Top Financing News

The Recap

The best information on capital raises and financing activity in under 5 minutes:

• Sonida Senior Living, Inc. (NYSE: SNDA) Announces Pricing for Upsized Public Offering of Common Stock Targeting $102 Million

• Varta AG (VAR1.DE) Announces $66 Million Cash Injection from Porsche and Michael Tojner

• KeyCorp (NYSE:KEY) Receives Strategic Minority Investment from Scotiabank for ~$2.8 Billion

Sonida Senior Living, Inc. has announced the pricing of a public offering of 4.3 million shares at $27.00 per share, up from the initial 4 million shares. The offering, expected to close today, could raise $102,900,000 to fund the acquisition of eight senior living communities, with remaining proceeds for general corporate purposes. The underwriters, including Morgan Stanley, RBC Capital Markets, and BMO Capital Markets, have a 30-day option to purchase an additional 645,000 shares. The Company is a leading owner, operator and investor in independent living, assisted living and memory care communities and services for senior adults.

Struggling firm Varta has secured fresh capital through an agreement with creditors, with car manufacturer Porsche taking a 32% stake by injecting €30,000,000. It has been reported that the same stake will be acquired by current majority owner Michael Tojner, who also committed €30,000,000. The remaining 36% of Varta will be held by existing lenders, who agreed to provide €60,000,000 million in senior secured loans by December 2027. In addition to providing Varta with new capital, Porsche will acquire a majority stake in Varta’s battery subsidiary, V4Drive. However, this acquisition is still “subject to antitrust approvals in various countries,” as noted by Porsche. V4Drive is the division where Varta focuses on large-format lithium-ion round cells, which are used in the Porsche 911 Carrera GTS's performance hybrid drive.

Scotia's investment in KeyBank will occur in two phases: an initial $800,000,000 for 4.9% ownership of KeyCorp’s common stock reported in today’s newsletter, followed by an additional $2 billion investment. The first phase is expected to close by the end of this month, with the second phase planned for Q1 2025, pending Federal Reserve approval and other closing conditions. According to BankingDive’s overview of the transaction “Scotiabank approached us with a unique opportunity to raise capital on attractive terms,” KeyCorp CEO Chris Gorman said in a statement. “While we continue to be comfortable with our current capital position, we determined that the investment enables Key to accelerate our well-communicated capital and earnings improvement while bolstering our strategic position.” The transaction is expected to create growth by focusing on investments across KeyCorp’s franchise and increasing its agility, Gorman said.

Weekly Money Moves

Lead Investors

• VARTA: $66,189,003 | Battery | Lead Investor: Porsche

• Ocumension Therapeutics: $164,290,483 | Biotechnology | Lead Investor: Alcon

• AnaptysBio: $100,000,000 | Biotechnology | Lead Investor: EcoR1 Capital

• MeiraGTx: $50,000,000 | Biotechnology | Lead Investor: Sanofi

• Scinai Immunotherapeutics: $29,094,155 | Biotechnology | Lead Investor: European Investment Bank

• KeyBank: $800,000,000 | Financial Services | Lead Investor: Scotiabank

• WSP Global: $1,000,000,000 | Professional Services | Lead Investor: GIC

• Inspirato: $10,000,000 | Travel | Lead Investor: One Planet Group

Do you know of any other lead investors who put capital into the markets this week? We would be happy to feature the transactions, send us an email at [email protected]