Gary Simanson Makes an Encore Appearance with Thunder Bridge Acquisition, Ltd.
This is turning into a busy week for SPACs… Yesterday, May Day in fact, we saw Thunder Bridge Acquisition, Ltd., file their S-1 for a $200 million SPAC focusing on the financial services sector. Gary Simanson will be President, CEO and Director and if any of you recall, Gary led the 2006 SPAC, Community Bankers Acquisition Corp. Hard to say if that one was successful since almost immediately after they completed their acquisition, the world fell apart and the financial crisis hit community and regional banks hard. However, it should be noted that Community Bankers Acquisition Corp. was an $8.00 unit SPAC and it’s currently trading at $8.80 as of today’s close.
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 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.
Cantor Fitzgerald is bookrunner and CLSA is co-manager. However, I find the addition of CLSA odd. If you look at the underwriting section of the S-1, it says, “CLSA Limited is not a broker-dealer registered with the SEC and may not make sales in the United States or to U.S. persons. CLSA Limited has agreed that it does not intend to and will not offer or sell any of our units in the United States or to U.S. persons in connection with this offering.” It sounds like Thunder Bridge will be making a push to sell to international investors.
If you would like to check the IPO terms as of today’s filing, you can review the full profile here