$400m (60m) sen unsec cb coming from GS. Terms: 5yr, 1.25-1.75% up 37.5-42.5%, 3yr put, full pctns. UOP = repay debt from acq/gcp. 8.82B online discount retailer thru its website Vipshop.com with stock +5.5x since 06/13 low. PF Cash = 574m Debt = 401m LTM ebitda = 72m Gross lev – 5.5x & last […]
$125m (+18.75m) sen unsec (sub guarantee) coming tonight from MS Terms: 7y, 2¾-3¼% up 22½-25½%, full pctns.UOP=note hedge/gcp $1.2bn consumer debt portfolio manager with 2 exist deals; $115m 3% 17 issued 11/12 up 25% w/stk @ $25¼.Stk +40% & $173m 3% 20 issued 06/13 up 30%. Stk +40% again & here we are. 3%/20 […]
$350m (+50m) sen unsec cb coming tonight from MS/CITI. Terms: 5y 4½-5% up 30-35%, full pctns. Cncrrnt $175m 7% conv prfd shs to P2 Capital. UOP=repay ~$178m revolver/~$200m PRU 4.5% loan (lev ratio covnnts tripped).$1.5bn supply chain mgt provider w/global rev split=NA 34%/AFRICA 19%/ASIA 22%/EUR 25%. Macro env/costly exec of global system factors for poor […]
$1.6bn (+240m) sen unsec cb coming tomorrow from GS/MS/JPM/DB. Terms: <A> 5y, ¼-¾ <B> 7y, 1¼-1¾% up 37½-42½%, full pctns. UOP=note hedge/Gen III dvlpmnt. PARTIAL HAPPY MEAL. Stk +2.25x since existing $660m CB came 05/13 (1½% + 35%) & now ~209 (-1pt post announcement).LTM cash=2.34bn,debt=2.28bn,LTMebitda=44m (FY 14=422m est),lev=5.4x FY14 est. Existing CB=eqty at this pt […]
$150m (+22.5m) sen unsec cb coming tomorrow from JPM/MS:Terms:5y 2¼-¾% up 30-35%, full pctns. UOP=note hedge/gcp. $460m biotech specializing in iron oxide nanoparticle tech w/it’s main drug, Feraheme representing ~70% of rev (FY13 sales=$71m & JEF analyst forecasting $121m FY20. PFcash=343m, debt=150m, LTMebitda=(.5m), FCF=(8.4m). We’d assume L+600. ADV=140k, no leaps, all historic vol metrics >50%. […]
********** $100m (+15m) sen unsec cb coming tonite from CS/JPM/NOM.Terms:5y 4¼-¾% up 25-30%, full pctns.Concrnt 2.6m (+390k) stk placement UOP=gcp/expanding capacity. $1.7bn solar manufacturer founded in 2001 w/facilities in CANADA/CHINA & 1000 custies in 40 countries Stk +11x since 03/13 (yes 11x!). PFcash=274m,debt=1.092bn (800m= s/term Chinese bank funding),LTMebitda=185m,fcf=130m.FY14 ebitda exp 432m, FY15 525m. Different busineses […]
$300m (+45m) sen unsec cb coming tonight from MS/MER/GS/RBC. Terms 5y, 3-3.5% up 27.5-32.5%, full pctns (kinda). UOP = gcp/acq NRG Energy Assets. Former subsidiary of NRG ipo’s 07/13 @22 w/stock +71% t/d ($2.4B m/cap). Owns portfolio of renewable & conventional generation & thermal assets. PF Cash = 421m Debt = 1.467B LTM ebitda […]
$1bn (+150m) sen unsec cb coming tonite from MER/CS. Terms: 5.5y 1½-2% up 25-30%, full pctns. UOP=stk buy back, note hedge/gcp. HAPPY MEAL/1% TRS BRW. Let’s start here; HLF 2y(3/16) secured t/ loan is illiquid but quoted ~96 which=L+414. So then what should mkt use 4 a 5.5y unsec/cb at holdco? PFcash=892m,debt 1.95bn,LTM ebitda=795m,fcf=590m,gross lev=2.4x. […]
*********** $200m (+30m) sen cb coming tonite from JPM/BOA.Terms:7y,2⅝-3⅛% up 27½-32½%, S/C 4y @ 130% (m/whole),pctns.UOP=finance Cangene acq. $960m pharma specialising in biodefense vaccines (has the only FDA approved Anthrax vaccine (Stk +100% from 04/13 low).Acq exp 2 close 1Q 14 & will help diversify product mix (will add 3 more products incl within the […]
$200m (+30m) sen unsec cb coming o/night from MS. 7y, 3⅝-4⅛% up 10-15%, s/call y5 @ 130%, full pctns. UOP=repay revolver/acq/ gcp. Stk +10% already ytd. Existing 10y $200m CB came 04/13, 5% up 10% w/stk @ $21.45 (s/callable w/130% trigger 04/20). Went out ~107.5 vs 22.06 they back out ~L+356 using a generous 20vol. […]