Orbitz to raise $50 million; Maple Energy negotiates SEDA; Steinway to issue shares to Samick

By Stephanie N. Rotondo

Portland, Ore., Nov. 5 - The PIPE market saw deals coming from a variety of sectors Thursday, from travel to mining, energy to musical instrument manufacturers.

Orbitz Worldwide Inc. brought one of the largest deals of the day, announcing a $50 million private placement of shares. Travelport LLC is the investor.

Meanwhile, Maple Energy plc said it had secured a $30 million standby equity distribution agreement with a unit of Yorkville Advisors.

Also, Steinway Musical Instruments Inc. said it planned to raise just over $27 million from a private placement of equity. The shares will be sold to a single investor, who will also appoint a new director to Steinway's board.

Trevali Resources Corp. intends to raise C$7 million through a private placement of units. Funds will be used for property development, as well as to satisfy certain requirements as the company attempts to be listed on the Toronto Stock Exchange.

Elsewhere, Wireless Ronin Technologies Inc. brought a $6.66 million deal to market. The company will sell stock in a registered direct offering.

And, Focus Ventures Ltd. is looking for C$6 million to fund exploration efforts.

Orbitz to raise $50 million

Orbitz Worldwide, a Chicago-based online travel company, orchestrated a $50 million private placement of equity, according to a press release.

Travelport LLC is the investor.

The company will issue approximately 9.02 million common shares at $5.54 per share.

Proceeds are for general corporate purposes, including additional investments and debt repayment.

Also, Orbitz entered into a definitive agreement with PAR Investment Partners in which PAR will exchange its $49.68 million of senior term debt for Orbitz common shares.

"These significant investments in Orbitz by PAR and Travelport demonstrate confidence in our company's strategic direction, operating team and ability to grow the business," said Barney Harford, president and chief executive officer, in the release.

"These transactions will enable us to reduce our debt by $50 million, increase our cash by $50 million and give us additional operating flexibility as we pursue the growth of our global hotel distribution business.

"PAR is a respected investor in the travel sector, and we look forward to their deepened involvement in our business. We also welcome the strong vote of confidence in Orbitz from Travelport and its controlling owner, Blackstone."

Upon completion of both transactions, Blackstone's equity interest in Orbitz will equal 54.5%.

Orbitz's equity (NYSE: OWW) gained 13 cents, or 2.40%, to $5.54. Market capitalization is $453 million.

Maple Energy negotiates SEDA

Maple Energy secured a $30 million standby equity distribution agreement with YA Global Master SPV Ltd., the company announced.

Under the terms of the SEDA, YA Global will purchase ordinary shares in multiple tranches over the course of 30 months.

Each tranche cannot exceed $700,000. The price per share will equal the average of the three lowest daily volume-weighted average prices of the shares on the London Stock Exchange during the five-day period following the draw request, less a 5.4% discount.

YA Global has already purchased 247,933 shares at $0.01 per share.

"We are very pleased to announce this firm commitment financing with Yorkville," remarked Rex Canon, CEO, in a statement. "The facility is entirely discretionary and can be drawn upon as required or desired giving Maple certainty and flexibility of funding. Furthermore, the capital can be accessed quickly and at attractive pricing enabling Maple to respond to new opportunities and funding requirements as and when they appear.

"As an integrated energy company, Maple has a wide range of interests and assets across Peru, including our exciting Ethanol Project, and we believe this new equity financing facility further strengthens our capital position as we seek to deliver on our strategy and enhance value for our shareholders," Canon concluded.

Maple Energy's shares (London: MPLE) closed at 81.5p. Market capitalization is £72.7 million.

Maple Energy is a Dublin-based independent energy company.

Steinway to sell shares to Samick

Waltham, Mass.-based Steinway Musical Instruments will raise $27.2 million via a private placement of common shares.

Samick Musical Instruments Co., Ltd. is the investor.

The company will sell 1.7 million shares at $16.00 per share.

Samick also has an option of purchasing an additional 1.7 million shares at the same price before March 31.

Proceeds will be used to retire debt and for general corporate purposes.

In connection with the financing, Samick will appoint Jong Sup Kim, chairman of Samick, to Steinway's board of directors.

"I have known Mr. Kim for several years and am very pleased to have a director with his reputation and insight on our board and invested in our future," said Dana Messina, CEO of Steinway, in a news release.

"He has always had a high regard for our products and is very optimistic about Steinway's future in Asia and other parts of the world. Samick's investment is a clear endorsement of our long term strategy and future prospects."

Added Kyle Kirkland, Steinway's chairman: "Given current economic conditions, we've seen several opportunities to increase our market presence in all areas of our industry. Samick's minority investment provides added liquidity, enabling us to move aggressively on opportunities as they arise."

Steinway's stock (NYSE: LVB) gained $0.8373, or 6.60%, to $13.51. Market capitalization is $109 million.

Trevali plans C$7 million deal

Trevali Resources will take in C$7 million from a private placement of equity units, the company said in a press release.

The deal also includes a C$700,000 greenshoe.

The Vancouver, B.C.-based mining company will sell 10 million units at C$0.70 each under the terms of the non-brokered deal. Each unit will contain one common share and one half-share warrant. Whole warrants are exercisable at C$1.15 for two years.

The warrants also carry a forced conversion feature, should Trevali's stock trade at or above C$1.30 for 20 consecutive trading days.

Proceeds from the financing will be used for exploration and development of Trevali's Santander silver-lead-zinc mine in Peru, as well as to fulfill the 18-month budgetary requirements for its Toronto Stock Exchange listing application.

Steve Stakiw, manager of corporate communications, told Prospect News the company is "anticipating a close within the next two week."

"It's a good financing for us," he continued. "It takes us forward as we move to production status next year."

Stakiw said that the funds would specifically help the company on pre-development of Santander, including upgrades to its hydroelectric generators.

In addition, the proceeds would help "satisfy the parameters for the [Toronto Stock Exchange] listing."

Trevali's shares (Pink Sheets: TREVF) fell a nickel, or 6.20%, to $0.70.

Wireless Ronin seeks $6.66 million

Wireless Ronin Technologies will conduct a $6.66 million registered direct offering of stock, according to a press release.

The company will sell approximately 2.29 million common shares at $2.90 per share.

Proceeds will be used for general corporate purposes and working capital. Settlement is expected by Nov. 9.

James C. Granger, president and CEO, said that the deal has already received "substantial" interest.

"We have funds coming in right now," he said.

"I think the deal was very fair to the company and to the investors," he added. He noted that the deal represented "a good opportunity for long-term value" and that it "sets the company up very nicely through 2011."

"We have some very major opportunities out there in front of us," he explained. As such, he wanted to have sufficient funds to explore those opportunities.

"More importantly," he continued, "I wanted to make sure that I have a balance sheet" that gives "confidence to investors."

"This just sets the company on a path that can really provide shareholder value," Granger said.

Wireless' stock (Nasdaq: RNIN) dropped 22 cents, or 6.65%, to $3.09. Market capitalization s $43.5 million.

Wireless Ronin Technologies is a Minnetonka, Minn.-based provider of digital signage solutions to retail and service markets.

Focus to issue units

Focus Ventures is planning a C$6 million non-brokered private placement of common share units, the company said.

Focus will issue 8 million units at C$0.75 per unit. Each unit will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$1.00 for two years.

Ralph Rushton, vice president of corporate development, was hesitant to provide Prospect News with a closing date, but did say that the financing has garnered "sufficient interest to suggest that we can close it fairly rapidly."

As far as the terms of the deal, Rushton said the deal was "pretty much in line with some of the deals being done in the market at the moment."

The Vancouver, B.C.-based gold mining company will use the funds to advance its Nueva California property in Peru and for general workings capital.

Focus' equity (TSX Venture: FCV) finished unchanged at C$0.87. Market capitalization is C$16.7 million.

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