$210 (+40m) sen unsec cb coming tonight from DB. Terms: 5yr bullet, 0.5-1% up 20-25%, full pctns. UOP = hedge/$212m stk buy back. Mktd to hedgers on swap/traders. Stock has nearly halved since April & fell 18% alone in Aug when Remodulin trial failed. 2.2B mkt cap now but a good credit; PF Cash = […]
March 18, 2011 On March 18, Advantest offered to acquire Verigy for $15 per share. The conversion ratio for the converts were 76.263 but holders get an additional 8.5 shares under the make-whole matrix for a total of 84.763. Following the announcement, the VRGY 5.25% converts were trading at 124.75 vs 14.06 stock price. Upon […]
April 11, 2011 This is an example where a faster than expected close caused convert holders to lose the last coupon. AMMD agreed to be acquired by ENDP for $30 in cash with an expected closing date in late 3Q2011. According to the indenture, AMMD has 0 to 20 days after the merger completion to […]
From xtract research 9/20/11 There are two types of fraudulent transfers under the Delaware Fraudulent Transfer Act. The first, actual fraud, requires actual intent to hinder, delay or defraud any creditor. Actual intent is very difficult to prove, and we don’t believe, it can be successfully argued here. The second, constructive fraud, requires the holders […]
$100m (+15m) sen unsec cb coming tonight from JPM/GS Terms: 7yr, 3.25-3.75% up 27.5-32.1% s/c ? 4yr @130%, pctns Concurrent 4m stk UOP= r&d, gcp Pulmonology/fibrotic disease specialist w/EU approval of its Esbriet (will be exclusive treatment for 2yr). Hopes to complete US Phase III within 2yr to resumbit for approval. A one-drug to riches […]
$300m (+45m) 144a senior unsec cb pxing tonight from GS/Citi. erms: 7 yr bullet, 2.875%-3.375% up 32.5-37.5, prot, UOP = repurchase $109m 9% cb, hedge. Since bringing 1.875% ’16 in Feb, co burning cash and drew down on revolver (will have $322m avail thru 6/14) PF cash = 809m, PF debt = 1.046b, LTM FCF […]
$230m (+34.5m) sen sub cb pricing tonight from JPM/MS. Terms: 7yr bullet, 1.75-2.25% up 27.5-32.5% prot. UOP = up to $175m to redeem straights & cb hedge & gcp. Chart Insutries makes cryogenic & low temperature products for a variety of apps (gas, chemical, biomed). $1.7B mkt cap. Majority of Rev from energy segment, but […]
$300m (+45m) 144a senior cb pricing tonight from Boa/JPM. Terms: 7 yr bullet, 3.75-4.25% up 32.5-37.5, prot, UOP = pay down credit fac & buy back stock HAPPY MEAL. FNF is first in US tital insurance, Stk was up 5.7% yesterday on earnings. Stk not seen this level since Fall 09. Straight trade around 300 […]
$125m (18.75m) 144a sen cb pricing tonight from ML/DB/CNTR. Terms: 5 yr bullet, 4.25-4.75% up 17.5-22.5%, prot. UOP = capped call & possible M&A. $2.2B mkt cap. Street broker specializing in OTC products; was originally part of Cantor Fitz which still holds large stake. Low leverage, +FCF, decent liquidity. Recently signed new revolver at L+300, […]
$100m (+15m) sen unsec cb coming tonight from CITI. Terms: 5yr, 5.25-5.75% up 20-25%, full pctns. UOP = Acq of Marcellus Shale assets & gcp. %540m indy E&P co. HY mkt turned away recent $250m deal which woould have taken out 11.5/12% str8s. Capex high on 3 UK/US projects as it strives for 10k boe […]