CSL puts SPACs on watch with Sentinel Energy IPO

摘要

Equity funding across the oil patch has slowed to a crawl of late, though CSL-backed SPAC sentinel energy services is looking to provide an alternative way for the sector to access ECM. After pre-marketing the vehicle, Sentinel landed US$300m on the sale of 30m units Thursday at US$10.00 apiece, inline with fixed-price marketing, after a compressed, four-day public public roadshow. Citigroup, Goldman Sachs and Credit Suisse were joint bookrunners. "Pre-marketing went well - it is practically done," one banker involved in the underwriting told IFR. "There is not much advantage in upsizing the deal even if it is 10 times oversubscribed," the banker said. "The targets they are going after are not that large."