Payment venture raises equity, debt for $37M buy
Posted on November 18, 2009 at 8:21 am
Pace Payment Systems, an ambitious Burton Hills-based payment processing company, has raised almost $19 million in debt and equity, money that will help it merge with a California company. Pace is led by former Prime Office Products CEO Paul Christians and backed by Claritas Capital. Check out its site here.
SEE ALSO: Pace’s SEC filing detailing its offering
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Psych Solutions primes the pump
Posted on November 16, 2009 at 8:07 amHaving already signaled its intent to ramp up acquisitions, Psychiatric Solutions has filed a shelf registration devoted to funding future purchases of about $100 million and another, more overarching shelf with a lot of info still be filled in.
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Fortress gets its price
Posted on November 10, 2009 at 9:01 am
But the majority owner of Brookdale Senior Living didn’t get as much as it could have just a few weeks ago. The Chicago-based private-equity group will sell 11 milion shares at $16, a fifth lower than where the stock (Ticker: BKD) traded in the middle of October.
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LP cuts the check
Posted on September 29, 2009 at 1:36 pmAfter raising more than $130 million in a stock offering, Louisiana-Pacific execs have given the word to Bank of New York Mellon to redeem more than a third of the $375 million of debt it raised earlier this year.
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Good thing Emdeon and Cumberland went public last month
Posted on September 25, 2009 at 12:59 am
StreetInsider.com says the trickle of IPOs and secondary offerings has become a near-tidal wave that could quickly peter out as investors simply lose interest and look to digest what they’ve gorged on in recent weeks. Besides, all these firms raising millions will have to put that money to work sometime.
‘Maybe a little antacid, in the form of more M&A, could help us fight through the pain.’
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Monster volume on down Gaylord day
Posted on September 24, 2009 at 12:24 pm
Shares of Gaylord Entertainment are down big for a second day in a row following the company’s announcement of a big capital raise. After falling more than 14 percent yesterday — a drop that erased the previous five days’ gains — Gaylord (Ticker: GET) is giving up another 6 percent.
The difference with yesterday is in the massive number of shares changing hands today: By noon, investors had traded almost 7.4 million shares, a whopping 20 times the stock’s daily average. Shares coming in as part of the offering are likely a big part of the story, but there’s a good chance short sellers are having their way, too. Yesterday, they accounted for about 80 percent Gaylord’s volume, according to one market watcher.
UPDATE at 3: 41 p.m.: Gaylord Thursday volume ending up totaling almost 12 million. The stock recovered slightly during late regular trading, but is giving up another 3 percent after hours and is now trading at $20.08.
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Gaylord names its price
Posted on at 8:23 am
The hotel operator is moving forward quickly with its stock and convertible bond offerings. The Nashville-based company will market up to 6.9 million shares at $21.80 — where they ended Wednesday after investors took them down more than 14 percent — and pay 3.75 percent on its new debt.
The latter number is 300 basis points below the rate on the debt Gaylord will pay off with this offering’s proceeds. The convertibles’ strike price is $27.25, a price that Gaylord shares (Ticker: GET) last traded at in October 2008.
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LP prices offering
Posted on at 7:49 amThe maker of construction materials will sell at least 18 million shares at $6.75, a 4.8 percent discount to Wednesday’s close. Underwriters will have the option to market another 2.7 million shares, which would lift the offering’s total proceeds to almost $140 million. Shares of LP (Ticker: LPX) are off almost 4 percent in pre-market trading.
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Tennessee Commerce raises share limit
Posted on July 31, 2009 at 7:10 amShareholders of the Franklin-based bank have voted to double the number of shares it can issue to 20 million. The company, which had 4.7 million shares outstanding on June 30, earlier this month filed to raise up to $50 million, but its current share price (Ticker: TNCC) means that would require issuing more than 10 million shares.
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AIG to spin off two more units
Posted on June 25, 2009 at 8:21 am
The government is trading part of the debt extended to American International Group last fall for preferred equity in two of the insurer’s subsidiaries. AIG plans to take American International Assurance Co. and American Life Insurance Co. public and raise more capital after that. There’s still no word on the future of AIG’s American General division, which employs hundreds in Brentwood.
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BioMimetic puts a bow on its offering
Posted on June 23, 2009 at 10:24 pmThe Franklin-based biotech has raised $17 million from a rights offering. The company (Ticker: BMTI) had enlisted Novo A/S, its largest shareholder, as a backstop but ended up with more demand that it had shares to sell.
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Turner: Pinnacle ‘above-average’ TARP payback candidate
Posted on June 16, 2009 at 12:52 pmTalking to Bloomberg News, Pinnacle Financial CEO Terry Turner says his company will look to soon rid itself of the scarlet letter that TARP has become.
Banks that keep TARP funds will be viewed as troubled because they will face more onerous regulations and be unable to hire highly paid executives because of government limits on compensation, Turner said.
“The risks are significant as Congress, the Treasury and regulators continue to roll out more constraints,” Turner said.
Shares of Pinnacle (Ticker: PNFP) are bucking the overall market today, trading up almost 2 percent.
UPDATE 6 p.m.: Pinnacle has wrapped up its stock offering.
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Credit card venture wants to raise millions
Posted on June 15, 2009 at 12:35 pm
The team behind edo Interactive, which last month officially launched its venture marketing prepaid debit and credit cards, is looking to raise $8 million via a private offering.
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Another 9 mill for Pinnacle
Posted on June 12, 2009 at 1:30 amThe bank holding company (Ticker: PNFP) and its underwriters have added more than 1.1 million shares to their offering.
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BioMimetic extends rights offering
Posted on June 11, 2009 at 4:41 pmThe Franklin-based biotech, which is trying to raise $17 million to give it a cash buffer, has extended the deadline of its rights offering by a week. Over in Denmark, the folks at Novo – who have pledged to backstop the offering – are pulling out their checkbook…
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