Secondaries Announced 5.10.17

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Conatus Pharmaceuticals Inc.
Symbol: CNAT
Price: Last Trader $7.02
Trade Date: 5/11
Re-offer Range: Subscription Needed
Shares: 4.8 million
Underwriter(s) Stifel, SunTrust Robinson Humphrey
Rating = Subscription Needed

Company: Kinsale Capital Group
Symbol: KNSL
Price: Last Trade $35.19
Trade Date: 5/12
Shares: 3.3 million
Underwriter(s) J.P.Morgan, William Blair, RBC Capital Markets
Co-Manager(s) SunTrust Robinson Humphrey, Dowling & Partners, Moelis & Company
Rating = Subscription Needed

Company: Arbor Realty Trust
Symbol: ABR
Price: Last Trade $8.75
Trade Date: 5/11
Re-offer Range: Subscription Needed
Shares: 9.5 million
Underwriter(s) J.P. Morgan, Deutsche Bank Securities, JMP Securities
Rating = Subscription Needed

Company: Bright Horizons Family Solutions Inc.
Symbol: BFAM
Price: Last Trade $80.61
Trade Date 5/11
Re-offer Range: Subscription Needed
Shares: 4.15 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed

Company: US Foods Holding
Symbol: USFD
Price: Last Trade $28.00
Trade Date 5/12
Shares: 35 million
Underwriter(s) Goldman Sachs, Morgan Stanley, J.P. Morgan, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Wells Fargo, KKR
Co-Manager(s) BMO, BTIG, Guggenheim Securities, ING, Rabo, Natixis
Rating = Subscription Needed

Company: SP Plus Corporation
Symbol: SP
Price: Last Trade $31.70
Trade Date: 5/11
Re-offer Range: Subscription Needed
Shares: 3.6 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed