———-> Daiwa New Issue Credit Color: Molycorp <———— * Owner/operator of world’s largest rare earth deposit outside China. PF Cash $727mm PF Debt $1450mm LTM EBITDA $(15)mm LTM FCF $(819)mm Leverage NM Mkt Cap $1127mm * Liquidity concerns are back as co announced 1H13 rev & cf much lower than exp due to delays in ramping […]
******************** DAIWA NEW ISSUE COLOR: KBH **************** $150m (+17.5m) sen unsec cb coming tonite from CITI/CS/MER/DB. Terms: 6y, 1⅜-1⅞% up 45-50%, NC 5.75yrs, full pctns. Concrnt $100m (+15m) stk plcmnt.UOP=gcp.TOL & MTH came 09/12. TOL ½% up 50% (better credit) & MTH 1⅞% up 47½% (good comp w/CITI lead left as well).Stk +158% from 06/12 […]
Solazyme (SZYM) Industrial biotechnology company using algae to produce oils for fuels, chemicals, nutritionals, & skin and personal care. PF Cash $264m PF Debt $116m LTM EBITDA -73m LTM FCF -70m Yrs Cash 3.8 yrs Mkt cap 443m Start-up bioproducts co with line of skin care products on market (yts rev 12m). JVs with Bunge […]
Solazyme (SZYM) Industrial biotechnology company using algae to produce oils for fuels, chemicals, nutritionals, & skin and personal care. PF Cash $264m PF Debt $116m LTM EBITDA -73m LTM FCF -70m Yrs Cash 3.8 yrs Mkt cap 443m Start-up bioproducts co with line of skin care products on market (yts rev 12m). JVs with Bunge […]
DAIWA NEW ISSUE COLOR: THRX $250m (+37.5m) sub cb cmoing tonight from MER. Terms: 10y,2-2½% up 27½-32½%, full pctns. UOP=GSK milestone payments/repay debt 05/13=FDA approval on Relvar/Breo, filed for approval on Anoro (both respiratory drugs & partnered w/Glaxo). 3rd GSK partnered drug P3 in ’13. Others in Pipeline=5xP2 & 2xP1. Pari 3% cb ~L210 (35vol) […]
PCRX $100m (+110m) sen unsec cb coming tonight from Jeff/Barc. Terms: 6 yr, 3.504% up 27.5-32.5%, 4y s/call@130%, full pctns. UOP=repay sec-facility/fund Exparel. Another enchanced equity play, this time a $600m mkt cap pain mgmt pharma. Co has 1 large drug = Exparel (post surgical mgt) which is the play here. Launched 04/12 it has […]
****************** DAIWA NEW ISSUE COLOR: ITMN ***************** $85m (+12.75m) sen unsec cb coming tonight from GS/JPM. Terms: 5y, 3⅛-3⅝% up 25-30%, 2.5y S/C @ 130%. Cncrnt 12.5m (+1.875m) stk deal. UOP=repay 5% cb/fund Ascend trial/gcp. $660m mkt cap 1 drug Biotech focussing on pulmonolgy/fibrotic diseases. It’s Esbriet drug is in PIII within US, already used […]
Stone Energy (SGY) trade idea The SGY 1.75% convertible bonds due 3/1/17 trade at 89.75 vs. $20.81. Using 500 credit, the converts imply 31 vol., which is cheap to 100 day realized vol. of 41 and options implied vol. in the mid 40s. The 500 credit spread assumption is based on the trading levels of […]
Silver Standard (SSRI) $200m (30m) sen unsec cb coming tonight from CITI. Terms: 20 yr, 2.875-3.375% up 37.5-42.5%, puts 7,10,15 s/call 5 yr @130% (m/whole), h/call 7 yr, full pctns. UOP=repay 4.5% cb & gcp. Silver miner w/1 producing mine in Argentina & developmental projects in Mexico & Peru. LTM ebitda = 29m fcf = […]
$1.75B mando sub notes (MCN) coming tonight from GS/Boa/DB. Terms: 3yr, 5.875-6.375% up 20-25%, protected for all divs. Concurrent $1.75B stk placement. L+450 (Euro entity), 2 skew (36/38), 30 bp brw US mando space is depleted. Total mkt cap 19.5B with 8B rolling off in 2013 alone. Within this low rate paradigm, despite being sub, […]