It appears that not only we are tracking the phaseout in equity inflows, all of which are simply the reversal of the massive $220 billion surge in bank deposits in the month of December due to fears of Fiscal Cliff dividend and capital gains tax increases (explained previously), and which as today's ICI update [9]indicates have trickled down to just $683 million - the lowest weekly inflow year to date.
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Among the others who are keeping track of the weekly reduction in inbound capital euphoria, in addition to the six companies which priced equity offerings on Monday as was shown previously [11], are these fine corporations and stakeholders who just can't wait to get out while the getting is good, split once again evenly between secondaries and follow ons:
Secondaries:
- LyondellBasell [12](LYB) today announced the commencement of an underwritten public offering of 25 million ordinary shares by certain selling shareholders that are affiliates of Apollo Management Holdings L.P.
- Nielsen Holdings [13]N.V. (NLSN), a leading global provider of information and insights into what consumers buy and watch, today announced the launch of a public offering of 35,000,000 shares of common stock. The shares are being sold by certain existing shareholders. Existing shareholders include KKR, Carlyle, Blackstone and Thomas H. Lee Partners LP
- Sensata Technologies Holding N.V. [14](ST) today announced the commencement of an underwritten public offering of 15,000,000 ordinary shares by existing shareholders as identified in the prospectus supplement relating to this offering. Existing shareholders include Bain Capital.
Follow Ons:
- Pioneer Natural Resources (PXD [15]) today announced that it is commencing a public offering of 8 million shares of its common stock. Pioneer expects to use the net proceeds from this offering for general corporate purposes, including the acceleration of horizontal appraisal drilling in the northern portion of the Company’s highly prospective Wolfcamp/Spraberry acreage position in West Texas. Pending such use, a portion of the net proceeds will be used to repay the outstanding borrowings under the Company’s credit facility, with the remaining proceeds to be invested in money-market funds or U.S. treasuries.
- ARMOUR Residential REIT [16], Inc. (ARR) announced today that it is commencing an underwritten public offering of 65,000,000 shares of common stock. The Company intends to use the net proceeds of the offering to acquire additional agency securities as market conditions warrant and for general corporate purposes.
- BioMed Realty Trust, Inc. ( [17]BMR) today announced it has commenced a public offering of 11,500,000 shares of its common stock pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. BioMed Realty expects to use the net proceeds of the offering to fund a recently announced property acquisition, to fund a portion of the redemption of all 7,920,000 outstanding shares of its 7.375% Series A Cumulative Redeemable Preferred Stock, to repay a portion of the outstanding indebtedness under its unsecured line of credit and for other general corporate and working capital purposes.
Sold to you Joe Sixpack, who can't wait to buy what the not so dumb money, Apollo, KKR, Carlyle, Blackstone, Thomas H. Lee, and Bain, and of course various management teams who don't need the cash but will take it especially at the market top, are selling.
and to last week's data - 2013 is running 58% above the 10 year average for new offerings - as it seems more than a few know its time to cash out...
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