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Private placement

A practical alternative for raising capital
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OVERVIEW

OVERVIEW

Private Placement​

A private placement is the private sale or “issue” of corporate debt or equity securities by a company or “issuer” to a select number of investors. It is another way that you can raise capital, versus selling a publicly offered security or establishing a traditional bank credit arrangement.​

Three key features classify a securities issue as a private placement:​

  1. The securities are not publicly offered​
  2. The securities are not required to be registered with the Securities and Exchange Commission (SEC)
  3. ​The investors are limited in number and are “accredited”​

Traditionally, middle-market companies like yours have issued debt in the private placement market directly with a private placement investor, such as a large insurance company or other institutional investor, or through an agent (often an investment bank), who then solicits bids from several potential investors. Larger transactions ($100 million+) are typically done with an agent. It’s possible for there to be as few as one investor for any issue. A private placement issuance is a way for institutional investors to lend to you in a similar fashion as banks, with a “buy-and-hold” approach, and with no required trading or public disclosures. Historically, banks refer to investments as making “loans,” whereas insurance companies purchase “notes.”​

Pricoa Private Capital’s Josh Shipley, Ed Jolly, Mitch Reed and Ashley Dexter explain ‘long-term financing’ and how many companies utilize this patient and strategic form of funding.

Typical size, structure, uses, and benefits ▼

Typical size

  • Senior debt: $10 million - $300+ million
  • Subordinated debt: $10 million - $100+ million
  • Preferred equity: $10 million - $50+ million

Typical uses

  • Debt Refinancing
  • Debt Diversification
  • Expansion and Growth Capital
  • Acquisitions
  • Stock buyback / recapitalization
  • Employee Stock Ownership Plan (ESOP)

Structural characteristics

  • Senior debt and/or subordinated debt​
  • Principal repaid after senior debt has been fully amortized​
  • Combination of cash coupon and deferred interest​
  • Ability to provide senior debt alongside junior capital for a seamless, one-stop solution with a single, relationship-oriented capital partner​
  • Typical maturities: 3 to 30+ years​
  • Flexible payment structures, including amortizing or bullet, and fixed or floating rate​

Issuer benefits

  • Relationship-focused capital provider​
  • Holistic approach to evaluation​
  • Ability to fund transactions in multiple currencies​

Case Study

See All Case Studies
Sustainable Financing: South West Water’s Green Pru-Shelf Facility​
South West Water pursues a Green Pru-Shelf to support its sustainability objectives​​
“We are pleased to continue our relationship with Pricoa, signing our first sustainable private placement supports our long term aim to provide all the company’s funding through our sustainable financing framework.”​
Get the Full Story

Case Study

Sustainable Financing: South West Water’s Green Pru-Shelf Facility​
South West Water pursues a Green Pru-Shelf to support its sustainability objectives​​
“We are pleased to continue our relationship with Pricoa, signing our first sustainable private placement supports our long term aim to provide all the company’s funding through our sustainable financing framework.”​
See The Full StorySee all case studiesSee The Full Story

Portfolio Companies

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Who we work with

Braum's Transaction Information
Embridge Transaction Information
FerreyCorp Transaction Information
GUD Holdings Transaction Information
Hawaiian Electric Transaction Information
Hawaiian Electric Transaction Information
Preferred Credit Transaction Information
Southwest Water Transaction Information
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​​“A private placement is a way for companies to access long-term fixed-rate debt that nicely complements their existing bank facility”
Thomas Krausser, Senior Vice President Pricoa Private Capital
​​“A private placement is a way for companies to access long-term fixed-rate debt that nicely complements their existing bank facility”
Thomas Krausser, Senior Vice President Pricoa Private Capital

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With representatives around the world, finding the right person is easy.
who you can work with

OUR Team

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Insights

Navigating the world​ of private placements​
The Pricoa Private Capital Guide to Private Placements​
Read More
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