Core Viewpoint - Primoris Services Corporation has announced the acquisition of PayneCrest Electric, Inc. for $422 million, aiming to enhance its electrical capabilities and expand into the high-growth data center services market [1][2]. Acquisition Details - The acquisition is valued at $422 million, with $400 million financed through borrowings under an amended credit agreement [5]. - The transaction has been unanimously approved by Primoris' Board of Directors and is expected to close in the second quarter of 2026, pending regulatory approvals [5]. Financial Impact - For the full year 2026, PayneCrest is projected to generate total revenue between $350 million and $370 million, with adjusted EBITDA estimated at $38 million to $42 million [2]. - Primoris expects the acquisition to contribute between $260 million and $280 million in revenue and $28 million to $32 million in adjusted EBITDA for the same year [2]. Company Background - PayneCrest Electric, Inc. is a leading electrical construction and services provider with over 70 years of experience, specializing in complex electrical installations across various sectors [3][8]. - Primoris Services Corporation is a major provider of critical infrastructure services in the utility, energy, and renewables markets across the U.S. and Canada, offering a range of engineering, construction, and maintenance capabilities [7]. Strategic Fit - The acquisition is seen as a strategic move to integrate Primoris' industrial and renewables businesses with PayneCrest's electrical construction capabilities, enhancing geographic footprint and service offerings [4]. - Both companies' leadership expressed optimism about the cultural fit and the potential for growth and enhanced resources following the merger [4].

Core Viewpoint - GDS Holdings Limited is conducting multiple offerings, including a public offering of American Depositary Shares (ADSs) and a private offering of convertible senior notes, to raise capital for general corporate purposes and refinancing existing debt. Group 1: Primary ADSs Offering - GDS Holdings announced a public offering of 5,200,000 ADSs at a price of US$24.50 per ADS, with an expected closing date of May 30, 2025 [1] - The estimated net proceeds from this offering will be approximately US$123 million, or US$141.6 million if the underwriters fully exercise their option for additional ADSs [2] - The proceeds will be used for general corporate purposes, working capital needs, and refinancing existing indebtedness, including potential repurchases of convertible bonds due 2029 [2] Group 2: Notes Offering - The company is also offering US$500 million in 2.25% convertible senior notes due 2032, up from an initial offering size of US$450 million [3] - An option for initial purchasers to buy an additional US$50 million in notes is included, exercisable within a 13-day period after issuance [3] Group 3: Delta Placement of Borrowed ADSs - GDS Holdings is conducting a separate offering of 6,000,000 borrowed ADSs at the same price of US$24.50, which will be lent to an affiliate to facilitate derivative transactions for hedging purposes [4] - The company will not receive proceeds from the sale of these borrowed ADSs but will charge a nominal lending fee [4] Group 4: Company Overview - GDS Holdings is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [9] - The company offers co-location and value-added services, including managed hybrid cloud services, and has a diverse customer base including hyperscale cloud service providers and large corporations [9] - GDS Holdings has a 24-year track record in service delivery and holds a 35.6% equity interest in DayOne Data Centers Limited, which operates internationally [9]