Download The issuer's guide to PIPEs : new markets, deal structures, by Steven Dresner PDF

By Steven Dresner

"In The Issuer's consultant to PIPEs, Steven Dresner has introduced jointly specialists on this planet of PIPEs to debate the main points and complexities of such funding autos. this can be the main in-depth publication to be had on PIPEs, and comprises contributions by means of leaders. Dresner has produced a necessary advisor for traders, issuers, third-party valuation experts, bankers, and bosses alike"--Provided via publisher.

summary: "In The Issuer's advisor to PIPEs, Steven Dresner has introduced jointly specialists on the planet of PIPEs to debate the main points and complexities of such funding cars. this can be the main in-depth booklet to be had on PIPEs, and comprises contributions by means of leaders. Dresner has produced an important consultant for traders, issuers, third-party valuation experts, bankers, and bosses alike"--Provided through writer

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Additional info for The issuer's guide to PIPEs : new markets, deal structures, and global opportunities for private investments in public equity

Sample text

While the market is well established in the United States, it also operates throughout Western Europe, Asia, Australia, and Canada. Private placements outside the United States involve local rules, regulations, and practices that differ in each jurisdiction and from those in the United States. S. market, which generates the largest proportion of private placement activity in the world. Private placements provide funding solutions for growth capital, working capital, acquisition capital, and de-leveraging capital in circum­ stances where traditional public follow-on offerings or equity-linked offerings are not possible, advisable, or desirable.

Previously, shelf registrations were used by large, investment-grade issuers that sought to issue debt securities on a rapid basis so they could capitalize quickly on positive market sentiment. Growth companies began to embrace this mechanism for equity financing because of the related benefits. By 2002, small-capitalization issuers who qualified for shelf registrations began to use this format to execute confidential, directed placements of registered stock. ) ❑ Ability to “walk away” from deal (before pricing) with no public stigma Larger issuers who qualify for WKSI status, which generally applies to companies whose market value exclusive of affiliate-related ownership is greater than $700 million, may execute RDs coincident with the related shelf registration filing with no need for SEC preapproval.

Most industries suffered because of the corrosive business environment and related liquidity constraints. Financial institutions realized unprec­ edented losses related to the subprime mortgage debacle and the collapse of residential property values. Banks, investment banks, and other related financial firms raised vast sums of capital to absorb those losses. PIPEs became the preferred financing conduit in 2008 for much of this capital. Goldman Sachs, Morgan Stanley, Citibank, Legg Mason, Barclays, CIBC, and MBIA were among the financial institutions that issued PIPEs.

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