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by | May 8, 2021 |

Our Clients

March 22, 2021
$750mm Convertible
Size: $650 million + $100 million greenshoe
Execution: 1 day marketed
Maturity: 5 years
Structure: Non-call 3, provisional call with make-whole thereafter
Coupon: 0.50% (price talk 0.25% – 0.75%)
Conversion Premium: 35% (price talk 32.5 – 37.5%)
Financial Advisor: Matthews South
Bookrunners: Goldman Sachs, Barclays Morgan Stanley, BNP Paribas

$750mm Convertible

Capital Structure Advice

  • Matthews South has been a long-standing capital markets advisor to the company, advising on capital return strategy and share repurchase execution since 2016

Pricing and Sizing Judgments

  • As the convertible market became choppy after record-breaking supply in late February / early March, Matthews South assisted the company in selecting the launch strategy to achieve its target transaction size
  • Advised the company on appropriate pricing range to balance the need to optimize terms while minimizing unnecessary execution risk

Day of Marketing

  • Advised the company on day of execution to ensure efficient terms and contained market impact
  • Given market conditions, it was critical to closely monitor market conditions and order book as investors increasingly pushed back on banks / issuers

Result was one of the few transactions in the preceding weeks that priced at the mid-points or better

  • Successful marketing strategy resulted in a ~70% long-money investor allocation, with minimal reliance on hedge funds

Contact Us

To learn more about our solutions or to schedule a demo of our software, please contact us by filling out the form below, or email us at info@matthewssouth.com.






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