2020-04-04 IFR Magazine

(Rick Simeone) #1
WHITEûCOLLARûRECRUITMENTûOUTSOURCINGûWITHûAû
lNANCIALLYûSTRONGûPARTNER
4HEû0RE
EMPTIONû'ROUPûRELAXEDû
GUIDELINESûONû7EDNESDAY ûSAYINGûINVESTORSû
SHOULDûSUPPORTûCOMPANIESûRAISINGûUPûTOûû
OFûTHEIRûSHAREûCAPITALûWITHOUTûPRE
EMPTION
"ANKERSûINVOLVEDûINûTHEû(AYSû!""ûSAIDû
THATûTHEûDEALûWOULDûHAVEûGONEûAHEADû
REGARDLESS ûANDûTHATûSHAREHOLDERSûSTRONGLYû
BACKEDûTHEûPLACINGûEVENûBEFOREûTHEû0RE
EMPTIONû'ROUPûANNOUNCEMENT

AUTO TRADER RAISES £186m IN
PRIMARY ABB

/NLINEûCLASSIlEDûCARûADVERTISINGûCOMPANYû
AUTO TRADERûRAISEDûaMûINûAûPRIMARYû!""û
ISSUEûLAUNCHEDûLASTû7EDNESDAYûMORNINGûTOû
STRENGTHENûITSûBALANCEûSHEETûINûRESPONSEûTOû
THEûCORONAVIRUSûPANDEMIC
Bank of America WASûSOLEûBOOKRUNNER
4HEûCOMPANYûISûFACINGûAûSEVEREûDROPûINû
DEMANDûAMIDûAûNEARûCOMPLETEûSHUTDOWNûINûTHEû
5+SûCARûSALESûINDUSTRY ûWITHûCARûRETAILERSûCLOSEDû
INûLINEûWITHûTHEûGOVERNMENT
ISSUEDûLOCKDOWNû
3OMEûONLINEûAUCTIONûHOUSESûAREûSTILLûOPERATING
!UTOû4RADERSûMOVEûINCREASEDûSHAREû
CAPITALûBYû ûWITHûNEARLYûMûNEWûSHARESû
PLACEDûWITHûINVESTORSûATûPûEACH

3OMEûSHAREHOLDERSûWEREûWALL
CROSSEDûANDû
ULTIMATELYûACCOUNTEDûFORûûOFûTHEûBOOK û
WHICHûWASû5+
CENTRICû"LACK2OCKûLARGELYû
AVOIDEDûDILUTIONûBYûBUYINGûALMOSTûûOFû
THEûPLACING ûSLIGHTLYûBELOWûITSûDIRECTûHOLDINGû
PRIORûTOûTHEûFUNDRAISING
!UTOû4RADERûSAIDûITûISûRAISINGûTHEûCASHûTOû
BOLSTERûITSûlNANCESûTOûGETûTHROUGHûTHEû
COMINGûMONTHSûANDûINCREASEûITSûABILITYûTOû
TAKEûADVANTAGEûOFûFUTUREûOPPORTUNITIESûTHATû
MAYûTHENûBECOMEûAVAILABLE
0RICINGûREPRESENTEDûANûûDISCOUNTûTOû
LASTû4UESDAYSûCLOSEûOFûP ûANDûAû
PREMIUMûOFûûTOûTHEûMID
MARKETûLEVELûATû
THEûTIMEûPRICINGûWASûAGREED
3HARESûINû!UTOû4RADERûCLOSEDûLASTû7EDNESDAYû
ATûP ûDOWNû ûTHOUGHûTHEû67!0ûFORûTHEû
DAYûWASûPû"YûLASTû&RIDAYûATûMIDDAYû!UTOû
4RADERûSHARESûWEREûAROUNDûPûEACH
h)TûISûRAISINGûCASHûBECAUSEûITûCAN vûAûBANKERû
INVOLVEDûINûTHEûDEALûSAIDûh)TûISûNOTûAûDISTRESSEDû
COMPANYûITûISûINûPERFECTLYûGOODûHEALTH ûANDûTHISû
CAPITALûRAISEûISûPRUDENTûANDûCONSERVATIVEv
!UTOû4RADERûSAIDûITSûBALANCEûSHEETûREMAINSû
STRONG ûWITHûaMûDRAWNûFROMûAûaMû
REVOLVINGûCREDITûFACILITYûANDûNETûDEBT%BITDAû
RATIOûOFû ûWELLûBELOWûITSûCOVENANTûLEVELûOFû
#ONTRASTINGûWITHûANûOTHERWISEûGLOOMYû
ANDûUNCERTAINûOUTLOOK û!UTOû4RADERûSAIDûITû

BELIEVESûTHEREûMAYûBEûATTRACTIVEû
OPPORTUNITIESûINûTHEûIMMEDIATEûAFTERMATHûOFû
THEûCRISIS ûBUTûSTOPPEDûSHORTûOFûSPECIFYINGû
WHATûTHEYûMIGHTûBE
!LONGSIDEûTHEûPLACING û!UTOû4RADERû
ANNOUNCEDûSEVERALûCOST
CUTTINGûACTIONS û
INCLUDINGûITSûBOARDûTAKINGûAûPAYûCUTûOFûATû
LEASTûHALFûOFûTHEIRûSALARIESûFORûTHEûFORESEEABLEû
FUTURE ûANDûFORGOINGûTHEIRûANNUALûBONUSESû
4HEûCOMPANYûHASûALSOûSCRAPPEDûTHEûMAJORITYû
OFûITSûDISCRETIONARYûFUNDING ûINCLUDINGû
MARKETING ûANDûWILLûFURLOUGHûEMPLOYEES
!UTOû4RADERûANNOUNCEDûMEASURESûINû
RESPONSEûTOûTHEûCRISISûONû-ARCHû ûBEFOREû
THEûLOCKDOWN ûSAYINGûITûWOULDûNOTûCHARGEû
RETAILûCUSTOMERSûFORûTHEIRûADVERTISINGû
PACKAGESûTHROUGHOUTû!PRIL ûANDûTHATûITû
WOULDûALLOWûDEFERREDûPAYMENTSûOFû-ARCHû
ADVERTISINGûCOSTSûBYûûDAYSû!TûTHEûTIMEûITû
SAIDûTHEûMEASURESûWOULDûLEADûTOûOPERATINGû
LOSSESûOFûaMnaM
4HEûBANKERûSAIDûTHEûDEALûRANûNORMALLYû
DESPITEûTHEûCURRENTûCONDITIONS ûWITHûTHEû
ONLYûISSUESûSTEMMINGûFROMûLOGISTICALû
RESTRICTIONSûDUEûTOûTHEûFACTûTHATûMOSTûPEOPLEû
AREûWORKINGûFROMûHOME

PRIMEWAGON FUNDS ASTON MARTIN
TAIL-SWALLOW

ASTON MARTIN LAGONDA got the go-ahead at its
%'-ûONû-ONDAYûMORNINGûFORûITSûREVISEDû
aMûFUNDRAISING
/Nû&RIDAY û0RIMEWAGON ûAûMEMBERûOFûTHEû
!DEEM07û3HAREHOLDERûGROUP ûREVEALEDûITû
HADûCARRIEDûOUTûAûTAIL
SWALLOWûTOûFUNDûPARTIALû
TAKE
UPûOFûTHEûGROUPSûENTITLEMENTûINû!STONû
-ARTINû,AGONDASûaMûRIGHTSûISSUEû
!DEEM0RIMEWAGONûISûONLYûEXERCISINGû
ûOFûITSûRIGHTSûTOûlNISHûWITHûAûû
AGGREGATEûPOSITIONûFROMûûPRE
MONEYû
-ANAGEDûBYûBOOKRUNNERSûDeutsche Bank
and JP Morgan û0RIMEWAGONûSOLDûMûRIGHTSû
TOûINSTITUTIONALûSHAREHOLDERSû.OûFURTHERû
SALESûAREûREQUIREDûTOûCARRYûOUTûTHEûTAIL
SWALLOW
#HINAû,ESSOû'ROUPû(OLDINGSûANDû-ULTI
$IMENSIONALû#ONNECTIVITYûHAVEûJOINEDûTHEû

102 International Financing Review April 4 2020

ALL FRENCH EQUITIES
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4c2r

1 BNP Paribas 4 389.78 16.1
2 SG 5 364.46 15.0
3 Goldman Sachs 2 195.61 8.1
4 Credit Suisse 1 168.73 7.0
5 Natixis 2 166.27 6.9
6 Morgan Stanley 1 162.30 6.7
=6 BBVA 1 162.30 6.7
=6 Deutsche Bank 1 162.30 6.7
=6 JP Morgan 1 162.30 6.7
=6 Commerzbank 1 162.30 6.7
Total 10 2,424.53

ALL GERMAN EQUITIES
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4c3r

1 UBS 2 542.22 22.1
2 Morgan Stanley 2 482.76 19.7
3 Goldman Sachs 1 391.92 16.0
4 BofA Securities 1 352.08 14.4
5 Berenberg 1 121.60 5.0
6 BNP Paribas 1 90.85 3.7
=6 JP Morgan 1 90.85 3.7
=6 HSBC 1 90.85 3.7
=6 UniCredit 1 90.85 3.7
=6 Barclays 1 90.85 3.7
Total 8 2,449.94

ALL ITALIAN EQUITIES
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4c5r

1 Citigroup 3 276.34 28.2
2 Mediobanca 2 150.62 15.3
3 Goldman Sachs 1 124.99 12.7
=3 Barclays 1 124.99 12.7
=3 Banca IMI 1 124.99 12.7
6 Morgan Stanley 1 107.98 11.0
7 Banca Agricola Man 1 32.58 3.3
=7 BofA Securities 1 32.58 3.3
9 Envent CM 1 6.38 0.7
Total 6 981.47

ALL UK EQUITIES
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4c1r

1 Barclays 7 1,136.5525.9
2 Goldman Sachs 5 380.60 8.7
3 Deutsche Bank 4 314.42 7.2
4 JP Morgan 4 300.89 6.8
5 Numis 6 270.77 6.2
6 Credit Suisse 3 260.33 5.9
7 Morgan Stanley 3 196.51 4.5
8 Peel Hunt 5 171.02 3.9
9 Canaccord Genuity 2 161.47 3.7
10 HSBC 2 136.89 3.1
Total 76 4,393.22

ALL NORDIC EQUITIES
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4c6

1 Nordea 9 687.97 19.4
2 BofA Securities 1 495.06 13.9
3 Carnegie 14 409.86 11.5
4 Danske Bank 3 333.21 9.4
5 Citigroup 2 302.60 8.5
6 Goldman Sachs 1 228.44 6.4
=6 Morgan Stanley 1 228.44 6.4
8 Sundal Collier 8 165.20 4.7
9 Swedbank 4 139.97 3.9
10 Pareto 5 82.39 2.3
Total 41 3,551.96

10 IFR Equities and SE 2327 p 95 - 106 .indd 102 03 / 04 / 2020 20 : 40 : 33

Free download pdf