$125m (18.7m) sen unsec cb coming tomorrow from MS/GS. Terms: 7y, 3-3.5% up 30-35%, full pctns. Concurrent 12m stk placement. UOP=gcp/working capital. What a turnaround! Stk +2.2x in LTM w/co signing the Sapphire Substrate manufacturing pact w/APPL just 1m ago. Existing 3% 2017 (3.82y) back out L+40 (40%), L+241 (35%). A diff $px/profile so […]
$100m (+15m) sen unsec cb coming tonight from BOA/CS. Terms: 7yr, 2.73-3.25% up 27.5-32.5%, full pctns. UOP = gcp/working capital. $650m specialty pharma focused on weight loss prevention. Stk +53% from 11/05 to 11/29 w/its main frug expected to get approved in mid 2014. Tough 2 judge binary credits like this on historic data (nothing […]
$200m (5m) sen unsec cb coming tomorrow nite from GS/WFC. Terms: 7y, 2.25-2.75% up 30-35%. s/c y4@125%, full pctns. UOP = repay $200 6.25% 15 str8. $5.3B specialty chemical company w/stock up 35%ytd. PF Cash = 205m Debt = 1.4B LTM EBITDA = 521m FCF = 131m Lev = 2.3x Existing 6.125% 2019 back […]
$1.3B (200m) sen cb coming tonight from GS. Terms: 5y, 0.75%-1.25% up 27.5-32.5% full pctns. UOP = cb hedge/fund $1B capital return program/stock buyback. HAPPY. $8.6B semiconductor, founded in 1993 w/stk +27% ytd. PF Cash = 4B Debt = 1.3B LTM EBITDA = 750m FCF = 468m (post dividend payments) Lev = 1.7x We’d […]
$1B (150m) sen unsec cb coming tomorrow night from JPM/GS. Terms 5y, 0-0.5% up 45-50%, full pctns. UOP = $200m stock buyback/note/hedge/gcp. HAPPY MEAL. Stock +88% ytd & +98% LTM. PF Cash = 2.6B, debt = 1.1B, LTM EBITDA = 1.325B, FCF 975m, lev 1.2x. We’d assume L+125 for 5y ADV = 19m, 16/01 same […]
$250m (+37.5m) sen unsec cb coming tonight from BAC/JPM/WFC. Terms 7y, 0.75%-1.25%, up 22.5-27.5% full pctns. UOP = note hedge/$30 stock buyback/repay revolver. Domestic operator of 52900 ATMs (incl 2200 multi-function financial services kiosks). Stock +82% ytd vs. 31% NSDQ. PF Cash = 19m, debt = 551m, LTM EBITDA = 197m, FCF = 107m, lev […]
$150m (+22.5m) sen unsec cb coming tonight from CITI/BOA/WFC/JPM Terms: 4¾-5¼% up 22½-27½%, Div Pctn >.5 qtr. UOP=originate & acq commercial mrtge loans. $740m mortgage REIT. Recent comps in CB mkt;RWT=mix of comm/res mrtge loans, came 02/13 4.63% up 20%, ICS now~480 (25vol). IVR=mixed pfolio also, came 03/13 5% up 15% & traded poorly. Now […]
$100m (+15m) sen unsec cb coming tonight from JPM/MS. Terms: 5y, 2-2½% up 27½-32½%, full pctns. UOP=CB hedge/gcp/acq. $440m drug discovery & development outsourcing biz w/stk up 1.9x YTD. CRL=comp (albeit much larger). Co will lose $40m annual royalty from Allegra in ’15, representing ~16% of current rev. LTMebitda =45m,fcf=22m,PFcash=120m,PFdebt=107m,lev=2.4x. We’d assume L+700 ADV=340k, no […]
EXXI is in the market with a new $300 million Senior Unsecured Convertible Due 2018. The talk is a 2.75 – 3.25% coupon and a conversion premium range of 47.5% – 52.5%. With the Company planning to concurrently use $100 million from borrowings under one of its credit facilities to repurchase stock, we would not […]
$175m (+25m) sen unsec cb coming tonite from BOA/JPM/BARC.Terms: 3y,1-1½% up 40-45%,full pctns. UOP=1.7m stk buyback/redeem 5.7% str8. HAPPY MEAL. Existing pari 3y 3% CB came 11/12 w/42½% prem ~125.75 vs 12.37 = 2.4%cy up 19% & backs out L+318 (30vol). Pari 5⅞%16 str8 ASW ~L+275 & 5.85% 17 ASW ~L+330. We’d assume L+300 for […]