In QuotedData’s Morning briefing 9 December 2022:
- Syncona’s (SYNC’s) portfolio company Autolus Therapeutics Plc has announced the pricing of its underwritten public offering, in the US, of 75m American Depositary Shares (ADSs). These represent 75m ordinary shares and were issued at a price of US$2.00 per ADS, for total gross proceeds of approximately US$150m (£122.5m). Autolus also granted the underwriters a 30-day option to purchase up to an additional 11.25m ADSs at the same price, less underwriting discounts and commissions. Syncona has agreed to invest approximately US$28m (£22.9m) in the offering. Following the offering, Syncona retains a stake of approximately 18.5% in Autolus (amounting to 33,527,163 ordinary shares) which was valued at £54.8m according to the offering price on 8 December 2022. In a separate announcement, SYNC has highlighted that Autolus’s pivotal Phase II FELIX clinical trial (in relapsed/refractory (r/r) adult Acute Lymphoblastic Leukemia (ALL) patients) has met its primary endpoint at interim analysis.
- Riverstone Credit Opportunities Income (RCOI) has announce the closing of a US$15m senior secured revolving credit facility (RCF) on 7 December 2022. RCOI believes the RCF will enable the Company to deploy an increased quantity of capital to its attractive pipeline of sustainability-linked and green loan opportunities, thereby increasing the earnings power of the portfolio. The facility is expected to enable RCOI to enter new commitments ahead of anticipated realisations, enabling the fund to minimise the drag on returns of uninvested capital. The RCF was provided by funds advised by BC Partners Credit, an international investment firm, and bears an interest rate of SOFR+650 with a minimum return threshold of 1.1x. The average interest rate across RCOI’s investment portfolio is SOFR+800 with an average gross and net IRR on exit of 17.2% and 13.5%, respectively.
- Tetragon Financial Group (TFG) has announced the final results of the “modified Dutch auction” tender offer, which expired at 11:59 p.m. (ET) on 7 December 2022. The tender offer was for TFG to purchase a portion of its outstanding non-voting shares for a maximum aggregate payment of US$25m in cash. TFG has accepted for purchase 2,439,009 non–voting shares at a purchase price of $10.25 per share. The aggregate cost of this purchase is $24,999,842.25, excluding fees and expenses relating to the tender offer. A total of 3,612,768 Tetragon non-voting shares were properly tendered at or below the purchase price of $10.25 per share and the offer was subject to proration. The final proration factor is is 17.44%, rounded to the second decimal place. Payment is expected to occur on or about 12 December 2022.
We also have:
- Details of senior appointments at ThomasLloyd Energy Impact’s manager
- International Public Partnerships first investments in New Zealand
- Updates on Rockwood Strategic holdings Crestchic and Bonhill Group.