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Do You Hear That? That’s the Sound of Thunder…


Do You Hear That? That’s the Sound of Thunder…

Jun 18, 2018 INTEL by Kristi Marvin

Thunder Bridge is coming…Pricing Imminent.

Thunder Bridge filed their CERT with the Nasdaq on Friday evening, indicating their IPO is imminent and should price tonight for trading tomorrow under the symbol “TBRGU”.  As a reminder, Thunder Bridge is Gary Simanson’s second SPAC, and this one is for $200 million focused on the financial services sector.

Additionally, Monroe Capital LLC, a private credit asset management firm specializing in direct lending and opportunistic private credit investing, is backstopping the trust for $50 million via a forward purchase agreement with a right of first refusal to provide up to 51% of any necessary debt financing in connection with Thunder Bridge’s initial business combination. Monroe is also participating as part of the Sponsor group.

For reference, the deal terms summary is below:

Summary of terms:
  • Total Public Proceeds: $200 million
  • Focus:  Financial Services
  • $10.00 unit comprised of one Class A Ordinary Share, one full Warrant
  • Warrant redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
  • 101% held in trust ($10.10 per share)
  • 18 months to complete an acquisition
  • Limitation on redemption rights:   a shareholder can redeem no more than 15% of the shares sold in the offering.
  • Underwriters:  Cantor Fitzgerald as bookrunner, and CLSA Limited and I-Bankers Securities as co-managers.