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 […]
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, […]
$200m (30m) sen unsec cb coming tonight from GS Terms: 01/19 5.875% up 15% (at par) 97.25-07.75 reoffer. Full pctns, UOP = gc/inv profile. Deal 5 in its financial engineering program. 6.25% 107 x/par +12%, 5.5% 102.5 & x/par +19%, 5.375% 102.5 x/par 9.5%, 5.75% 100.75 x/par +14% (came 8/12 @97.75 & struggled initially). We […]
Announcing $50mm of 3yr senior convertible notes. A 10% allocation is earmarked to go to management of the company. Px talk is 7s up 15 at the mids. Very limited borrow on the stock and and company pays a div yield of 6.17%. Looking at the Mortgage REIT convert landscape, we would comp ACRE tighter […]
$1.2bn (+180m) sen unsec cb coming tonight form GS/MS. Terms: 7y 2⅝ up 30%, full pctns. UOP=capex/gcp. RE-OFFERED 99-99½.indpnt deep water driller in Gulf of Mexico/Africa. Stk +19% on 12/05 announcing a big find in gulf (+78% ytd!). Want to concentrate on stk slippage so we’ll use L+600 & 35vol (leaps illiquid but 46iv bid, […]
$150m (+22.5m) sen unsec cb coming thur night from RBC/RBS, terms : 5yr 1.25-1.75% up 27.5-32.5% full pctns. UOP = gcp/hedge. Biz is growing and co. recently raised rev + eps guidance. PF Cash = $253m, PF Debt = $150m, Lev = 5.7x, LTM FCF = $32m Co has solid liquidity from cash & +FCF. […]