$500m (+75m) sen secured cb coming tonight from JPM. Terms: 5yr, 2.375-2.875% up 40-50%, pctns. Happy Meal. UOP = m/facturing expansion. All about Provenge. Exp to peak w/$2.2B US & 1.3B EUR rev & exp 2012 rev of $865m & EBITDA of $360m (wont even refer to LTM cos you buy this for the future […]
$300m ($45m) sen unsec cb coming tonight from JPM/BOA/WFC/DB. Terms: 5yr, 5.75-6.25% up 17.5-22.5%, div pctn > 35c. UOP = repay debt/gcp. invests in debt/equity of middle mkt co’s (portfolio = 40% 1st lien, 36% sub, balance equity & other). CP & revolver financing done @same time as Allied Capital acq in 2010. BBB/Ba1 rates. […]
$150m (22.5m) 144a senior cb overnight from MS. Terms: 5yr bullet, 5.75% up 17.5%, dvd prot > 28c per qtr. UOP = repay credit facility & gcp refooered 98-98.5. Shall we just cut & paste ARCC color? A closed end mgmt co. BBB rated. $2.2B mkt cap. Cash = 26m, debt = 1.4B, $880m available […]
Distressed Debt Investing Website 01/04/11 Adequate Protection is always as an interesting issue when it comes to investing in distressed bonds and bank debt secured by various assets. Because a creditor’s interest is secured by those same assets, it is assumed that the debtor will set up a mechanism to preserve the value of […]
Distressed Debt Investing Website 12/20/10 As noted many times on this site, Chapter 11 cases are expensive. From paying $700-$1200/hour for senior lawyers, success based fees for financial advisors, and (in my opinion the most important) business issues such as loss of customers, suppliers, employees, etc costs start to add up. That being said, and […]
$500m (75m) sen sub cb coming tonight from BARC/GS/JPM. Terms: 15 yr, 3.5-4% up 20-25%, s/c 8 yr@120%, full pctns UOP = buyback $525m 3.25% convert. Another b/e trade but with o/r interest 7.75% 2020 sub straight oas = 464 (mid)., 10 yr sub CDS = 450-475 & 4% prf = 690 ics (25 vol). […]
$150m (+26.25m) sen unsec cb coming tonight from CITI/FBR. Terms 5 yr, 3-3.5% up 27.5-32.5%, pctns. UOP = gcp. Small $800m co which doesn’t see titanium supply/demand inbalance to unwind until 2H11 earliest. PF Cash = 304m Debt = 175m LTM EBITDA = 24m FCF = 6m Lev = 7.3x Cap ex w/remain high until […]
$100m (15m) sen unsec cb coming tonight from JPM. Terms: 7yr 3.5-4% up 22.5-27.5%, full pctns, concurrent 1m (+150k) stk placement UOP = gcp. $1B heart pump implant manufacturer which competes w/THOR’s Hertmate product. Co public <2 yr w/recent approval for Europe. Estimate = co to turn profitable in 2013 if Bridge to transplant hits […]
$90m (30m) 144a senior cb pricing tonight from MS. Terms: 5 yr, 6-6.5% up 20-25%, 3 yr put, protections. UOP = buyback $62m of $90m outstanding 6% which are puttable next June. Balance of proceeds for NPCC production capacity expansion. Chinese manfacturer of nano-precipitated calcium carbonate (NPCC) used in a varity of products (primarily tires […]
$160m(24m) sen unsec cb tonight from JPM.CS. Terms: 5yr, 2-2.5% up 20-25% UOP = strategic acq/gcp. Leading Chinese hotel chain in 134 cities (404 leased/324 franchised). 54 lease/60 franchise in construction w/250 exp for ’11 (opening 50 midscale hotels under Yitel brand within 4-5 yr). Occ rate = 96.7% vs 91.5% FY09. liq good 3Q10 […]