March 7, 2020 / 2:35 PM / 22 days ago

IFR US ECM Weekly Wrap-up

NEW YORK, March 7 (IFR) -

WEEKLY TOTAL $6.95bn – IPO $2.08bn – ABB/BLOCK $1.29bn – FOLLOW-ON $611m – CB $2.97bn Monday

GFL Environmental (Canada, waste management) – $1.43bn IPO. 75m shares (98% prim, 2% sec) at $19.00 versus $20-$21 marketing. JPM, BMO, GS, RBC, SCOT. Concurrent $770m MCB. Upsized from 73.2m shares. Accelerated from 2/3.

GFL Environmental (Canada, waste management) – $775m mand cvt at 6.0%, up 20% versus talked of 5.75%-6.25%, and up 17.5%-22.5%. JPM, BMO, GS, RBC, SCOT. Concurrent $1.43bn IPO. Upsized from $700m. Accelerated from 2/3.

Square (US, fintech) – $1bn 5y CB priced at 0.125%, up 50% versus talk of 0%-0.25%, and up 47.5%-52.5%. GS. Tuesday

eHealth (US, insurance) – $207m FO. 1.8m shares (100% prim) at $115.00 versus $119.89 last sale and $123.87 launch. RBC, CS, DB. Upsized from 1.5m shares.

Karyopharm Therapeutics (US, biotech) – $150m FO. 6.25m shares (100% prim) at $24.00 versus $24.68 last sale and $27.27 launch. JPM, MS, JEFF.

Zogenix (US, biotech) – $200m ABB. 8.52m shares (100% prim) at $23.50 versus $24.92 last sale. SVBL, STFL. Upsized from $175m. Wednesday

BridgeBio Pharma (US, biotech) – $475m 7y cvt talked priced at 2.5%, up 37.5% versus talk of 2.25%-2.75% and 35%-40%. JPM, BOFA, MZHO, PSAND, KKR. Upsized from $350m.

Enphase Energy (US, renewable energy) – $320m 5y cvt priced at 0.25%, up 52.5% versus talk of 0%-0.5% and 50%-55%. BARC, GS.

Infinera (US, optical equipment) – $200m 7y cvt priced at 2.5%, up 30% versus talk of 2%-2.5% and 27.5%-32.5%. GS.

Keurig Dr Pepper (US, soft drinks) – $1.09bn Block. 40m shares (100% sec) at $27.25 versus $27.25-$27.50 marketing and $27.77 last sale. MS. Sponsor JAB purchasing $200m shares from the underwriter. Upsized from 37.5m shares.

NanoString Technologies (US, medical equipment) – $200m 5y cvt priced at 2.625%, up 40% versus talk of 2.375%-2.875% and 37.5%-42.5%. JPM, MS. Upsized from $175m.

Thursday

Evoqua Water Technologies (US, environmental services) – $253.5m FO. 13m shares (100% sec) at $19.50 versus $20.34 last sale and $22.53 at launch. CS, RBC, JPM, CITI, GS, BAIRD.

Flying Eagle Acquisition (US, SPAC) – $600m IPO. 60m units (100% prim) at $10.00. Each unit comprises one share and one-fourth of a redeemable warrant. GS, DB. Upsized from 50m units.

LifeSci Acquisition (US, SPAC) – $60m IPO. 6m units (100% prim) marketed at $10.00 apiece. Each unit comprises one share and one warrant to buy a half-share. CHAR. Upsized from 5m units.

Reporting by Robert Sherwood

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