Opinion: Money Is Easy to Find. Permission Isn’t.
If you wanted to raise money this week, you could. If you wanted someone’s permission, good luck. Start with the money. Anthropic’s IPO book was covered several times within a day of launch, and its bankers are talking about raising the price. Alphabet went looking for about $3 billion in Hong Kong and Singapore and […]
Pizza Hut Markets $1 Billion Franchise Bond After Buyout
Pizza Hut is borrowing against its franchise checks. The pizza chain is marketing about $1 billion of bonds backed by the royalties its restaurant owners pay, a first for the brand and a sign of how its new private-equity owner plans to finance the business. The deal is a whole-business securitization, a structure that bundles […]
EPR Properties Sells $500 Million of 4.5% Convertible Notes
EPR Properties turned to the convertible market to refinance debt coming due next month, selling $500 million of notes that give buyers a shot at its stock. The Kansas City real-estate investment trust, which owns theaters, ski resorts, water parks and other experiential properties, priced 4.5% convertible senior notes due February 2032 late Wednesday in […]
Novartis Sells $5.25 Billion of Notes to Repay Avidity Bridge
Novartis AG sold $5.25 billion of bonds to pay down the bank loan behind its biggest recent acquisition, turning short-term deal financing into debt that stretches out more than a decade. The Swiss drugmaker’s U.S. financing arm, Novartis Capital Corp., priced four tranches of senior notes, which the parent fully guarantees, according to a pricing […]
Alphabet’s First Hong Kong, Singapore Bonds Draw $7 Billion
Alphabet Inc. opened two more currencies to fund its AI buildout, and Asian investors put in more than twice what the Google parent was looking for. The company’s first bond sales in Hong Kong and Singapore dollars drew combined orders of more than $7 billion on Thursday in Asia, including bids from the banks arranging […]
KPS to Buy Control of MM Packaging in 2.4 Billion Euro Carve-Out
KPS Capital Partners agreed to buy control of Mayr-Melnhof Karton AG’s consumer-packaging business, carving out the Vienna company’s folding-carton arm at an enterprise value of 2.4 billion euros, or about $2.8 billion. The New York private-equity firm will own 70% of a new holding company for MM Packaging, and MM Group will keep the rest. […]
Western Union Walks Away From Intermex Deal; Intermex Says No
Western Union Co. pulled out of its deal to buy International Money Express Inc., blaming a single state regulator, and Intermex said the money-transfer giant has no right to leave. Western Union said it delivered a termination notice on Tuesday night, hours after California’s Department of Financial Protection and Innovation issued final conditions for approving […]
Torus Raises $500 Million to Put AI Chips Where Power Already Is
Torus, a Utah maker of grid batteries, raised $500 million and is moving into the business of selling AI computing capacity, betting that the fastest way around the power shortage is to put chips where spare electricity already sits. The round was led by Magnetar, with ICONIQ, Origin Ventures, Ridgeline Partners and Trinity Capital participating, […]
Agile Robots Raises $500 Million at $8.5 Billion Valuation
Agile Robots raised $500 million in a round led by SoftBank Group Corp. that values the Munich robot maker at $8.5 billion, giving Europe its most richly valued private robotics company. Nvidia Corp., Hitachi Ltd. and T.Capital also took part, the company said Thursday. The round lifts Agile’s total funding to about $2 billion. It […]
Anthropic IPO Book Covered Several Times; Australia Offer Opens
Investors are lining up for Anthropic PBC’s stock in numbers that give its bankers room to raise the price. Orders for the initial public offering already cover the 825 million Class A shares on offer several times over, with large anchor-size bids from institutions doing much of the work, according to people familiar with the […]