NEW YORK (Reuters) - shares of Freescale Semiconductor Holdings (FSL).(N) rose in their debut of fellowship Thursday, but the value of the chip manufacturer remains well below the price redemption companies paid for it at the last boom in credit.
Freescale was deprived in 2006 to $ 17.6 billion by a group including Blackstone Group LP (BX) private equity companies(N), Carlyle Group (CYL.)(UL) and TPG Capital LP.
This market has been the largest loan of a technology on record company, but has been criticized because he left the company with a lot of debt, impair its ability to compete in the area of the chip, which requires a lot of investment.
The shares closed at $18.33, 1.8% higher than their IPO price on the New York Stock Exchange. But the slight rise came after the company across the expectations back to its introduction on the stock market and raised by 22 percent less money than expected.
In comparison, the actions of NXP Semiconductors NV (NXPI.)(O), manufacturer of a private equity chips which went public in August last, closed, 4.9% to $28.55 on the Nasdaq. The Philadelphia semiconductor index (.)(SOX) Close up 0.95% to 428.24.
Private equity firms, which generally target returns of 20 percent, made mostly of a run-up in the stock market values to leave investment by intellectual property offices or to sell to cash-rich companies.
Yet, the values of some companies have not recovered from the losses they suffered during the recession. The owners of private Freescale capital sell not in the introduction on the stock exchange it is too early to say whether they will make money. But the introduction on the stock exchange values the company at much less than the cost of their redemption.
Freescale sold 43.5 million shares for $18 each in his introduction on the stock exchange, giving him an assessment of implied equity of approximately $ 4.3 billion. When including debt, the implied value is approximately $ 12 billion.
A number of other large acquisitions by borrowing, such as energy future Holdings, formerly Texas power company TXU and media company Clear Channel Communications, remains on the books of companies of private capital to leave.
While some loan transactions made at the height of the bubble can be difficult to release, some investors say they could probably be made public if the price was low enough.
"You can get a public mega-deal as long as you are the price correctly," said Bergman's Jonathan Hudson Asset Management Chief Investment Officer of Palisades based in New York.
"There is a ready market for some of the lower traffic," he said. "They can price than purchase price."
DEBT WORRIES
One of the biggest concerns for Freescale is debt. At the end of April, the company had debts and obligations of lease of $ 7.6 billion, compared to the assets of 4.1 billion and cash and cash equivalents equivalent of a little more of a billion dollars.
"They are in a situation more precarious as the other chipmakers," said Brian Colello, a semiconductor to Morningstar equity analyst.
"It's a record very responsible for debt in an industry where you do not have many companies responsible for debt because it is very volatile, and there are a lot of ups and downs," Colello said.
Many investors expect the establishment of new networks of mobile telephony, booming smartphone and Tablet PC for auto sales, news, and the emerging market economies to power the chip over the next few quarters industry several.
But some analysts fear that manufacturers may be installing new capacity too quickly, which could lead to overproduction and lower chip prices.
Freescale plans to use the product of the introduction on the stock exchange to repay part of its debt, to pay the costs relating to its credit facilities and pay rights, it must in its private equity owners.
"We will continue to do what we did, which continues to drive the business, drive the flow of cash and other free cash flows back to market and continue to buy back debt on a fairly steady basis," Chief Executive Rich Beyer said in a telephone interview.
Freescale is well positioned for any cyclic downturn - conduct by the ebb and flow of the company, normal Beyer added.
There was a surge of buyout-backed IPOs earlier this year, including consumption measurement company Nielsen Holdings (NLSN.)(N), operator of the HCA Holdings Inc (HCA) hospital(N), based in Florida BankUnited Inc. (BKU.)(N) and the Kinder Morgan Inc. (TGI.) pipeline company(N).
But there are signs that the interest of investors in private equity transactions may be declined. Spirit Airlines (SAVE.)(O), for example, the price at the bottom of a range reduced and closed below its IPO price.
Separately, shares of oil and natural gas of the Lone Pine company resources (LPR).(N), also in their first market closed Thursday after pricing below the proposed range.
Based in Austin, Texas, Freescale a spin off from Motorola in 2004. It is used in cars, mobile phones and e-readers of chip and its rivals include Texas Instruments Inc. (TXN).(N) and STMicroelectronics NV (STM).(PA).
Citigroup and Deutsche Bank Securities led the insurers on the introduction of Freescale stock.
(Statement by Clare Baldwin and Megan Davies New York and Noel Randewich in San Francisco.) (Editing by Robert MacMillan, Gary Hill)
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