JWCA advises Radius Global Infrastructure on its inaugural upsized $264.5 million convertible and capped call

September 2021 | read press release

Transaction Background

Radius Global Infrastructure (“Radius” or the “Company”) successfully raised $264.5mm in the convertible market at attractive terms

Radius’ objectives:

  • Take advantage of strong convertible market conditions

  • Raise capital for future acquisitions and general corporate purposes

Radius engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

  • Convertible and derivative overlay structuring

  • Impact of early adoption of new accounting rules

  • Tax analysis/implications

  • Convertible and capped call documentation to ensure maximum value and future efficiency/flexibility for the company

  • Syndicate structure and precedent data

  • Shareholder messaging

JWCA designed and ran a capped call auction process to achieve competitive terms

JWCA provided advice, support and analysis throughout the execution process

“Best thing we did in the convert process was to hire the J. Wood team”
— Scott Bruce, President

Results

Radius executed a successful upsized convertible issuance:

  • The transaction was multiple times oversubscribed, reflecting strong investor interest and demand for the Company’s debut offering

  • Radius’ stock price traded down 3.1% on a day where comparable convert issuers traded down ~12%

  • JWCA supported the management team on the entire day of the offering providing execution advice and ensuring a high-quality execution

Capped call documentation and auction process produced meaningful savings for Radius, while maximizing flexibility for the Company