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  • Bloomberg

    Cybersecurity Software Firm McAfee Files for Nasdaq IPO

    (Bloomberg) -- Cybersecurity software maker McAfee Corp. has filed to go public, adding to the roster of companies rushing to cash in on a hot market for U.S. initial public offerings.The San Jose, California-based company listed the size of the offering as $100 million in a filing Monday with the U.S. Securities and Exchange Commission. The amount is a placeholder that will likely change.McAfee’s planned offering is part of a software IPO boom this year. The biggest listing for an operating company on a U.S. exchange is software maker Snowflake Inc., which raised $3.86 billion including so-called greenshoe shares this month.Software companies account for $12.8 billion of the $102 billion raised this year on U.S. exchanges, according to data compiled by Bloomberg. Shares of those newly public software companies have gained 78% on an weighted average basis, the data show.Intel, TPGMcAfee was previously a unit of Intel Corp. which bought the software maker in a $7.7 billion deal that closed in 2011.The chipmaker argued that security was becoming increasingly important to computer users and that integrating security functionality into its processors would add to their value. That high-level justification for the purchase was never translated into practical applications which enhanced Intel’s main business. The unit continued on primarily as a retail software vendor not connected tightly to its parent’s offerings.In 2016, Intel announced that it had signed a deal to transfer a 51% stake in the business to TPG for $1.1 billion. The transaction valued the spun-off company at $4.2 billion, including debt. TPG and Thoma Bravo are listed as McAfee’s backers in Monday’s prospectus.For the 26 weeks ended June 27, McAfee had a profit of $31 million on revenue of 1.4 billion, according to its filing. The company said it lost $146 million on revenue of $1.29 billion during the comparable period last year.Morgan Stanley, Goldman Sachs Group Inc., TPG Capital, Bank of America Corp. and Citigroup Inc. are leading the share sale. McAfee plans to list on Nasdaq Global Select Market under the symbol MCFE.(Updates with financial results in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • BofA’s $2 Billion Bond Aims to Curb Race Inequality, Spur Market

    BofA’s $2 Billion Bond Aims to Curb Race Inequality, Spur Market

    (Bloomberg) -- Bank of America Corp. issued a $2 billion bond that aims to advance racial equality.The initiative, backed by Vice Chairman Anne Finucane and Chief Operating Officer Tom Montag, is the company’s eighth environmental, social and governance-themed bond, bringing its total issuance in the category to almost $10 billion, the bank said in a statement Friday.The offering, which priced earlier this week, has the potential to help Black and Latino communities through activities such as mortgage lending, financing for businesses and medical practices, and equity investments, with some proceeds going toward renewable-energy and clean-transportation projects, Bank of America said.“We want to be an example for other issuers,” Karen Fang, the bank’s head of global sustainable finance, said in an interview. “It doesn’t matter if it’s a bull year or a bear year, we need to be committed to these causes.”Companies looking to fund environmentally friendly projects are tapping the green-bond market at the fastest monthly pace ever, figures compiled by Bloomberg show. September’s global green-bond issuance has already exceeded $30 billion, beating the prior record of $26 billion, set in November 2018. Issuance is expected to remain brisk as companies see an opportunity to show their green credentials and potentially reduce funding costs while investors increasingly focus on sustainability.“I don’t think that trend will diminish even in the face of market volatility,” said Andrew Karp, the bank’s head of global investment-grade capital markets. “ESG activity will no doubt grow in the months and years to come.”BofA’s five-year bond, which is callable in four years, will pay interest semi-annually at a fixed rate of 0.981% for the first four years, and quarterly at a floating rate after. The bank served as the sole bookrunner, while three minority-owned broker-dealers were joint lead managers: Loop Capital Markets, Ramirez & Co. and Siebert Williams Shank.Within a year, the bank will publish a report on the bond’s asset allocation, and it will be updated as long as the notes remain outstanding, according to Friday’s statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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