June 21, 2019 / 4:27 PM / 5 months ago

BUZZ-Brookfield Business Partners falls after announcing equity offering

** Private equity company’s shares down 6% at C$51.1

** Company on Thursday announced $795 mln equity offering, to a syndicate of underwriters including TD Securities, Scotiabank, BMO Capital Markets

** Company agrees to issue 8.76 mln limited partnership units on a bought deal basis at $39.40/unit

** Says offering and concurrent private placements expected to close on or about June 28

** CIBC starts coverage of BBU with PT $43 and “neutral” rating, believes long-term growth potential is high, but volatility associated with PE investing makes it harder to advocate new positions at this stage

** U.S.-listed shares down 6% to $38.8

** 2 of 4 brokerages rate the U.S.-listed stock “buy” and 2 “hold”; Median PT $47.50

** Including Friday’s losses Toronto-listed shares up ~23%, U.S.-listed shares up ~28% (Reporting by Shradha Singh in Bengaluru)

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