Deals this week: Direct Energie, Rockland Capital, Starwood Energy Group Global
Direct Energie has raised €130m ($148.17m) through a private placement of 2,626,262 shares of its common stock priced at €49.5 ($56.42) a share.
Impala has acquired a 33.1% stake in the company through purchasing the shares, while AMS Industries acquired 18.6% and Luxempart acquired 9.6%.
Crescendix has invested €2m ($2.28m) in a placement of 40,404 new ordinary shares representing a 3.6% stake in the share capital of Direct Energie.
Crescendix is a holding company owned by Direct Energie’s CEO and Chairman Mr. Xavier Caitucoli.
Direct Energie intends to use the net proceeds raised from the placement for funding the acquisition of Quadran and to strengthen its financial structure
The company engaged BNP Paribas as the sole lead manager and book-runner for the offering, while CM-CIC Market Solutions was the co-lead manager.
Rockland Capital has agreed to acquire the 625MW Lee Energy Facility in the PJM ComEd region of the US from Dynegy for $180m in a cash deal.
Rockland Capital is a private equity firm, while Dynegy is engaged in power distribution.
Dynegy intends to use the net proceeds to fulfil its debt repayment obligations.
Starwood Energy Group Global has entered an agreement with power distribution company Dynegy to acquire two power generation facilities for $119m.
The Dighton and Milford intermediate gas-fuelled plants in Massachusetts have a combined installed capacity of 310MW. The company intends to use the net proceeds for repaying its debts.
Barclays Capital Securities is engaged as the lead financial advisor, while Deutsche Bank is the advisor for the transaction.
Enbridge plans to raise gross proceeds of $1bn through a public offering of fixed-to-floating subordinated notes series 2017-A due 15 July 2077.
The company has engaged Deutsche Bank Securities, Barclays Capital, Citigroup Global Markets, Credit Suisse Securities (USA), and HSBC Securities (USA) as the joint book running managers for the transaction. McCarthy Tetrault and Sullivan & Cromwell are the legal advisors for the offering.
Net proceeds from the offering are intended to be used to fund capital projects, minimise indebtedness, and to meet other general corporate purposes.
Enbridge is engaged in power generation, distribution, and transmission.