RBC Capital Markets

First Capital REIT Comments on Litigation By Sandpiper and Artis REIT

Retrieved on: 
Monday, January 9, 2023

The Activist Unitholders misrepresent the attempts by the board of trustees to work constructively with them.

Key Points: 
  • The Activist Unitholders misrepresent the attempts by the board of trustees to work constructively with them.
  • The Activist Unitholders then constructed an adjusted slate of trustee nominees that attempts to obscure Mr. Manji's self-interested agenda.
  • In the meantime, there is no need for unitholders to take any action in respect of the Meeting.
  • RBC Capital Markets is acting as financial advisor to First Capital.

Sunrun Closes $835 Million Non-Recourse Financings to Support Continued Growth

Retrieved on: 
Thursday, January 5, 2023

The Senior Credit Facilities consist of a $575 million amortizing loan (the “Senior Loan”) and a $25 million debt service reserve letter of credit (“DSR LC”).

Key Points: 
  • The Senior Credit Facilities consist of a $575 million amortizing loan (the “Senior Loan”) and a $25 million debt service reserve letter of credit (“DSR LC”).
  • Sunrun also closed an additional non-recourse subordinated financing, which is secured by Sunrun’s retained equity interest in the underlying collateral supporting the Senior Credit Facilities.
  • “I am pleased with the resiliency in both our senior and subordinated non-recourse cost of capital.
  • Concurrent with closing the Senior Credit Facilities, Sunrun raised a $235 million non-recourse subordinated financing, which increased the cumulative advance rate obtained by Sunrun.

APCO Holdings, LLC, Acquires National Auto Care, Creating Nationwide F&I Force

Retrieved on: 
Tuesday, January 3, 2023

Norcross, GA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- APCO Holdings, LLC (“APCO”), a leading provider and administrator of automotive Finance & Insurance (“F&I”) products and home to the EasyCare and GWC Warranty brands, has acquired National Auto Care (“NAC”).

Key Points: 
  • Norcross, GA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- APCO Holdings, LLC (“APCO”), a leading provider and administrator of automotive Finance & Insurance (“F&I”) products and home to the EasyCare and GWC Warranty brands, has acquired National Auto Care (“NAC”).
  • With more than 35 years of demonstrated success, NAC provides products and services to thousands of auto, RV, and powersports dealers, credit unions and financial institutions.
  • “We are excited by all the benefits that this acquisition brings to APCO.
  • Following the close of the transaction, Tony Wanderon, who was CEO of NAC, has become CEO of APCO effective immediately.

ICR, the Leading SPAC Communications and Advisory Firm, Publishes Q4 2022 SPAC Market Update

Retrieved on: 
Wednesday, January 4, 2023

ICR , a leading strategic communications and advisory firm, today released its Q4 2022 SPAC Market Update report .

Key Points: 
  • ICR , a leading strategic communications and advisory firm, today released its Q4 2022 SPAC Market Update report .
  • SPAC IPOs have decelerated as the market faced the overhang of contracting valuations, regulatory uncertainty and the approaching SPAC maturity wall.
  • That said, SPAC teams are still closing deals despite a trend toward withdrawals and then liquidations in Q4.
  • To obtain a copy of ICR’s Q4 2022 SPAC Market Update report, please click here .

Enterprise Prices $1.75 Billion Aggregate Principal Amount of Senior Notes

Retrieved on: 
Wednesday, January 4, 2023

Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”) today announced that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), has priced a public offering of $1.75 billion aggregate principal amount of notes comprised of (i) $750 million principal amount of senior notes due January 10, 2026 (“Senior Notes FFF”), and (ii) $1.0 billion principal amount of senior notes due January 31, 2033 (“Senior Notes GGG”).

Key Points: 
  • Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”) today announced that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), has priced a public offering of $1.75 billion aggregate principal amount of notes comprised of (i) $750 million principal amount of senior notes due January 10, 2026 (“Senior Notes FFF”), and (ii) $1.0 billion principal amount of senior notes due January 31, 2033 (“Senior Notes GGG”).
  • Senior Notes FFF will be issued at 99.893% of their principal amount and will have a fixed-rate interest coupon of 5.05%.
  • Senior Notes GGG will be issued at 99.803% of their principal amount and will have a fixed-rate interest coupon of 5.35%.
  • Enterprise Products Partners L.P. will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Societal CDMO Completes Strategic Recast of Capital Structure Highlighted by Reduction and Refinancing of Outstanding Debt

Retrieved on: 
Friday, December 16, 2022

SAN DIEGO and GAINESVILLE, Ga., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Societal CDMO, Inc. (“Societal CDMO”; NASD: SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced the successful completion of its multi-step strategy designed to recast the company’s capital structure and strengthen its balance sheet. The company has closed three separate transactions, two of which were non-dilutive in nature, generating combined gross proceeds to Societal CDMO in excess of $100 million. The proceeds were immediately used to repay in full and retire the outstanding debt facility with Athyrium Capital Management, LP (Athyrium), removing Athyrium from its capital structure. In the process, the company also secured a new $36.9 million debt facility from Royal Bank of Canada with more favorable terms than those of its previous debt facility with Athyrium. In addition to significantly reducing the company’s total debt, the transactions helped improve the company’s net debt leverage ratio from greater than six times EBITDA to just over two times EBITDA, immediately reducing Societal CDMO’s annual interest burden by an estimated $6 million with the potential to increase that number to approximately $7 million annually.

Key Points: 
  • The company has closed three separate transactions, two of which were non-dilutive in nature, generating combined gross proceeds to Societal CDMO in excess of $100 million.
  • The proceeds were immediately used to repay in full and retire the outstanding debt facility with Athyrium Capital Management, LP (Athyrium), removing Athyrium from its capital structure.
  • In the process, the company also secured a new $36.9 million debt facility from Royal Bank of Canada with more favorable terms than those of its previous debt facility with Athyrium.
  • Upon closing, Societal CDMO entered into a 20-year lease agreement with Tenet Equity, with multiple renewal options.

Societal CDMO Announces Closing of $35.6 Million Concurrent Public Offerings

Retrieved on: 
Wednesday, December 14, 2022

The gross proceeds of the offerings were approximately $35.6 million, prior to deducting the underwriting discounts and estimated offering expenses.

Key Points: 
  • The gross proceeds of the offerings were approximately $35.6 million, prior to deducting the underwriting discounts and estimated offering expenses.
  • RBC Capital Markets acted as sole book-running manager for the offerings.
  • The offerings were made only by means of the prospectuses and prospectus supplements that form a part of the registration statement.
  • These statements, among other things, relate to the Company’s expectations regarding the Company’s anticipated use of proceeds from the offerings, and other statements.

Brookfield Corporation Announces Pricing of C$1 Billion of Medium-Term Notes

Retrieved on: 
Monday, December 12, 2022

BROOKFIELD, NEWS, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Brookfield Corporation (NYSE: BN, TSX: BN) today announced the pricing of a public offering of C$1 billion aggregate principal amount of medium-term notes (“notes”) due December 2032, which will bear interest at a rate of 5.431% per annum.

Key Points: 
  • Brookfield Corporation intends to use the net proceeds from the sale of the notes for general corporate purposes.
  • The offering is being made only by means of a prospectus supplement and pricing supplement relating to the offering of the notes.
  • Before you invest, you should read these documents and other public filings by Brookfield Corporation for more complete information about Brookfield Corporation and this offering.
  • With significant capital underpinned by a conservatively capitalized balance sheet, Brookfield Corporation is well positioned to pursue significant opportunities for growth.

Societal CDMO Announces Pricing of $35.6 Million Concurrent Public Offerings

Retrieved on: 
Monday, December 12, 2022

The gross proceeds of the offerings are expected to be approximately $35.6 million, prior to deducting the underwriting discounts and estimated offering expenses.

Key Points: 
  • The gross proceeds of the offerings are expected to be approximately $35.6 million, prior to deducting the underwriting discounts and estimated offering expenses.
  • The offerings are expected to close on or about December 14, 2022, subject to customary closing conditions.
  • The offerings are being made only by means of the prospectuses and prospectus supplements that form a part of the registration statement.
  • These statements, among other things, relate to the Company’s expectations regarding the completion of the proposed public offerings, the Company’s anticipated use of proceeds from the proposed offerings, and other statements.

Societal CDMO Announces Proposed Concurrent Public Offerings of Common Stock and Preferred Stock

Retrieved on: 
Monday, December 12, 2022

The offerings are being made by means of separate preliminary prospectus supplements and are not contingent upon each other.

Key Points: 
  • The offerings are being made by means of separate preliminary prospectus supplements and are not contingent upon each other.
  • RBC Capital Markets is acting as sole book-running manager for the offerings.
  • The final terms of the offerings will be disclosed in final prospectus supplements to be filed with the SEC.
  • These statements, among other things, relate to the Company’s expectations regarding the completion of the proposed public offerings, the Company’s anticipated use of proceeds from the proposed offerings, and other statements.