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PPD, Inc sold by Hellman & Friedman LLC: $772.74m-Sept 21
Same thing with Carlyle Grp on Sept 21
Announces Pricing of Secondary Offering of Shares of Common Stock
PPD, Inc. (Nasdaq:PPD) (the “Company”), a leading global contract research organization, today announced the pricing of an underwritten public offering by certain stockholders of the Company, including stockholders affiliated with Hellman & Friedman LLC and The Carlyle Group Inc., of 38,000,000 shares of the Company’s common stock at a price to the public of $32.25 per share. The offering is expected to close on September 21, 2020, subject to customary closing conditions. The selling stockholders granted the underwriters a 30-day option to purchase up to 5,700,000 additional shares of the Company’s common stock at the public offering price less the underwriting discount.
https://www.marketscreener.com/quote/stock/PPD-INC-102685995/news/PPD-Announces-Pricing-of-Secondary-Offering-of-Shares-of-Common-Stock-31310318/
PPD, Inc. provides drug development services to the biopharmaceutical industry. The Company provides clinical development and laboratory services to pharmaceutical, biotechnology, medical device and government organizations, as well as other industry participants. The Company’s business segments include Clinical Development Services segment and Laboratory Services segment. Its Clinical Development Services offerings span the lifecycle of clinical product development and includes product development and consulting services, early development services, phases II-IV clinical trial management, accelerated enrollment solutions, peri- and post-approval services and medical communications. The Company’s Laboratory Services segment offers bioanalytical laboratory services, biomarker laboratory services, vaccine science services, good manufacturing practice (GMP) laboratory services and central laboratory services. Number of employees : 23 000 people.
https://www.marketscreener.com/quote/stock/PPD-INC-102685995/company/
Hellman & Friedman LLC (H&F) is an American private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts as well as growth capital investments. H&F has focused its efforts on several core target industries including media, financial services, professional services and information services. The firm tends to avoid asset intensive or other industrial businesses (e.g., manufacturing, chemicals, transportation). H&F is based in San Francisco, with offices in New York and London.
DoubleClick, Goodman Global, Gartmore, Texas Genco, GCM Grosvenor, Nielsen Company, Nasdaq, Internet Brands, OpenLink, PPD (not anymoar), SSP Holdings, Web Reservations International (Hostelworld)
https://en.wikipedia.org/wiki/Hellman_%26_Friedman
https://hf.com/
https://hf.com/portfolio/
https://www.finviz.com/insidertrading.ashx?oc=1660963&tc=7&b=2
CrowdStrike to acquire Preempt Security for $96 million
CrowdStrike Holdings Inc. CRWD, -2.86% said late Wednesday it agreed to acquire Preempt Security for $96 million. CrowdStrike said Preempt is a leader in Zero Trust security technology, or the practice of treating all network traffic as a threat until it’s verified as safe, which will add “enhanced” Zero Trust capabilities to the company’s Falcon security platform. The deal, which involves $86 million cash and $10 million in CrowdStrike stock, is expected to close in the third fiscal quarter. CrowdStrike shares declined 0.2% after hours, following a 2.9% decline in the regular session to close at $138.60. CrowdStrike shares are up 178% for the year, compared with a 0.2% gain on the S&P 500 index SPX, -2.37%.
https://www.marketwatch.com/story/crowdstrike-to-acquire-preempt-security-for-96-million-11600894930
U.S. Junk Bonds Set $329.8 Billion Sales Record Amid Yield Hunt
U.S. high-yield bond sales reached an annual record of $329.8 billion Wednesday as companies reap the benefits of the Federal Reserve’s liquidity-boosting policies and investors grasp for yield. The crush of debt offerings accelerated in April after the U.S. central bank began purchasing some high-yield bonds as part of its efforts to support the corporate credit markets. Since then, issuance has eclipsed the prior annual sales record of $329.6 billion set in 2012, according to data compiled by Bloomberg.
Companies staring at sharp, pandemic-induced revenue declines were emboldened to borrow billions of dollars to help ride out the pandemic. Some of the most virus-battered borrowers, including airlines, hotels and even cruise operators, were able to tap investors for financing, sometimes paying double-digit coupons. Now, junk-rated issuers have tilted away from securing lifelines and are instead looking to lock in lower interest rates and push out maturities on existing debt loads. The shift, coupled with support from the Fed, has forced investors to accept diminishing yields.
The junk market’s record year follows the U.S. investment-grade bond market, which reached a new annual issuance high in mid-August. Europe’s high-yield bond sales surged in July, the busiest for that month since 2009. The Fed’s near zero-interest rate policy, now expected to last through 2023, has paved the way for billions of dollars to flow into funds that invest in high-yield debt as investors search for yield.
The support has effectively turned high-yield into a borrower’s market, and all-in yields for U.S. junk bonds have dropped to 5.81%, near pre-pandemic levels, according to Bloomberg Barclays index data. Since July, some 65% of new high-yield bonds have come with sub-6% coupons, according to research by Barclays Plc strategists. Ball Corp. even set a record in August at 2.875% for the lowest coupon ever for a junk bond with a maturity of five years or longer.
Call protection, which prevents a company from repaying a bond early for a period of time, has been shortened in some deals, and covenant quality continues to be in the favor of issuers. Corporations are also using junk bonds to refinance leveraged loans, which are floating-rate and face a sub-1% London interbank offered rate benchmark. The flow of refinancings is expected to continue through September and into October. Issuers have pulled forward deals to get ahead of the uncertainty around the November presidential election and a possible second wave of Covid-19.
Though refinancing has surged, the leg of high-yield volume from acquisitions and leveraged buyouts has yet to return. Early discussions for new deals is picking up, but even if those are announced soon, the financings likely wouldn’t come until 2021.
https://www.bnnbloomberg.ca/u-s-junk-bonds-set-329-8-billion-sales-record-amid-yield-hunt-1.1498477