$250m (+37.5m) sen unsec coming tonight from JPM/BARC/WFC. 5 yr, 0.5-1% up 40-45%, full pctns. UOP = redeem 4.375% CB/gcp. We’d use 400 for 5 year. 2 yr 50/10ile = 38.7/25.9. Same strike Jan 2015 LEAPs = 32 bid. We’ll use 32. Theo = 96.75. 1.75% have long been a fav of o/r community and […]
$300m (+45m) sen unsec cb coming tonight from JPM/Citi. Terms : 7 yr 1-1.5% up 27.5-32.5%, full pctns. UOP = hedge/repay debt. Co has experienced a weak op/environment but vitals still relatively solid. CB ranks behind sec/loan & revolver. We’d assume L+350 for 7 yr. ADV = 3.2m, low OI in leaps but 01/14 […]
$440m (60m) sen unsec cb coming tonight from MS/GS?BARC. Terms Tranche A: 5 yr, 0.5-1% up 32.5-37.5%, full proctections. UOP = gcp/acq/hedge. Continuing trend of equity +dvd cb structures w/pre rate move coupons. Stock +32% from Feb low with a healthy $11.4B mkt cap now. Similar 2 CSOD with limited history (IPO in 2012) N/CNQR […]
$220m (+33) sen unsec cb coming tonight from GS/CS. Terms : 5yr 1.25-1.75% up 32.5-37.5, full pctns. UOP = gcp/acq/hedge. Enhanced equity structure (stk + dvd). Stk +139% ytd & 55% in 2012. Fast growing $2B cloud based co which IPO in 03/11. We’d cap vol at 30%. Model is secondary tool, a sanity check. […]
$250m (50m) sen sub cb coming tonight from JPM/BARC/WFC. Terms = 6yr, 1-5.5% up 30-35%, full pctns. UOP = gcp. 1.875% 2018 = darling of the O/R. In 3 pts like a lot of the rich balanced space of late. Came 1.875% up 34%, went out 115.75 vs close and xpar +39% & ICS of […]
$100m (15m) sen unsec cb coming tonight from GS/JPM. Terms: 7yr, 3-3.5% up 27.5-32.5%, sc y 4 @130%, full pctns. UOP = repay debt. Biotech equity +dvd structure. Catalyst; pipeline = 2x cancer drugs exp 4 ph3 trials late 2013 and 2 x inflame drugs in ph2, data on asthma trials late 2013, possible Ovarian […]
$1B (+100m) 2 tranche Mando coming tonight from JPM/MER/GS. Terms: tranche A $500 (+50) 04/01/16, 5.375%-6.125% +17.5-22.5% tranche B $500 (+50) 07/01/16, 5.5%-6%, +17.5-22.5%, full pctns. UOOP = gcp, repay s/t debt. Re-offer @49 Hedge funds will be exposed to 06/05/13 div so A will be 11 coupons and 12 dividends B will be 12 […]
$270m (40m) sen unsec CB coming tonight from HPM/Barclays. Terms: 5yr, 0.5-1% up 27.5-32.5%, full pctns, UOP = share repurchase, working play. PF debt = $273m PF cash = $423m EBITDA $25m FCF $46m 11x leverage. We’ll use 27% for 5 yr. Borrow GC Theo = 100.45 Mids floor of 84.5 and a balanced delta […]
$350m (+52.5m) sen unsec cb coming Wed night from CS/JPM/DB. Terms: 5 yr, 0.5%-1%, 27.5-32.5%, full pctn. UOOP = note hedge/GCP. Though lots of cash (PF = 806m) w/PF debt = $638m and PF EBITDA $38m, lev is high, can co has plans for acquisition. We’ll use L+350 ADV = 546k, 2 yr 90d 50/10 […]
$1B (+150m) sr converts coming overnight/happy meal from GS. Terms: re-offer at 98.5-99. 7 year bullet, 0.35 up 66%, full pctns, UOP = share buyback /GCP @98.5: 0.57% up 63.5%. We’ll use 120 for 7 yr, 30 vol. GC borrow, Theo = 95.3 and 35 iv. The existing 1% got crushed today ahead of this […]