JWCA advises Paratek Pharmaceuticals on its $165 million convertible debt offering
APRIL 2018 | read press release
Transaction Background
Paratek hired JWCA as its Financial Advisor to assist in optimizing its capital structure in the convertible debt market
JWCA provided extensive advice throughout the entire process:
- Bake-off to select lead bookrunner and syndicate
- Execution style (public vs private)
- Pricing and structuring, including provisional call feature
- Accounting support
- Syndicate economics and fees
- Change of control and make-whole mechanics
- Net share dilution at various stock prices
Executed via a two day over-the-wall process before launching into an overnight marketed transaction
- Wall-cross process ensured strong long-only demand could anchor the transaction prior to its public launch
JWCA provided advice, support, and analysis throughout the negotiation and execution process
JWCA also invested $5mm on an outright basis
“I don’t understand why anyone would execute a convertible without J. Wood - they are the best of anyone in this business”
Results
Paratek’s convertible issuance was well-received by convertible debt investors:
- Transaction was upsized based on strong demand
- Overnight execution eliminated stock price risk for the Company