Capital markets week ahead: New Fortress Energy, Spain, UBS

摘要

UNCLOGCING THE PIPELINE New Fortress Energy hopes to price the first US IPO in more than five weeks. Despite an ongoing government shut-down that has prevented regulators from approving new listings, the liquefied natural gas company has optimistically-some might say - opened books on a US$420m IPO, with the deal set to close on Thursday (if the government shut-down has ended by then). It's keen to raise money - quickly for a second US LNG facility that it is building in Pennsylvania, which it hopes will be operational next year. The company intends to build five more over the next five years. But the facilities are expensive: each one is expected to cost up to US$850m and, with just US$380m of cash left, New Fortress is understandably keen to raise equity financing as quickly as possible.