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The [New Issues/IPO] thread - AQN $18.15

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  • May 6th, 2022 12:22 pm
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Deal Fanatic
Aug 17, 2008
7739 posts
8185 upvotes
Nice find @bigblue1ca

Too bad no Canadian based dealer has a role in the syndicate and possibly no distribution involvement whatsoever. The TSX common will be directed to qualified institutional investors only based on the Sedar filing.

An opportunity to participate and get paid in an New Issue syndicate is usually tied to what the bank or dealers could have done for the corporation credit wise, long before the corporation decided to issue equity.

From the "Preliminary long form prospectus - English" filed on Sedar.

Excerpts;

Our Common Shares are being offered in Canada by Morgan Stanley Canada Limited, Goldman Sachs Canada Inc., Citigroup Global Markets Canada Inc., J.P. Morgan Securities Canada Inc., Barclays Capital Canada Inc., Merrill Lynch Canada Inc., Jefferies Securities, Inc., Wells Fargo Securities Canada, Ltd. and HSBC Securities (Canada) Inc. (collectively, the “Canadian Underwriters”) and in the United States by Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc., Guggenheim Securities, LLC, Jefferies LLC, Evercore Group L.L.C., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., DNB Markets, Inc., HSBC Securities (USA) Inc. and Truist Securities, Inc. (together with the Canadian Underwriters, the “Underwriters”). None of Guggenheim Securities, LLC, Evercore Group L.L.C., Deutsche Bank Securities Inc., DNB Markets, Inc. or Truist Securities, Inc. is registered as an investment dealer in any Canadian jurisdiction and, accordingly, will only sell Common Shares outside Canada and will not, directly or indirectly, solicit offers to purchase or sell Common Shares in Canada.

Morgan Stanley Canada Limited, Goldman Sachs Canada Inc., Citigroup Global Markets Canada Inc., J.P. Morgan Securities Canada Inc., Barclays Capital Canada Inc. and HSBC Securities (Canada) Inc. are subsidiaries or affiliates of banks that are members of the syndicate of lenders under a $1.225 billion revolving credit facility due in June 2023 between BHC and a syndicate of financial institutions. In connection with the Separation, Bausch + Lomb intends to incur approximately $ million of indebtedness under Bausch + Lomb’s new senior term loan facility and enter into a $ million revolving credit facility (expected to be undrawn at closing), for which certain of the Canadian Underwriters may be subsidiaries or affiliates of lenders and we may use a material portion of the proceeds from one or more of such credit facilities to repay certain debt to BHC. Consequently, we, as well as BHC, may be considered a “connected issuer” of each such Canadian Underwriter, in each case under applicable securities laws of Canada in connection with this offering. See “Relationships Between the Company, BHC and Certain Underwriters” in this Canadian Prospectus and “Use of Proceeds” and “Description of Certain Indebtedness” in the U.S. Prospectus. Subscriptions for Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The closing of this offering is expected to occur on or about  or such later date as we and the Underwriters may agree, but in any event, not later than *.
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[OP]
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Sep 19, 2004
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Killam Apartment REIT

Short Description: Treasury Offering of Trust Units via Bought Deal

Price: $20.80 CND per $100 par value.
Settlement: On or about February 4 2022

vs. closing $21.52
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[OP]
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Sep 19, 2004
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Issuer: Equitable Group Inc. - Subscription Receipts
Short Description: Treasury Offering of Subscription Receipts via Bought Deal
Size of Issue: Approximately $200 million
Category: Common Shares
Prospectus: prospectus.202202071504265001A.EN.pdf
Product Information: Not yet available
Price: $70.50 CDN


during market hours, interesting
EQB is halted at $73.4
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Deal Fanatic
Aug 17, 2008
7739 posts
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I recall some ppl have invested in this.

SIENNA SENIOR LIVING INCORPORATED
Deal Size: $75 Million
Price: $15.00 per share
Closing Date: March 23rd, 2022

and more dilution...

DREAM INDUSTRIAL REIT
Deal Size: $200 Million
Price: $16.30 per unit
Settlement Date: March 9th, 2022
Sr. Member
Mar 12, 2017
649 posts
562 upvotes
jerryhung wrote: No takers on these, ha, sad discounts

Dream Industrial Real Estate Investment Trust $16.3

Sienna Senior Living Inc. $15
It seems like DIR just had an offering at around that price. Am I inventing this? It was a highly recommended REIT, but if you do two offerings at around the same price in a short span, something isn't working. Your price should go up at some point.

EDIT: 288m at 16.5 on October 22nd... Pretty sad. Let's wait for the next offering at 16.1 in 4 months...
Deal Fanatic
Aug 17, 2008
7739 posts
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This is actually the 3rd time in less 1 year @leolozon for DIR.UN

This is their business model though. You have to know that going in.
Sr. Member
Mar 12, 2017
649 posts
562 upvotes
MrMom wrote: This is actually the 3rd time in less 1 year @leolozon for DIR.UN

This is their business model though. You have to know that going in.
I don't mind offerings as long as what they do with the money helps the "share price". As far as industrial reits go, at least it's doing better than Granite lately.
Deal Addict
Sep 2, 2004
2624 posts
1223 upvotes
I was looking at SIA earlier today coincidentally. They seem a lot better valued in the senior living space than CSH.UN. Didn't put any bids in but appreciate the heads up on the issuance @MrMom. Current price of $15.44 is 3% above the offering.
Deal Addict
Feb 4, 2003
3196 posts
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BMO Details $2.70 Billion Public Offering of Common Shares at $149 Per Common Share
Deal Fanatic
Aug 17, 2008
7739 posts
8185 upvotes
BMO PR https://www.newswire.ca/news-releases/b ... 71724.html

@jerryhung Will this outperform BNS? Face With Tears Of Joy

Mar 22, 2022, 16:35 ET

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 22, 2022 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) (the "Bank") today announced a public offering of 18,125,000 common shares at a price of $149.00 per common share for total gross proceeds of $2.70 billion. The offering is being underwritten on a bought-deal basis by a syndicate of underwriters led by BMO Capital Markets. The Bank has granted to the underwriters an option to purchase up to an additional 2,718,750 common shares at a price of $149.00 per common share exercisable at any time up to 30 days after closing of the offering.
Deal Addict
Feb 4, 2003
3196 posts
1455 upvotes
I think this is priced in, I bet a day or two it will recover.
Deal Fanatic
Aug 17, 2008
7739 posts
8185 upvotes
MrMom wrote: Nice find @bigblue1ca

Too bad no Canadian based dealer has a role in the syndicate and possibly no distribution involvement whatsoever. The TSX common will be directed to qualified institutional investors only based on the Sedar filing.

An opportunity to participate and get paid in an New Issue syndicate is usually tied to what the bank or dealers could have done for the corporation credit wise, long before the corporation decided to issue equity.

From the "Preliminary long form prospectus - English" filed on Sedar.

Excerpts;

Our Common Shares are being offered in Canada by Morgan Stanley Canada Limited, Goldman Sachs Canada Inc., Citigroup Global Markets Canada Inc., J.P. Morgan Securities Canada Inc., Barclays Capital Canada Inc., Merrill Lynch Canada Inc., Jefferies Securities, Inc., Wells Fargo Securities Canada, Ltd. and HSBC Securities (Canada) Inc. (collectively, the “Canadian Underwriters”) and in the United States by Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc., Guggenheim Securities, LLC, Jefferies LLC, Evercore Group L.L.C., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., DNB Markets, Inc., HSBC Securities (USA) Inc. and Truist Securities, Inc. (together with the Canadian Underwriters, the “Underwriters”). None of Guggenheim Securities, LLC, Evercore Group L.L.C., Deutsche Bank Securities Inc., DNB Markets, Inc. or Truist Securities, Inc. is registered as an investment dealer in any Canadian jurisdiction and, accordingly, will only sell Common Shares outside Canada and will not, directly or indirectly, solicit offers to purchase or sell Common Shares in Canada.

Morgan Stanley Canada Limited, Goldman Sachs Canada Inc., Citigroup Global Markets Canada Inc., J.P. Morgan Securities Canada Inc., Barclays Capital Canada Inc. and HSBC Securities (Canada) Inc. are subsidiaries or affiliates of banks that are members of the syndicate of lenders under a $1.225 billion revolving credit facility due in June 2023 between BHC and a syndicate of financial institutions. In connection with the Separation, Bausch + Lomb intends to incur approximately $ million of indebtedness under Bausch + Lomb’s new senior term loan facility and enter into a $ million revolving credit facility (expected to be undrawn at closing), for which certain of the Canadian Underwriters may be subsidiaries or affiliates of lenders and we may use a material portion of the proceeds from one or more of such credit facilities to repay certain debt to BHC. Consequently, we, as well as BHC, may be considered a “connected issuer” of each such Canadian Underwriter, in each case under applicable securities laws of Canada in connection with this offering. See “Relationships Between the Company, BHC and Certain Underwriters” in this Canadian Prospectus and “Use of Proceeds” and “Description of Certain Indebtedness” in the U.S. Prospectus. Subscriptions for Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The closing of this offering is expected to occur on or about  or such later date as we and the Underwriters may agree, but in any event, not later than *.
The longest roadshow ever?

Bausch + Lomb Expected to Price IPO at Low End or Below Targeted Range
https://www.wsj.com/articles/bausch-lom ... 1651770207

On Thurs­day, as the stock mar­ket tum­bled, bankers on the deal told prospec­tive in­vestors the stock will likely be priced at the low end or be­low the tar­geted range of $21-to-$24 a share, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter. The com­pany has been aim­ing to raise as much as $840 mil­lion ahead of its ex­pected list­ing Fri­day, ac­cord­ing to a reg­u­la­tory fil­ing.

Update: Priced via Refinitiv

Bausch + Lomb Corp: The eye care products maker on Thursday priced its initial public offering (IPO) at $18
per share, well below its target range, valuing the company at $6.3 billion. The company had earlier set the
indicative price range at between $21 and $24 apiece. Bausch's IPO, which raised $630 million from the issue of
35 million new shares, marks a drop in investors' appetite after a stellar 2021 — a record-breaking year for U.S.
stock market flotations. Morgan Stanley and Goldman Sachs are the lead underwriters for the offering. Bausch will list under the symbol "BLCO" on the New York Stock Exchange and the Toronto Stock Exchange.
Last edited by MrMom on May 8th, 2022 2:05 pm, edited 2 times in total.
Sr. Member
Sep 28, 2011
797 posts
1438 upvotes
Winnipeg
MrMom wrote: The longest roadshow ever?
Yes! I saw a blurb on it the other day and that was my exact thought. Tough market for an IPO.
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Jul 11, 2011
4813 posts
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Ontario
bigblue1ca wrote: Yes! I saw a blurb on it the other day and that was my exact thought. Tough market for an IPO.
I guess my $15 (CAD) bid on BLCO isn't filling today

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