$600m (+90m) sen unsec cb coming tomorrow night from GS. Terms: 5y, 1-1.5% up 40-45%, put 3y, full pctns. UOP = $100m stock buyback/gcp. Stock +65% since 06/13 low w/strong Q3 nos & Q4 rev/sales upgrade driving an +11% move today. We do not question the biz buy only the market timing of another Chinese […]
$125m (18.75) sen unsec cb coming tonight from GS. Terms: 5yr, 1/75-2.25% up 27.5-32.5%, full pctns. UOP = $200m stock buyback. $600m data storage co w/stock -30% in last 2y. Co recently initiating an aggressive cost savings program (est $30 this fiscal yr & will run 2 YE15). Along w/some exec/level changes & stock buy […]
$200mm (+30m) sen unsec cb coming tonight from GS. Terms: 15y, NC-5, Puts 7, 10, 3¼- 3¾% up 32½-37½%, full pctns, UOP=GCP. Existing $350m 2.5% CB w/exp life of 2.1y went out ~127⅞vs cls = L+350 assuming 20% (CS01=1.07). Being a very different profile we do not expect much cheapening (may see some o/r […]
$500mm (+75m) sen unsec cb coming tonite from MS/JPM/BOA/RBC/WFC Terms: 5y, 0 – ½% up 32½-37½%, full pctns. UOP=GCP/note hedge Potentially another good cap structure set up in the cloud space w/stk up 120% ytd. If you had not already noticed, sector trades v/tight;4.7y MDSO=L+280 (35vol), 4.7y WDAY A=L+195 (30vol), 4.5y N=L+75 (30vol) & 4.6y […]
$1bn (+150m) sen unsec cb coming tonight from GS. Terms: 7y, ¾- 1¼% up 30-35%, full pctns. UOP=note hedge, poss debt/stk buy back. CREDIT: PFcash=3bn Debt=2bn LTMebitda=1.9bn fcf=1.2bn,gross lev=1.05x ESTebitda 4 ’13=2.06bn, 14=2.25bn. Existing 3.8y pari 1% CB ~144⅝vs 68=L+170 ICS/29iv (L+75), using 50bp thru funding =L+42/31iv. We’d assume L+150 for 7y.ADV=4.2bn, 01/16 same […]
$100m (+15m) sen unsec cb coming tonight from JPM/MS: Terms: 5y, 5¾-6¼% up 10-15%, full pctns. UOP=gcp/acq. $750m diversified CRE REIT founded in 2005. Let’s look at comps in CB world; IVR = $2bn mkt cap. Came 03/13: 5y, 5% up 15% now ~93=ICS ~L+585 (22%) NLY=$10bn. Came 05/12: 5% up 15% now 1.6y, ICS […]
$500m (+75m) sen unsec cb coming tonight from CITI/MS/JPM.Terms: 10y, 1½-2% up 17½-22½%, full pctns. Holdco stakes=52% SIRI, 100% Atlanta Braves (+5 minor league teams), 27% CHTR, 27% LYV. PF cash=1.26bn, debt=4.7bn (3.18bn = SIRI/XM debt) & CB will be sub. Est ’13 EBITDA=1.29bn, FCF=250m. We’d assume BBB-/BB+ L+250 for 10y. $17bn mmkt cap, ADV=660k, […]
$500m (+75m) sen unsec CB coming Thurs from JPM.Terms: 5y,1¼-¾ up 37½-42½%, put 3y, full pctns. UOP=cb hedge /gcp. Stk +2.25x since last CB was issued (18/09/12) w/0.5 parity @ 285. Recent $600m QIHU deal (different biz but comparable cb structure/size) came 2% up 40% now ~109.5, x/par +72% & backs out L+305 (35vol) for […]
$500m (+75m) sen unsec CB coming Thurs from JPM.Terms: 5y,1¼-¾ up 37½-42½%, put 3y, full pctns. UOP=cb hedge /gcp. Stk +2.25x since last CB was issued (18/09/12) w/0.5 parity @ 285. Recent $600m QIHU deal (different biz but comparable cb structure/size) came 2% up 40% now ~109.5, x/par +72% & backs out L+305 (35vol) for […]
$130m (+20m) sen unsec cb coming tonight from GS.Terms:5y,3-3½% up 27½-32½%. UOP=cb hedge/repay sen debt. $700m mkt crude oil refiner based out of TX. NTI & CVI=comps in HY mkt (1st/2nd lien ~L+400-500). Input cost=WTI w/output priced off Brent so as sprd widens ALJ benefits. PFcash=234m, debt=683m, LTMebitda=478m with low lev=1.4x. We’d assume B […]