$100m (+15m) sen sub cb coming tonight from GS.Terms: 5.5y,5-5½ up 20%, full pctns, Cncrrnt 5m (+750k) stk placement. UOP=cap ex /gcp. $900m renewable oil & bio-product manufacturer (converts algal biomass into biofuels). Stk +109% from 04/13 low to recent
03/14 high (-22% from high today). PFcash=215m, debt=193m (82m of 6% CB sub to new CB), LTMebitda=(91m), fcf=(82m). Existing 6% came 01/13 & traded very well (went out ~169 vs cls).Brw ~6% but
this is not really a factor given the amount of l/only demand
(as we saw w/6%) that w/exist. No brw = no model BUT we’d assume
L+900 for reference. Stk off high’s (-7% today alone), x/over &
obv l/only demand (ability to restrike @ par),small issue,strong optics, good story etc etc = no trouble getting placed.