September 11, 2017 / 9:46 PM / 11 days ago

IFR Americas ECM Pipeline

Sept 11, 2017 - PRICED Brookfield Infrastructure Partners (Canada, infrastructure investment) – 16.6m units (100% prim) at $42.10 versus $43.84 last sale. RBC, TD, CITI, BAML, HSBC. Concurrent private placement with Brookfield Asset Management for aggregate proceeds of $1bn. NEAR-TERM CALENDAR September 11 (PM): Wayfair (US, e-commerce) – $300m CB. 5y cvt talked at 0.625%-1.125%, up 32.5%-37.5%. GS, CITI. September 12 (AM): Camden Property Trust (US, REIT) – $447.5m Block. 4.75m shares (100% prim) marketed at $93.75-$94.25 versus $94.92 last sale. September 12: BioCryst Pharmaceuticals (US, biotech) – $80m FO. Fixed size (100% prim) versus $5.75 at launch JPM, BARC. September 12: Grupo Supervielle (Argentina, bank) – $450m FO. 20.6m ADS (68% prim, 32% sec) versus $22.00 at launch. BAML, ITAU, JPM. September 12: Portola Pharmaceuticals (US, biotech) – $300m FO. Fixed size (100% prim) versus $55.71 at launch. MS, CITI, GS. September 12: Workday (US, HR SaaS) – $1bn 5y CB talked at 0%–0.50%, up 35%–40%. MS, BAML. September 13: First Data Corp (US, payment svcs) – $1.5bn FO. 85m shares (100% sec) versus $18.85 at launch. BAML, CITI, KKR. September 13: Social Capital Hedosophia (US, SPAC) – $500m IPO. 50m units (100% prim) at $10 each. CS. Each unit consists of one Class A shares and one-third of a warrant with each warrant exercisable at $11.50 a share. September 13: Tremont Mortgage Trust (US, Mortgage REIT) - $90m IPO. 4.5m shares (100% prim) at $20 fixed. UBS, CITI, RBC. Nasdaq "TRMT". September 14: Fibra Hotel (Mexico, REIT) – MXP4bn ($225m) FO fixed-price. BBVA, EVER, GS, UBS, BANN. September 19: Best (Cayman Islands/China, logistics) – $931.5m IPO. 62.1m ADSs (86.3% prim, 13.7% sec) at $13-$15. CITI, CS, GS, JPM, DB. NYSE "BSTI". September 19: Despegar.com (Argentina, online travel services) – $332m IPO. 12.77m (67% prim, 33% sec) marketed at $23-$26. MS, CITI, ITAU, UBS, COWN, KEY. NYSE "DESP". September 19: Zai Lab (Cayman Islands/China, biotech) – $105.8m IPO. 5.9m ADS (100% prim) at $16-$18. JPM, CITI, LEER. Nasdaq "ZLAB". September 20: Camil Alimentos (Brazil, food processing) – R$1.72bn IPO. 127.5m shares (32% prim, 68% sec) marketed at R$10.50-R$13.50. ITAU, BRAD, BAML, JPM, SANT. September 21: Secoo (Cayman Islands/China, e-commerce) – $115m IPO. 8.5m ADS (100% prim) at $11.50-$13.50. JEFF. Nasdaq "SECO". September 26: Grupo Financiero Galicia (Argentina, commercial bank) – $620.9m. 13.4m ADRs (100% prim) versus $47.60 filing. BAML, UBS. (The daily IFR US ECM Briefing covers US, Canadian and LatAM IPOs, secondary and convertible offerings. For trial info: www.ifrbriefings.com/usecm.php; Reporting By Robert Sherwood)

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