Offerings

Home Loan Servicing Solutions Announces Public Offering of 12,500,000 Ordinary Shares

James Hunt — Wed, 19 Jun 2013 20:27:50 +0000

Home Loan Servicing Solutions, Ltd. (Nasdaq: HLSS) announced today that it is commencing an underwritten public offering of 12,500,000 of its ordinary shares. Wells Fargo Securities, LLC, Barclays Capital Inc., BofA Merrill Lynch ...

Echo Therapeutics Announces Closing of Public Offering of Common Stock And Full Exercise of Over-Allotment Option by the Underwriter

James Hunt — Wed, 19 Jun 2013 20:15:47 +0000

Echo Therapeutics, Inc. (Nasdaq: ECTE), a company developing its needle-free Symphony® CGM System as a non-invasive, wireless continuous glucose monitoring system, today announced the closing of a previously announced underwritten public offering of 4,025,000 shares of its common stock and the full exercise of the over-allotment option to purchase 603,750 additional shares, offered at a price to the public of ...

Ingeersoll-Rand Files S-8 to Sell 20 Million Shares Worth $1.12 Billion

James Hunt — Wed, 19 Jun 2013 20:13:24 +0000

Ashford Announces 11M Share Common Stock Offering

Paul Quintaro — Wed, 19 Jun 2013 20:11:02 +0000

Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford" or the "Company") today announced that it has commenced a follow-on public offering of 11,000,000 shares of common stock. The Company expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,650,000 shares of common stock.

Ashford intends to use the ...

Progenics Pharmaceuticals Announces Proposed Public Offering of Common Stock

James Hunt — Wed, 19 Jun 2013 20:04:29 +0000

Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) announced today that it is offering to sell, subject to market and other conditions, shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. Progenics also intends to grant the underwriter a 30-day option to purchase additional shares of common stock. All of the shares to be sold ...

Vanguard Natural Resources Announces Closing of Its Public Offering of Series A Preferred Units

Paul Quintaro — Wed, 19 Jun 2013 20:02:46 +0000

Vanguard Natural Resources, LLC (NASDAQ: VNR) (the “Company”) today announced the closing of its previously announced public offering of 2,200,000 7.875% Series A Cumulative Redeemable Perpetual Preferred Units representing preferred equity interests in the Company (“Series A Preferred Units”) at a price of $25.00 per unit. The total of 2,520,000 Series A Preferred Units includes the 2,200,000 Series A Preferred Units and an additional 320,000 ...

Cempra Announces Partial Exercise of Over-Allotment Option and Completion of the Public Offering of Common Stock

James Hunt — Wed, 19 Jun 2013 20:02:28 +0000

Cempra, Inc. (Nasdaq: CEMP), a clinical-stage pharmaceutical company focused on developing differentiated antibiotics to meet critical medical needs in the treatment of bacterial infections, today announced that it has completed its previously announced underwritten public offering of 7,250,000 shares of common stock, plus an additional 1,023,938 shares issued pursuant to the partial exercise by the underwriters of their over-allotment option, at a public offering price of $7.00 per share. The partial exercise of the over-allotment option increases the net proceeds to the company, ...

Five Below Announces Launch of 8.563M Share Secondary Offering

Paul Quintaro — Wed, 19 Jun 2013 20:01:58 +0000

Five Below, Inc. (Nasdaq: FIVE) today announced the launch of a secondary offering of 8,563,172 shares of its common stock. All of the shares are being offered by selling shareholders, including certain members of Five Below's management team and Board of Directors (and their affiliates). The underwriters are expected to have a 30-day option to purchase an additional 1,284,475 shares of common stock. Five Below will not receive any proceeds from the sale of shares in this offering.

Goldman, ...

Biodel Prices 4.482M Share Public Offering of Common Stock at $4.35; Tuesday's Close Price Was $4.76

Paul Quintaro — Wed, 19 Jun 2013 12:37:27 +0000

Biodel (Nasdaq: BIOD) today announced the pricing of an underwritten public offering of 4,482,760 shares of its common stock at a public offering price of $4.35 per share. All of the shares are being sold by Biodel. The offering is expected to close on June 24, 2013, subject to customary closing conditions. Biodel has also granted the underwriters a 30-day option to purchase up to an additional 672,414 shares to cover overallotments, if any.

William Blair & Company, L.L.C. is acting as the sole book-running manager of the offering and Ladenburg Thalmann & Co. Inc. is acting ...

Gladstone Commercial Corporation Prices 1.32M Share Public Offering at $18.82; Offering Size Increased from 1.1M Shares

Paul Quintaro — Wed, 19 Jun 2013 12:35:05 +0000

Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") today announced that it has priced its public offering of 1,320,000 shares of its common stock at a price to the public of $18.82 per share. The offering was increased in size from the originally contemplated 1,100,000 shares of common stock. The Company also granted the underwriters a 30-day option to purchase up to 198,000 additional shares of common stock to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on or about June 24, 2013. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $23.5 million ...

Benzinga Market Primer: Tuesday, June 18

Matthew Kanterman — Tue, 18 Jun 2013 10:20:56 +0000

Futures Edge Higher In Calm Before the Storm

U.S. equity futures rose slightly in pre-market trade Tuesday as investors eagerly awaited the FOMC decision and statement Wednesday. Monday trading was a whip-saw marked by a steep sell-off over tapering fears.

Top News

In other news around the markets:

The German ZEW Economic Sentiment Index rose to 38.5, beating expectations of a reading of 38.1 and better than the prior 36.4.
European Central Bank President spoke in Jerusalem overnight and hinted that the LTRO operations could be extended as a means of providing additional bank liquidity. Speculation had grown that the ECB could do this however it is the first time Draghi has addressed it directly.
European car sales fell to a 20-year low in May as new car registrations fell to 1.08 million from 1.15 million a year ago. Sales at General Motors (NYSE: GM) fell over 10 percent.
S&P 500 futures rose 2.8 points to 1,636.50.
The EUR/USD was higher at 1.3396.
Spanish 10-year government bond yields fell 1 basis point to 4.57 percent.
Italian 10-year government bond yields fell 1 basis point to 4.26 percent.
Gold fell 0.41 percent to $1,377.40 per ounce.

Asian Markets

Asian shares were mixed overnight in unusually quiet trading as markets eagerly anticipate the Fed's decision, the proverbial calm before the storm. ...

Newcastle Announces Closing of Public Offering of Common Stock Including Exercise of Option to Purchase Additional Shares

Paul Quintaro — Mon, 17 Jun 2013 20:13:41 +0000

Newcastle Investment Corp. (NYSE: NCT) announced today that it has completed the sale of 40,250,000 shares of its common stock, including 5,250,000 shares sold pursuant to the exercise in full of the underwriters' option to purchase additional shares. The gross proceeds from the sale were approximately $200 million. All of the shares were offered by the Company and were issued under the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission.

The Company intends to use the net proceeds from the ...

New Mountain Finance Corporation Commences Primary Offering of 2M Shares of Common Stock and Secondary Offering of 4M Shares of Common Stock on Behalf of Selling Stockholder

Paul Quintaro — Mon, 17 Jun 2013 20:11:57 +0000

New Mountain Finance Corporation (NYSE: NMFC) announced today that it has commenced an underwritten primary offering of 2,000,000 shares of its common stock and a concurrent underwritten secondary offering of 4,000,000 shares of its common stock on behalf of a selling stockholder, New Mountain Finance AIV Holdings Corporation (“AIV Holdings”). In connection with the proposed offering, AIV Holdings intends to grant the underwriters for the offering an option to purchase up to an additional 900,000 shares of the Company's common stock.

The Company will not receive any proceeds from the sale of shares of the Company's common stock sold by AIV Holdings. The Company intends to use the net proceeds from the primary offering of 2,000,000 shares of its common stock to acquire common membership units from New Mountain Finance Holdings, L.L.C, which in turn, intends to use the net proceeds primarily for new investments in portfolio companies in accordance with its investment objective and strategies. New Mountain Finance Holdings, L.L.C. may also use a portion of such net proceeds for other general corporate purposes, including to temporarily repay indebtedness (which will be subject to reborrowing), and other working capital needs.

The joint-lead book-running managers for the offering are Goldman, Sachs & Co., Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC. The co-lead managers for the offering are Robert W. Baird & Co. Incorporated and Keefe, Bruyette & Woods, Inc. The co-managers ...

UPDATE: Ares Commercial Real Estate Corporation Announces 18M Share Public Offering

Paul Quintaro — Mon, 17 Jun 2013 20:09:55 +0000

Ares Commercial Real Estate Corporation (NYSE: ACRE) announced that it plans to make a public offering of 18,000,000 shares of its common stock. The Company also plans to grant the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. The offering of the shares will be made under the Company's shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission.

The Company intends to use the net proceeds from this offering to invest in target investments as described in the Company's prospectus supplement, repay indebtedness, fund future funding commitments on existing loans and for other general corporate purposes. Depending upon the timing of the closing of the proposed loans in our pipeline, the closing of the acquisition of Alliant Capital and the receipt of funds from other financings, the Company may utilize a portion of the net proceeds of this offering to fund a portion of the purchase price of Alliant Capital. ...

UPDATE: Valeant Pharmaceuticals Announces Public Offering Of Common Shares; To Raise $1.75B

Paul Quintaro — Mon, 17 Jun 2013 20:03:06 +0000

Valeant Pharmaceuticals International (NYSE: VRX) announced today that it has filed a preliminary prospectus supplement to its effective shelf registration statement on Form S-3 and has today made a similar filing with securities regulatory authorities in each of the provinces of Canada in connection with a public offering of its common shares to raise gross proceeds of approximately $1.75 billion (the "Offering").

The Company will also grant to the underwriters of the Offering an option, exercisable for a period of 30 days following the date of the final prospectus supplement, to purchase additional common shares equal to up to 15% of the common shares initially sold.

The Company intends to use the net proceeds from the Offering, together with debt financing, to fund (i) the consideration of its previously disclosed acquisition (the "Merger") of Bausch + Lomb Holdings Incorporated ("B+L"), (ii) the fees and expenses incurred in connection with the Merger; and (iii) the repayment or retirement of B+L's outstanding debt. If the Merger were not to close for any reason, the proceeds of the Offering will be used for general corporate purposes, which may include providing working capital, funding capital expenditures or for making one or more future acquisitions.

Goldman, Sachs & Co. will act as sole manager of the Offering outside of Canada and Goldman Sachs Canada Inc. will act as sole manager of the Offering in Canada.

A copy of the preliminary prospectus supplement ...