On December 4, 2013, BB&T Capital Markets closed a $92.5 million debt issuance for Brazos Presbyterian Homes (“Brazos”) consisting of (i) $67,500,000 of Series 2013B fixed rate bonds that were rated “BB+” and (ii) a $25,000,000 bank loan (collectively the “Series 2013 Bonds”). Proceeds of the Series 2013 Bonds will be used to fund a major expansion and redevelopment at one of Brazos’ campuses. The financing structure consists of two series of tax-exempt debt: a short-term bank loan and long-term fixed rate bonds. The shortterm bank loan, which will be repaid from initial entrance fees, was placed directly with BB&T Bank. The selection of BB&T Bank occurred after a bank loan proposal process (which was supervised by an independent financial advisor) was completed that included nine different providers. BB&T Bank was selected as its proposal provided Brazos with the lowest cost of borrowing and most attractive borrowing terms and conditions. In addition to soliciting the short-term bank loan, BB&T Capital Markets assisted Brazos in successfully securing a “BB+” credit rating (stable outlook) from Fitch Ratings. Fitch typically does not provide initial ratings at this level to providers undergoing a $90+ million expansion; however, due to Brazos’ strong financial profile including good occupancy and strong liquidity combined with BB&T’s leadership and positioning of the qualitative aspects, Fitch elected to assign the rating. As a result of the bank participation, credit rating and marketing effort, the fixed rate bonds were well received by the marketplace as there was significant retail demand supplemented by 15 different institutional investors placing orders resulting in a true interest cost of 6.81 percent for the Series 2013 Bonds. Most importantly, maximum annual debt service is more than $350,000 lower than the estimate used in the feasibility study thereby providing Brazos additional cushion in its financial projections.Read More
On November 20, 2013, Caliber Collision Centers (“Caliber”), a leading operator of collision repair centers throughout the U.S. and an operating company of Toronto, Canada-based private equity firm ONCAP, was acquired by OMERS Private Equity. Terms of the agreement were not disclosed. BB&T Capital Markets served as financial advisor to Caliber and ONCAP in the transaction. The sale of Caliber represents BB&T Capital Markets' fifth sale of a major collision repair chain in the last five years.Read More
BB&T Capital Markets served as a co-manager for Booz Allen Hamilton Holding Corporation’s (NYSE: BAH) secondary offering. Booz Allen Hamilton Holding Corporation, the parent company of management consulting, technology, and engineering services firm Booz Allen Hamilton Inc., sold 12,650,000 shares of Class A common stock previously owned by an affiliate of The Carlyle Group at a price of $17 per share. Following this offering, Carlyle beneficially owns approximately 58.3 percent of the outstanding Class A common stock of Booz Allen Hamilton Holding Corporation. The selling shareholders will receive all net proceeds from the offering.Read More
John Marshall Bank (the “bank”), a $627.4 million commercial bank headquartered in Reston, Va., announced on November 13, 2013 that it had priced its public offering of common stock. The total number of shares sold in the offering is 2.4 million at an offering price of $13.50 per share, for gross proceeds of approximately $32.4 million. The number of shares sold included the 400,000 oversubscription shares, and the offering price was at the top of the indicated range. The offering was effected through the efforts of the directors and executive officers of the bank, with the assistance, on a best efforts basis, of BB&T Capital Markets, a division of BB&T Securities, LLC, as sole sales agent.Read More
Oxford Lane Capital Corp. (the "Company") (NASDAQ: OXLC) (NASDAQ: OXLCP) (NASDAQ: OXLCO) announced on November 18, 2013, that it has completed an underwritten public offering of 1,767,770 shares of its 7.50% Series 2023 Term Preferred Stock (the "Preferred Stock"), including 142,770 shares of Preferred Stock that were issued pursuant to a partial exercise of the option granted to the underwriters, at a public offering price of $22.50 per share, raising approximately $39.8 million in gross proceeds. The Company intends to use the net proceeds from the offering for acquiring investments and for general working capital purposes, which may include the payment of operating expenses, including advisory and administrative fees and expenses.Read More
Hubbardton Forge, LLC (“Hubbardton” or “the Company”), a portfolio company of Lineage Capital, LLC (“Lineage”), has been acquired by Bunker Hill Capital (“Bunker Hill”). BB&T Capital Markets served as the exclusive financial advisor to Hubbardton and Lineage.Read More
Hospitality Properties Trust (the "Company") (NYSE: HPT) has completed a follow-on offering of 8,500,000 shares of common stock at a public offering price of $28 per share, raising approximately $238,000,000 in gross proceeds. Additionally, the underwriters have exercised, in full, their option to purchase an additional 1,275,000 common shares, increasing the gross proceeds to $273,700,000. The Company intends to use the net proceeds of this offering to repay amounts outstanding under their revolving credit facility and for general business purposes.Read More
StoneCastle Financial Corp. (the “Company” or “StoneCastle”) (NASDAQ: BANX) announced on November 7, 2013, the pricing of an underwritten initial public offering of 4,400,000 shares of its common stock at a public offering price of $25 per share, raising approximately $110,000,000 in gross proceeds. Additionally, the underwriters have been granted a 45-day option to purchase 660,000 additional shares to cover over-allotments. The Company intends to use the net proceeds from the offering to purchase an initial portfolio of bank-issued preferred securities and make other new investments in community banks, among other things. In accordance with its investment objectives, StoneCastle seeks to invest primarily in privately held and publicly traded community banks through preferred equity, subordinated debt and common equity in amounts generally ranging from $5 million to $20 million each.Read More
BB&T Capital Markets is a division of BB&T Securities, LLC, a wholly owned nonbank subsidiary of BB&T Corporation and Member FINRA/SIPC. Securities or insurance products and annuities sold, offered or recommended are not a deposit, not FDIC insured, not guaranteed by a bank, not guaranteed by any federal government agency and may go down in value. Click here to read all disclosures.
© 2014, Branch Banking and Trust Company. All rights reserved.