Annaly (NLY) $750m (+115m) sen unsec bought cb coming overnight by CS/MS. Terms: 3yr, 5% up 15%, dvd pctn > 55c per qtr. UOP = to buy mbs portfolio & gcp. Not sure where to begin! Existing 4% ’15 backs out L+500. We’ll use L+400 for this and 15 vol. Taking stk down to $16 […]
Titan Machinery (TITN) – 4/18/12 $115 144a senior unsec cb pricing tonight from BAML/WFC. Terms: 7 yr, 3.625-4.125% up 30-35%, nc-3y, s-call thereafter @120%, prot. UOP = working capital & gcp (incl repaying portion of floor plan finance). Titan Machinery sells & rents agricultural & construction machinery in Midwest & Europe. $675 mkt cap stk […]
4/17/12 Wabash (WNC) $150m sen unsec cb coming tonight from MS/WFC. Terms: 6yr, 3.375-3.875% up 32.5-37.5% full pctns. UOP = fund walker acq/gcp. Note: co has option to pay 101 + 75% parity move (theo delta) + accrued if deal fails. Small $621m truck/trailer manufacturer w/have $450m debt > deal w/$300m secured ahead of CB. […]
4/17/12 Tibco (TIBX) $500m (+75m) 144a sen cb pricing tonight from MS/JPM/C/BAML. Terms: 20 yr, 2.25%-2.75% up 47.5-52.5, 5yr put/call, prot. UOP = $150m stock buyback, $150m credit facility & gcp. Partial Happy Meal. TIBCA Software provides infrastructure software products to link internal operations & customer channels in real time. $5.4B mkt cap. 2.5x lev, […]
4/11/12 Micron added S/C make whole protection on both bonds. $870m (+130m) sen unsec CB coming Thurs night from MS/JPM. Terms C 20y, 1.875-2.375% up 37.5-42.5%, s/c 4 yr @130 put H/C yr (D) 20 yr, 2.625-3.125% up 42.5-47.5%, s/c 5yr @130 put & H/C 9y. full pctns. UOP = gcp/hedge. Similarly structured 2 tranche […]
DFC Global DLLR 4/9/12 $200m (+30m) unsec cb coming tonight from BARC. Terms: 5yr, 2.75-3.25% up 27.5-32.5, full pctns. UOP = hedge/repay debt/gcp. Happy meal for the minority. Structurally sen 10.375% 16 str8 OSA 570 bps 3% cb (put/call 04/15) backed out L+590 pre-news (using 32 vol). We’ll back 5 yr spread to L+750. Again, […]
3/13/12 Salix Pharmaceuticals $500m ($75m) snr unsecured CB coming o/night from Bofa. Terms, 7 yr bullet, 1.5-1.75 up 35%, full pctns, happy meal. UOP include buying back 5.5%/2028 CBs and $50m of stock. Existing 2.75% of 2015 is a $345m deal, back out L+213 (35 vol). Hear 45/350 being suggested for modeling, those that follow […]
Ares Capital (ARCC) $150m (+22.5m) sen unsec cb coming tonight from WFC, MER, JPM, MS. Terms: 5yr, 4.375-4.875% up 17.5-20%, full pctns (div > 0.37). UOP = gcp, debt repayment. $575 deal came 5.75 up 17.5% (01/11), $230m cb came 5.75 up 17.5% (01/11) $230m cb came 5.125 up 17.5% (03/11), both priced off $16.28 […]
Price line (PCLN) $875m (+125m sen unsec cb coming tonight from GS. Terms: 6yr, 1% up 50%, reoffered 98.5-99.5, full pctns. UOP=$200 stk buy back/gcp. Happy Meal for those who want. Put this into perspective; stk up 35% ytd, up 270% from 03/2010 1.25% issue and this will be struck up another 50%. The model […]
Daiwa new issue SGY Stone Energy $250m (+25m) 144a cb pricing tonight from BARC/MER. Terms: 5 yr bullet, 1.5-1.75% up 30-35%, prot UOP= warrant trans & gcp. Stone Energy is a small oil & gas e&p focused on Gulf Coast Basin. $1.5B mkt cap. Low lev of 1.5x and good liquidity; though cash burn to […]