JWCA advises Radius Global Infrastructure on its $264.5 million capped call unwind related to its acquisition by EQT and PSP

September 2023 | read press release

Transaction Background

In September 2021, J. Wood Capital Advisors advised Radius Global Infrastructure (“Radius”) on its inaugural convertible + capped call offering. Following Radius’ announcement that it was being acquired by EQT Active Core Infrastructure and PSP Investments, JWCA was engaged to advise on Radius’ capped call unwind

Radius and management elected to retain JWCA based on:

• Truly independent advisor, with no conflicts of interest

• Depth of experience in equity-linked derivatives (with over 50 capped call/call spread unwinds, JWCA has more relevant experience than any other advisor)

JWCA negotiated with each of Radius’ capped call counterparties in order to maximize the value delivered to the Company

JWCA performed independent modeling and statistical analyses, including volatility surface mapping, along with other proprietary methodologies to negotiate with each counterparty and maximize value to the client

Results

JWCA engaged directly with the counterparty banks on negotiations, and JWCA was successful in maximizing the capped call payout, saving the client significant value versus the counterparties’ initial indications

JWCA was able to perform the above negotiation without impacting other aspects of the acquisition process