In the last several weeks, we have seen companies in the sectors most directly affected by Covid-19 (consumer/retail, travel) access the private markets through PIPE investments (Private Investment in Public Equity), as well as the public equity and equity-linked markets. The table below ... >>>Read More
Convertible Market Access for Covid-19 Impacted Sectors
Last week, the convertible market was very active with 6 new issue transactions totalling $2.6 billion in issuance. Three of the issuers were from sectors that have been deeply impacted by the Covid-19 pandemic: two in retail (Burlington Stores and Dick’s Sporting Goods) and one in travel ... >>>Read More
Slack: Covid-19 New Issue Convertible Update
The new issue convertible market got a notable data point with the offering for Slack Technologies, which priced a $750 million 5-year offering after the close Monday. The deal priced with a 0.5% coupon and 27.5% conversion premium. The transaction was marketed with a L + 500 ... >>>Read More
Convertible New Issue Market Reopens
For the first time since March 4, the convertible market saw new issuance this Wednesday (April 1), with the pricing of two deals. Both were part of larger capital raises, and both priced with model values in the 104 – 105 range in addition to credit spread assumptions meaningfully wider than ... >>>Read More
Update: COVID-19 Credit Facility Drawdowns
As detailed in our previous post on the topic, in response to COVID-19, companies have been drawing on their revolving credit facilities. We have updated our algorithmic search of SEC 8-K filings to cover the period from March 1st – 27th. Our update reveals a ... >>>Read More
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