Secondaries Announced 6.6.17

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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: National Commerce Corporation
Symbol: NCOM
Price: Last Trade $38.15
Trade Date: 6/7
Re-offer Range: Subscription Needed
Shares: 0.92 million ($35m cash raise)
Underwriter(s) : Keefe Bruyette & Woods
Co-Manager: Raymond James, Stephens Inc.
Rating = Subscription Needed

Company: Golub Capital BDC, Inc.-BLOCK
Symbol: GBDC
Price: Last Trade $19.69
Trade Date: 6/7
Re-offer Range: Subscription Needed
Shares: 1.75 million
Underwriter(s) : UBS Investment Bank
Rating = Subscription Needed

Company: Exact Sciences Corporation
Symbol: EXAS
Price: Last Trade $36.59
Trade Date: 6/7
Re-offer Range: Subscription Needed
Shares: 7 million
Underwriter(s) Jefferies, BofA Merrill Lynch, Baird
Rating = Subscription Needed

Company: Upland Software, Inc.
Symbol: UPLD
Price: Last Trade $22.05
Trade Date: 6/7
Re-offer Range: Subscription Needed
Shares: 1.25 million ($25m-$30m cash raise)
Underwriter(s) : Needham & Co., William Blair
Rating = Subscription Needed