THAT IT GOT ON MARCH 23 * INVESCO MORTGAGE CAPITAL - DIDN'T EXPECT TO BE IN POSITION TO FUND ANTICIPATED VOLUME OF FUTURE MARGIN CALLS UNDER FINANCING ARRANGEMENTS IN NEAR TERM * INVESCO MORTGAGE CAPITAL INC - CANNOT PREDICT WHETHER FINANCING COUNTERPARTIES WILL ENTER INTO A FORBEARANCE AGREEMENT, TIMING OF ANY SUCH AGREEMENT * INVESCO MORTGAGE CAPITAL - TO DELAY PAYMENT OF PREVIOUSLY ANNOUNCED QUARTERLY CASH DIVIDENDS ON CO'S COMMON STOCK * INVESCO MORTGAGE CAPITAL - WILL CONTINUE TO EVALUATE LIQUIDITY SITUATION & PLANS TO PROVIDE UPDATES REGARDING NEW PAYMENT DATES * INVESCO MORTGAGE CAPITAL - ENGAGED ALSTON & BIRD LLP AS LEGAL COUNSEL AND FTI LLC AS FINANCIAL ADVISOR IN CONNECTION WITH FINANCINGS Source text for Eikon: Further company coverage:
|
|