week ending Thursday, October 22, 2015

Welcome to PwC's Capital Markets Watch weekly for the week ending Thursday, October 22, 2015. This snapshot
of the IPO and the high-yield debt markets in the US includes issuances for the last week and a look forward. We hope
you find the information helpful in staying up to date on new issuance activity. Please reply to this email if you would
like to subscribe others to this weekly email.
For companies considering an IPO or high-yield debt offering, it is useful to understand how quickly windows of
opportunity can open and close, making it important to be well-prepared to enter the market when that moment arrives.
Having solid economics, strong fundamentals, and a well prepared story to market can provide a great foundation for a
successful offering.
Summary:
6 IPOs priced raising $1.3bn
5 high-yield debt issuances for $2.8bn
IPO Market: The IPO market saw its most active week since the beginning of August with 6 IPOs raising $1.3 billion,
led by Ferrari's $893 million IPO. Filing activity was also back to June levels with 13 companies filing their IPOs, 7 in the
healthcare sector and 3 in the technology sector. The IPO calendar has significantly emptied out with only 4 companies
expected to price in the next two weeks. The broader markets climbed this week following strong earnings releases by
bellweather companies, and the Dow saw its fastest one-day climb since the beginning of September.
High-Yield Debt Market: The high-yield debt primary-issuance market returned this week after last week's pause
with 5 issuances raising $2.8 billion, led by AerCap's $1 billion issuance. October is set to be the slowest month of 2015
in both volume and value, while year-to-date value is currently down 15%, and volume is down nearly 30% over the same
period last year. Looking forward, there are 10 companies on the calendar expected to raise $14 billion.
Consumer sector: 1 IPO priced raising $893m, 1 high-yield debt issuance for $300m
IPO pricings
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Ferrari (luxury auto manufacturer) filed publicly in Jul 2015, raised $893m - priced within the range - traded on
the NYSE on Oct 21 and finished the week up 9%
IPO filings
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Ballast Point Brewing & Spirits (craft brewer) filed confidentially as an EGC in Aug 2015, filed publicly for
$173m on the NASDAQ
Truck Hero (branded consumer accessories for pickup trucks) filed confidentially as an EGC in Aug 2015, filed
publicly for $100m on the NYSE
IPOs upcoming
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Sole Elite Group (athletic shoe soles) filed confidentially as an EGC in Feb 2015, filed publicly in May 2015, most
recently filed to raise $33m on NASDAQ - expected to price the week of Oct 26
High-yield debt issuances
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Jarden (conglomerate of consumer products) issued $300m 144A for life 5.o% (BB) 8-year unsecured senior
notes to back the acquisition of Visant
High-yield debt offerings upcoming
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Media General (broadcasting) is expected to issue $1,000m in notes
Pinnacle Entertainment (casinos & gaming) is expected to issue $900m in secured bridge notes
Energy sector: No IPOs priced, No high-yield debt issuances
IPO filings
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Noble Midstream Partners (domestic midstream infrastructure assets & midstream services) filed confidentially
as an EGC in Jul 2015, filed publicly for $100m on the NYSE
High-yield debt offerings upcoming
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American Energy - Permian Basin (oil & gas) is expected to issue $560m in senior first-lien secured notes
Energy Transfer Equity (oil & gas) is expected to issue $2,000m in notes
Financial sector: 1 IPO priced raising $48m, 1 high-yield debt issuance for $1,000m
IPO pricings
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American Farmland Company (REIT) filed confidentially as an EGC in Mar 2015, filed publicly in Jun 2015,
raised $48m - priced below the range - traded on the NYSE on Oct 20 and finished the week down 6%
High-yield debt issuances

AerCap Holdings (aircraft leasing) issued $1,000m public 4.625% (BB+) 5-year unsecured senior notes
High-yield debt offerings upcoming
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Gaming and Leisure Properties (REIT) is expected to issue $2,700m in unsecured bridge notes
Healthcare sector: 3 IPOs priced raising $106m, 2 high-yield debt issuances for $1,150m
IPO pricings
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Strongbridge Biopharma (biopharmaceuticals) listed on the Norwegian OTC, filed confidentially as an EGC in
Jun 2015, filed publicly in Aug 2015, raised $25m - priced within the range - traded on the NASDAQ on Oct 16
and finished the week down 24%
Dimension Therapeutics (biotechnology-gene therapy) filed confidentially as an EGC in Jul 2015, filed publicly
in Sep 2015, raised $72m - priced below the range - traded on the NASDAQ on Oct 22 and finished the day down
17%
Oasmia Pharmaceutical AB (pharmaceuticals) listed on the NASDAQ Stockholm and the Frankfurt Exchange,
filed confidentially as an EGC in May 2014, filed publicly in Jul 2015, raised $9m - priced above the range traded on the NASDAQ on Oct 23
IPO filings
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Ellipse Technologies (medical technology company) filed confidentially as an EGC in Aug 2015, filed publicly for
$75m on the NASDAQ
Hutchison China MediTech (biopharmaceuticals) currently listed on the AIM market of the London Stock
Exchange, filed confidentially as an EGC in Aug 2015, filed publicly for $100m on the NASDAQ
BeiGene (biotechnology - anti-cancer drugs) filed confidentially as an EGC in Aug 2015, filed publicly for $100m
on the NASDAQ
Basilea Pharmaceutica (pharmaceuticals - infectious diseases & dermatology) currently listed on the on the SIX
Swiss Exchange, filed confidentially as an EGC in Sep 2015, filed publicly for $190m on the NASDAQ
Merus B.V. (biotechnology - human antibody-based therapeutics) filed confidentially as an EGC in Sep 2015,
filed publicly for $60m on the NASDAQ
Viventia Bio (biopharmaceuticals) filed confidentially as an EGC in Sep 2015, filed publicly for $86m on the
NASDAQ
Kura Oncology (biopharmaceuticals), currently trading on the OTC, filed publicly as an EGC for $86m to uplist
to the NASDAQ
IPOs upcoming
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MyoKardia (clinical stage biopharmaceuticals) filed confidentially as an EGC in Aug 2015, filed publicly in Sep
2015, most recently filed to raise $75m on the NASDAQ - expected to price the week of Oct 26
High-yield debt issuances
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Concordia Healthcare (pharmaceuticals) issued $790m 144A 9.5% (CCC+) 7-year unsecured senior notes to
back the acquisition of Amdipharm Mercury
Greatbatch (medical devices) issued $360m 144A for life 9.125% (B-) 8-year unsecured senior notes to back the
acquisition of Lake Region Medical
High-yield debt offerings upcoming

TeamHealth (healthcare staffing) is expected to issue $545m in unsecured notes
Industrial sector: 1 IPO priced raising $215m, 1 high-yield debt issuance for $300m
IPO pricings

Multi Packaging Solutions International (print, packaging & label solutions) filed publicly as an EGC in Jun
2015, raised $215m - priced below the range - traded on the NYSE on Oct 22 and finished the day up 22%
IPOs upcoming

Fuling Global (plastic serviceware products) filed confidentially as an EGC in Apr 2015, filed publicly in Jul
2015, most recently filed to raise $20m on the NASDAQ on a best efforts basis - expected to price the week of
Oct 26
High-yield debt issuances

NN (machinery components) issued $300m 144A 10.25% (B) 5-year unsecured senior notes to back the
acquisition of Precision Engineered Products
High-yield debt offerings upcoming

Kraton (polymer manufacturer) is expected to issue $425m in unsecured bridge notes
Technology sector: No IPOs priced, No high-yield debt issuances
IPO filings
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Mimecast (cloud security & risk management services) filed confidentially as an EGC in Jun 2015, filed publicly
for $100m on the NASDAQ
Match Group (digital dating) filed confidentially as an EGC in Aug 2015, filed publicly for $100m on the
NASDAQ
TransFirst Holdings (payment technology solutions to merchants) filed publicly for $100m on the NASDAQ
IPOs upcoming

Adesto Technologies (memory chips manufacturer) filed confidentially as an EGC in May 2015, filed publicly in
Sep 2015, most recently filed to raised $42m on the NASDAQ - expected to price the week of Oct 26
High-yield debt offerings upcoming
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Charter Communications (telecommunications) is expected to issue $3,500m in senior bridge notes
Computer Sciences (information technology) is expected to issue $2,000m in notes
Lightower (fiber networking) is expected to issue $460m in unsecured bridge notes
Stories of the week:
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Existing home sales increased at their second fastest pace in 8 years, rising 4.7% in September, according to the
National Association of Realtors
The People's Bank of China cut the one-year lending rate, China's 6th interest rate cut since November
Western Digital announced their definitive agreement to acquire SandDisk for approximately $19 billion in a
stock-and-cash deal
Japan Post Bank and Japan Post Insurance priced their privatization IPOs, raising $5.0 billion and $1.2 billion,
respectively, while their holding company, Japan Post Holdings, is expected to price next week for $5.1 billion,
according to Dealogic
Poste Italiane raised $3.5 billion in a privatization IPO and is Italy's largest IPO since 1999, according to
Dealogic
Our insights:
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PwC's Deals Practice recently released "Material weaknesses: Why disclosing them before your IPO may make
sense." This report highlights the importance of MW disclosures, provides breakdowns of IPO MW disclosure by
type and sector. It also provides insight into remediation solutions to address MWs, and discusses what this
could mean for your IPO. Click here to read the full publication.
Planning an initial public offering (IPO) is a challenging undertaking for any organization, especially for its CEO
and CFO and thorough preparation is paramount to a successful outcome. Please join us in San Diego on
Thursday, November 12, 2015 for an in depth discussion as key players, including attorneys, accountants, board
members, investment bankers, venture capitalists, company executives and investor relations consultants share
their perspectives and experiences in preparing for and executing an initial public offering (IPO) and planning
for life as a public company. Click here to learn more and register.
Q3 2015 IPO Watch: Global Market Volatility Slows US IPO Market. To read the full press release, click here.
Click here for a replay of PwC's Deals Practice webcast, Initial Public Offerings - Technology industry IPO
landscape, trends and issues. We took a deeper dive into the current IPO market, opportunities for growth
companies, common accounting and financial reporting issues for technology companies, and auditor
relationship changes throughout the IPO process and beyond.
To view previous Capital Markets Watch weekly snapshots, please click here
For more insights and publications on successfully executing an IPO, visit our website, contact me or a PwC partner in
your region.
Regards,
Author:
Derek Thomson
Director, Capital Markets Research Leader
PwC's Deals Practice
[email protected]
Henri Leveque
Partner, Capital Markets & Accounting Advisory Services Leader
PwC's Deals Practice
[email protected]
Neil Dhar
Partner, Capital Markets Leader
PwC's Deals Practice
[email protected]
Mike Gould
Partner, Public Offerings Leader
PwC's Deals Practice
[email protected]
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