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Thursday, August 12, 2004
American Seafoods cuts IPO
American Seafoods Corp., the largest U.S. harvester of catfish and pollock, cut the price yesterday of its initial public offering of a new hybrid security by as much as 20 percent as demand for new stock wanes.
The Seattle-based company said in a Securities and Exchange Commission filing that it plans to raise as much as $430.3 million by selling 30.7 million income deposit securities at $13.50 to $14 each. That's down from a $577 million sale of 34.4 million units at $15.20 to $16.80.
Demand for IPOs has slowed as stock prices slip and interest rates rise. Eight U.S. IPOs were canceled or postponed last month, the most since January 2003, according to Bloomberg data.
American Seafoods faces the additional challenge of selling an unfamiliar security that combines debt and equity, said Ben Cheng, a money manager at CI Fund Management Inc. in Toronto.
Two more companies -- PlanetOut Inc., an online media company for gay people, and Claria Corp., a marketing firm -- delayed IPOs that were scheduled for today.
American Seafoods is trying to become the second company to raise money using income deposit securities, which are modeled after Canadian income trusts. They combine dividend-paying common stock and debt in a single security.
The sale has been delayed 15 months since American Seafoods first registered with the SEC in May 2003.
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