The Nightcap
Nightly recap of the day's SPAC highlights (May 13th, 2021)
May 13th, 2021
Good evening,
Thanks for reading “The Nightcap”, a nightly recap of the highlights of the SPAC world. You can always discover and track all of the SPACs at spactrack.net.
The Stats:
The Deals:
None today.
Deal News Reports:
None today.
New S-1 Filings:
1) Bridgetown 3 Holdings Ltd (BTNC)
$260M, No warrants
Focus: Tech, financial services, or media in Southeast Asia
The sponsor was formed as a collaboration between Pacific Century, founded by Richard Li, and Thiel Capital, founded by Peter Thiel.
Management:
Matt Danzeisen (Head of Private Investments at Thiel Capital)
2) Larkspur Health Acquisition Corp. (LSPR)
$75M, 1/2 warrant
Focus: Biotech
3) XPAC Acquisition Corp. (XPAX)
$200M, 1/3 warrant
Focus: Brazil
Notable SPAC News:
1) Blue Owl, the result of the Dyal-Owl Rock SPAC merger, is targeting tech deals. Its president talks how private lending is key to growing the $51 billion tie-up. (Business Insider—behind paywall)
Together, the merger is lucrative.
Dyal brings equity stakes to the table. This convergence may enable the firm to co-invest in opportunities alongside its burgeoning lending capabilities.
"It's like having two common lanes on the same superhighway," he said. "Our lane does things on the funding level, while Dyal's lane invests in equity."
As Owl Rock, the firm is already encroaching upon bankers' turf, providing alternative financing options for private equity funds keen to pay for valuable acquisitions.
Just this month, Owl Rock led a $2.3 billion financing for Thoma Bravo's acquisition of Calypso Technology. Historically, such a sizable financing would rarely leave the syndicated loan or bond markets.
"The adoption of this market by private capital users is gaining steam and market share," Lipschultz said. "Calypso is a reflection of that."
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Friday, May 14th
GX Acquisition Corp (GXGX) Shareholder Meeting to Extend Deadline for Business Combination
Unit Splits: Disruptive Acquisition Corporation I (DISA), Corazon Capital V838 Monoceros Corp (CRZN)
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