Taesa BRL1.76bn Follow-On
Category: Equity
Posted inMagazine
Equity: New year’s revolution
The volume of equity capital market raisings for 2012 – standing at $23.78 billion towards the end of December – has fallen well short of the $34.65 billion for 2011 […]
Posted inDaily Brief
Brazilian IT Provider Plans Share Sale
Brazil’s Senior Solution is planning to raise additional equity capital, according to regulatory documents. The Brazilian IT provider specializing in the financial industry plans to sell both primary and secondary shares. The size and timing remain unclear. Banco Votirantim is managing the sale, along with other banks to be added.
Posted inDaily Brief
Fibra Uno to Return for Follow-on
Mexico’s Fibra Uno is preparing to hit the equity capital markets for its second follow-on, according to regulatory documents. The first-ever real estate fund created under Mexico’s growing Fibra asset class raised $300m-equivalent in a 2011 IPO and added $700m in a follow-on earlier this year. There is not yet an indication of the new transaction’s size. The fund announced last week that it would acquire a 30-property portfolio for MXP18.4bn, and that it would pay for the deal in cash and shares, using credit facilities to cover the cash portion. In addition, the planned follow-on would raise funds that could be put to use to help fund the purchase or for other corporate purposes. The documents give no specific indication of timing of the new sale, other than that is expected in January. Credit Suisse, Evercore and Santander are managing, with the possibility for other banks to be added. The class is becoming popular with investors, with Macquarie’s Mexican real estate operation pricing a MXP14.95bn Fibra last week.
Posted inDaily Brief
CorpBanca Wants US Follow-on
Chile’s CorpBanca is preparing a sale of ADS, according to regulatory documents, targeting about $150m. The bank plans to sell 8.01m ADS, equivalent to 12.02bn common shares. Such a transaction would raise $159m if done at Thursday’s $19.83 closing ADS price. ADS equivalent to 1.34bn common shares will constitute a secondary share portion. There were no immediate details regarding the timing. Proceeds would be used for general corporate purposes. BTG Pactual is managing the sale, with Celfin and CorpBanca as co-managers.
Posted inDaily Brief
Macquarie Breaks New Fibra Ground
Macquarie’s Mexican real estate operation has priced a MXP14.95bn ($1.17bn) Fibra transaction, the region’s largest-ever real estate IPO. Though it comes in at the bottom of the price range, comfortably oversubscribed books offer continued demonstration of investors using real estate exposure to play Mexico’s expected growth story. The Macquarie Mexican REIT, as it is being called in marketing, priced 598m shares, including a 15% greenshoe, at MXP25.00 each, versus a MXP25.00-MXP29.00 range. The book went 70% to international investors, seen as key to getting the total size, according to people following the deal. A handful of US REIT-focused investors were among the US institutions participating. Buyers also included several Mexican Afores and accounts in Brazil and Chile. Macquarie is placing real estate assets into a fund to be capitalized through the REIT-like transaction, and use proceeds to acquire additional properties. The 245 properties in 21 cities in 15 states are to come from CPA Corporate Properties and GE Capital, and are mostly for manufacturing-related use. Macquarie plans to buy and hold 5% of the Fibra certificates. Bank of America Merrill Lynch, BBVA, BTG Pactual, JPMorgan, Macquarie and Morgan Stanley managed the transaction, the fourth-largest IPO by a Mexican issuer, according to Dealogic data. Bankers expect a couple more Fibra transactions next year, as the deals are not easy to put together even though investors want them. Still in the pipeline is a hotel-based Fibra from Hoteles Prisma. Macquarie is the final ECM deal from Mexico scheduled on the 2012 calendar. Issuers are hopeful that momentum from what has been the Mexican market’s best year in recent memory can carry into 2013. So far, a follow-on from Pepsi bottler Cultiba is in the works targeting $500m-equivalent.
Posted inDaily Brief
Aliansce Shares See Strong Bid
Brazil’s Aliansce has priced a BRL448m ($216m) equity follow-on, coming at a 2.5% discount. What should be the last marketed Brazilian equity deal of 2012 was heard more than 4x subscribed, putting a positive, if small, ending note on a disappointing year for Brazilian issuers. The shopping center operator sold 19.3m primary shares, including a 15% greenshoe, at BRL23.25 each, according to the CVM. The level compares to Wednesday’s BRL23.85 closing price. The deal was aided by the stock trading up 1.4% in Wednesday’s session. About 60% of the deal was expected to go to Brazilian buyers, according to people familiar with the sale. Aliansce is raising funds to acquire, develop and expand shopping malls, and had set itself a BRL500m target when announcing the transaction in October. “Aliansce’s expansion process has been going well and been delivering positive results. There is still space for the consolidation in the sector, as well as for new projects,” Mauricio Kojo, analyst at UM Investimentos in Sao Paulo, tells LatinFinance. As the issuer has been making prudent investments with its funds, his shop sees the additional equity capital as a positive move. Bradesco, BTG Pactual, Credit Suisse and Itau managed the sale. Brazilian issuers have placed $8.67bn-equivalent through 27 deals this year, according to Dealogic data, compared to a full-year total of $14.63bn from 33 in 2011. Issuance from the country represents 35% of the regional total to date this year, down from 42% last year. Bankers are optimistic that volume can rebound next year, and are counting on investors looking at Brazil with a fresh eye after valuations have largely come down. “Only the banks that are well-positioned across the region have made money this year. ECM was clearly slower in Brazil, but there was also a lot more diversity. While we expect other countries to continue issuing, Brazil is going to have a higher stake next year relative to this year,” says a Sao Paulo-based ECM banker. So fa