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CL King & Associates, founded in 1972, is a self-clearing, service-oriented broker-dealer and investment bank. We deliver investment research, equity and fixed income sales and trading, prime brokerage, investment advisor and clearing services to institutional and high net-worth clients and to other broker-dealers. For corporations, we underwrite securities and provide strategic advice in connection with mergers, acquisitions, strategic alternatives and valuation.
We offer flexible, customizable solutions to the professional investor with the assurance of complete confidentiality and discretion. Our KING operations professionals provide customized, efficient “one-stop” clearing, execution and settlement.
5/9/13: The Wall Street Journal reports CL King analysts Jim Barrett and Mike Gallo rank among the top analysts on the Street in its annual Best on the Street competition for 2012.
Jim Barrett was ranked No. 2 out of 108 in the Heavy Machinery and Materials sector. This is the second time Jim has been named one of the Best on the Street by the survey, having been ranked No. 2 in 2007. Director of Research at CL King since 2005, Jim joined the company in 2002.
Michael Gallo, CFA, was ranked No. 2 out of 34 in the Restaurant sector in the 2012 survey. This is Mike’s third top ranking in this sector since 2005. He has been with CL King since 2000.
3/28/2013: CL King acted as co-manager in the offering of 29,000,000 primary shares of common stock at $20 per share, raising $580MM. Pinnacle Foods begins NYSE trading under the ticker symbol “PF” today.
3/19/13: CL King acted as Junior Co-Manager for Citigroup’s offering of 20,000,000 depository shares priced at $25 per share, raising $500MM. Each depository share represents a 1/1,000th interest in a share of perpetual 5.80% Noncumulative Preferred Stock, Series C. The issue is rated B1/BB/BB.
September 11 and 12
To Senior Vice President:
To Vice President:
CL King co-managed the two 3-year tranches of Morgan Stanley’s $4.5B 3-part bond offering of 3- and 10-year maturities. The issue is rated A-/Baa1.
CL King acted as Junior Co-Manager for Citigroup’s offering of $1.5B 3.375% senior notes due 2023. The issue is rated Baa2/A-/A.
CL King co-managed Kellogg’s $650MM offering of Senior Notes consisting of $250MM of Floating Rate Notes due 2015 and $400MM of 2.75% Notes due 2023. The issue is rated Baa1 / BBB+ / BBB+.
CL King co-managed the offering of $894MM of 4.05% Subordinated Notes due 2022. Citigroup will not receive any of the proceeds from the sale of the notes by Treasury. Issue is rated Baa3/BBB+/BBB+.
CL King acted as co-manager for Southern California Edison Trust's (SCE) offering of 16 million shares of 5.10% Preference Securities with a $25 par value, resulting in total proceeds of $400MM before expenses. SCE is rated A3/BBB+.
CL King, a leading woman-owned investment bank, was approved by Fannie Mae to be a member of its prestigious ACCESS program. The ACCESS program provides opportunities for MWBE broker-dealers to underwrite Fannie Mae securities. Fannie Mae is the nation’s largest mortgage buyer. CL King applies it’s peer-leading capital base and robust fixed income distribution platform to increase liquidity in Fannie Mae’s securities. Already, CL King has underwritten two issues since last November.
CL King acted as Co-Manager on AT&T’s $5B offering to exchange new debt and cash for portions of 17 series of outstanding notes. The exchange offer extends certain maturities and creates interest payment savings for AT&T. The new bonds mature 2042 and 2045. AT&T is rated A2/A-.
CL King acted as Co-Lead manager in a public offering of 234.2 million shares of AIG common stock by the U.S. Department of the Treasury. The offering was priced at $32.50 per share and raised $7.6B, bringing to a close the U.S. Department of Treasury’s ownership of AIG.
Franchise Services of North America (“FSNA”) acquired Simply Wheelz, a Delaware limited liability company and the holding company of the Advantage Rent-A-Car brand (“Advantage”), and certain other divested assets from Hertz. FSNA’s purchase of Advantage facilitated Hertz’s $2.3B acquisition of Dollar Thrifty Automotive Group, announced on August 27, 2012. CL King acted as financial advisor to FSNA.
CL King underwrote a portion of Verizon’s four-part $4.5B issue of Senior Notes due November 2015, 2017, 2022 and 2042. Proceeds will be used to repay existing debt prior to maturity. The issue is rated A3/A-/A.
CL King held its 10th Annual Best Ideas Conference, Wednesday and Thursday, September 12-13, in New York City.
To see the list of Presenting Companies and the webcasting schedule, click here>
CL King acted as Co-Manager for MetLife’s two-part $1B offering of Series C Senior Debentures consisting of $500MM of 1.756% senior debentures due December 15, 2017 and $500MM of 3.048% senior debentures due December 15, 2022. Proceeds will be used to fund the contractual purchase of MetLife common stock by holders of the 40 million common equity units issued in November 2010 in connection with the company’s acquisition of Alico. The issue is rated A3/A-.
CL King acted as junior co-manager in a public offering of 636.9 million shares of AIG common stock by the U.S. Department of the Treasury. The offering was priced at $32.50 per share and raised $20.7 billion, reducing the U.S. Department of Treasury’s interest in AIG from 53% to 16%.
CL King acted as Co-Manager for Pacific Gas and Electric Company’s two-part $750MM senior notes offering consisting of $400MM of 2.45% senior notes due 2022 and $350MM of 3.75% senior notes due 2042. Proceeds will be used for general corporate purposes. The issue is rated A3/BBB.
CL King co-managed GM Financial’s $1B issue of 4.75% Senior Notes due 2017. The offering was a 144A/Regulation S with registration rights. Proceeds will be used for general corporate purposes. The issue is rated Ba3/BB-.
CL King co-managed Ally Financial’s $600MM re-opening of 4.625% Senior Guaranteed Notes due 2015. Proceeds will be used for general corporate purposes, including the retirement of outstanding indebtedness. The issue is rated B1/B+/BB-.
CL King co-managed Prudential Financial’s $1B issue of 5.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2042. Proceeds will be used for general corporate purposes and to redeem outstanding medium-term notes. The issue is rated Baa3/BBB+.
CL King acted as Co-Manager for Citigroup’s offering of $1.25B 2.25% senior notes due 2015. The issue is rated Baa2/A-/A.
CL King advises RS Water Holdings on its acquisition of the Culligan Dealerships in Dallas and Houston. CL King acted as financial advisor to RS Water Holdings and originated this water industry transaction. Terms are not disclosed.
CL King acted as Co-Manager for the U.S. Treasury Department’s sale of 280,604 shares of preferred stock in seven financial institutions. The sale generated $245MM in aggregate net proceeds and represents part of the Treasury’s strategy for winding down its remaining TARP bank investments
Albany, New York -- CL King & Associates, Inc. a premier, full-service investment boutique known for its 40-year expertise in providing money management, equity, fixed-income, and prime brokerage products and services, has announced the hiring of professionals in its equity research and sales trading ranks. Read More
CL King was one of 33 banks chosen globally to underwrite Facebook’s (NASDAQ: FB) offering of 421,233,615 shares of common stock at $38 per share, resulting in total proceeds of $16B, before expenses.
CL King acted as Underwriter for Southern California Edison Trust's (SCE) offering of 19,000,000 5.625% Preference Securities with a $25 face value, resulting in total proceeds of $475MM before expenses. The issue is rated Baa2/BBB-/BBB+.
CL King acted as Co-Manager for Lowe’s three-part $2B senior notes issue consisting of $500MM of 1.625% notes due in 2017, $750MM of 3.12% notes due 2022 and $750MM of 4.65% notes due 2042. Proceeds will be used for general corporate purposes. The issue is rated A3/A-.
CL King acted as Co-Manager for DFC Global Corp’s $230MM issue of 3.25% senior convertible notes due 2017. Proceeds will be used to repay outstanding amount under existing credit facility and for general corporate purposes. The issue is rated B+.
Jim Barrett, Managing Director/Director of Research was interviewed by CNBC for its segment "Guns: Ammo for Your Portfolio?" about CL King's Buy-rated stocks Smith & Wesson Holding Corporation (SWHC) and Sturm, Ruger & Company, Inc. (RGR).
To see the video, click here >
CL King co-managed a Citigroup $500MM five-year floating rate senior note issue due March 2017. The issue is rated A3/A-/A.
CL King co-managed Ally Financial’s $1B issue of 5.50% Senior Notes due 2017. Proceeds will be used for general corporate purposes, including the retirement of outstanding debt. The issue is rated B1/B+/BB-.