Calima Energy, the rebadged Azonto Petroleum, is seeking to raise $25 million via a two-tranche placement. 

The 5.4¢ placement price represents an 18.2 per cent discount to the last close and a 10.8 per cent discount to the 5-day volume weighted average price, according to terms sent to fund managers.

Sydney-based Tribeca Investment Partners has cornerstoned the deal, tipping in $8 million of equity.

The well known fund manager has also agreed to arrange project development loan facilities for up to $US40 million.

Net proceeds will fund the drilling program at the Calima Lands which covers the liquids-rich Montney play in British Columbia, and for general working capital purposes.

Euroz Securities and Morgans Corporate are joint lead managers on the deal, which launched on Wednesday morning. RBC Capital Markets is a co-manager. 

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Ausdrill is seeking to raise $250 million to repay debt and buy Barminco. 

The mining services company has hired Deutsche Bank and UBS to underwrite and lead the raising. 

The deal was structured as a one-for-2.13 non-renounceable rights issue at $1.47 a share. 

The offer was priced at a 10 per cent discount to the theoretical ex-rights price, according to terms sent to potential investors, and a 14 per cent discount to the last close. 

Funds raised were to acquire another mining services provider, Barminco, which is majority owned by Gresham Private Equity, and repay Ausdrill's outstanding November 2019 bond. 

Deutsche Bank and UBS were calling for institutional acceptances into the offer by midday on Thursday. 

More to come

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Tilt Renewables stint on the Australian and New Zealand stock exchanges could be about to end. 

Its two biggest shareholders - listed infrastructure manager Infratil and renewable energy company Mercury NZ - announced their intentions to team up for a joint bid on Wednesday morning. 

The pair already speaks for 71 per cent of Tilt's shares on issue, and has options over another 6.8 per cent.  

UBS is advising Infratil, while First New Zealand is tending to Mercury. 

The deal valued the wind farm owner's equity at $NZ720 million ($651 million). Its NZX listed shares last closed at $NZ2.13 each. 

The bidders were pitching the offer as at a 24.3 per cent premium to where Tilt Renewables shares were trading prior to Mercury taking its stake in May. 

It comes only 2½ months after Tilt had Citi and Forsyth Barr underwrite a $300 million equity package, to help fund its Dundonnell project in Victoria. 

The offer comes less than two years after Tilt was spun out of another New Zealand energy company, Trustpower, and listed in Australia and New Zealand. 

The company has operating renewables energy assets in Australia and New Zealand, and a large pipeline of developments projects.  

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ASX-listed Bingo Industries is believed to be mulling an acquisition of privately owned Sydney-based rival Dial-A-Dump. 

Street Talk understands Bingo's team is in the preliminary stages of running the numbers on Dial-A-Dump, which provides waste management services to the small and large scale building sectors across the commercial and domestic market.

Sources said Bingo had yet to finalise any bid or agreement and stressed the board was still weighing the pros and cons. But it is likely to be one thing on the board's mind as the company prepares to present its annual financial results next week. 

Dial-A-Dump's parent company Alexandria Landfill Pty Ltd recorded $137.6 million revenue in the 2017 financial year according to accounts filed with ASIC, and a $32.1 million profit. 

However, 2017 was an unusual financial year. The profit was boosted by a $60.2 million gain on the value of land held, but also impeded by a $52 million preference share buyback expense. 

Dial-A-Dump is expected to be worth up to $500 million, which means it would be a big bite for the listed Bingo. The company has been shopped to potential buyers in the past year. 

The question for Bingo's board is at what price the company's shareholders would be supportive of such an acquisition.

While the company is in favour with small cap fund managers after a strong run during the past 12-months, with its shares up 51.5 per cent, its big investors are keen to see Bingo's team maintain discipline. 

Bingo shares are trading at 19.3-times forecast 2019 financial year profit, according to S&P Capital IQ, which gives it options when it comes to assessing acquisitions. It would be expected to need to raise equity to help fund the deal. 

Bingo has already been to shareholders for fresh funds once since it listed in May 2017. The company raised $120 million via a one-for-5.5 rights issue last November, in a deal which saw the founding Tartak family take up its full entitlements. 

That raising was done by UBS at $1.90 a share. Bingo shares closed at $2.77 on Tuesday. 

Acquiring Dial-A-Dump would fit with Bingo's stated strategy to grow its footprint in its home market NSW, and Victoria. 

The company reaffirmed its 2018 financial year guidance last month - $93 million EBITDA on a proforma basis - and also said the Tartak family had no intention of selling down its stake. 

The Tartaks own about 30 per cent of the issued equity, which includes CEO Daniel Tartak's 17 per cent holding. 

Bingo Industries is expected to hand down its full year numbers on August 21. 

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ASX-listed Link Administration Holdings has a new secret weapon in its bid for electronic property transaction settlements company PEXA. 

Street Talk understands Link has teamed up with "core-plus" infrastructure investor Morgan Stanley Infrastructure Partners on a joint bid, which promises financial firepower to match Link's ability to handle complicated IT projects and run transaction-based businesses. 

It is understood the pair lodged a joint offer when indicative bids went to PEXA's adviser CLSA on August 3. 

PEXA's camp is still mulling at least half a dozen first round offers and its board is expected to finalise a shortlist at a board meeting scheduled for Thursday.

Bidders have been told shortlisted parties should be notified on Friday, and will have plenty of fresh documents in a second stage data room next week. 

Link shapes as one of PEXA's most logical owners. It is PEXA's second biggest shareholder with an almost 20 per cent stake, while company CFO John Hawkins is on PEXA's board. 

It has proven capability to build and run back office and transaction-based businesses, and an ambitious management team that is keen to pursue growth options at the right price.

However, Link's not the only bidder in the process. CoreLogic, Morrison & Co, Affinity Equity Partners, Barings Private Equity Asia and Canadian strategic player Teranet are all understood to have lobbed an indicative bid. 

The question has been around Link's ability to fund a purchase. PEXA is in ramp up mode and it may be hard for Link to make the deal accretive to earnings per share given the likely hefty upfront cost and delay in matching cash flows. 

Having a partner like Morgan Stanley Infrastructure Partners, which raised more than $US5 billion in capital two years ago, could help make the numbers work. 

Morgan Stanley Infrastructure Partners is no stranger to Australian deals. The firm has kicked tyres on a number of Australian assets in recent years including property registries and a Hunter Valley coal train business, and was part of the unsuccessful Macquarie-led Pacific Consortium which bid for Tatts' lotteries business last year. 

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