$230m (+34.5m) sen sub cb pricing tonight from JPM/MS. Terms: 7yr bullet, 1.75-2.25% up 27.5-32.5% prot. UOP = up to $175m to redeem straights & cb hedge & gcp. Chart Insutries makes cryogenic & low temperature products for a variety of apps (gas, chemical, biomed). $1.7B mkt cap. Majority of Rev from energy segment, but […]
$300m (+45m) 144a senior cb pricing tonight from Boa/JPM. Terms: 7 yr bullet, 3.75-4.25% up 32.5-37.5, prot, UOP = pay down credit fac & buy back stock HAPPY MEAL. FNF is first in US tital insurance, Stk was up 5.7% yesterday on earnings. Stk not seen this level since Fall 09. Straight trade around 300 […]
$125m (18.75m) 144a sen cb pricing tonight from ML/DB/CNTR. Terms: 5 yr bullet, 4.25-4.75% up 17.5-22.5%, prot. UOP = capped call & possible M&A. $2.2B mkt cap. Street broker specializing in OTC products; was originally part of Cantor Fitz which still holds large stake. Low leverage, +FCF, decent liquidity. Recently signed new revolver at L+300, […]
$100m (+15m) sen unsec cb coming tonight from CITI. Terms: 5yr, 5.25-5.75% up 20-25%, full pctns. UOP = Acq of Marcellus Shale assets & gcp. %540m indy E&P co. HY mkt turned away recent $250m deal which woould have taken out 11.5/12% str8s. Capex high on 3 UK/US projects as it strives for 10k boe […]
$600m (+90m) sen unsec cb coming tonight from MS. Terms A:300m, 20 yr, 1.5-2% up 20-25%, s/c btw 3-5 yr@130% (cpn m/whole to 5yr), H?C > 5y, put 7y. B:300m, 20 yr, 1.875%-2.375% up 20-25%, s/c btw 4-6y@130% (cpn m/whole to 6 yr), H?C > 6 yr, put 9y. pctns. UOOP=gcp/stk buy back/hedge. B4 news, […]
Daiwa color $250m ($46.9m) sen sec cb coming tonight from GS/BARC. Terms: 7yr 3.75%-4.25% up 20-25%, call 4life @130% w/NO cpn make whole (*** A coupon make-whole was added to the deal at the end ***) UOP = repay sec debt. $3B RE co which operated in high barrier to entry mkt in 27 states. […]
Daiwa New issue Color $550m (+82.5m) 144a sen cb pricing tonight from MS/JPM/UBS. Terms: 5 yr bullet, 1-1.5% up 30-35% prots, UOP = PopCap acq, warrant trans & gcp. EA is a leading video gamer (think Madden NFL). They just announced acq of PopCap (plants vs zombies) for $650m cash +100m stk +w/up to $550 […]
Daiwa new issue color (5/4/11) $525m (+75m) 144a sen cb pricing tonight from JPM/BOA. Terms: 30yr, 2.5-3% up 15-20%, soft call yr 10@150% Happy meal: up to $400m used to buy back stock. Last week NVLS gave disappointing guidance & stk got hit. They’ve now upsized previous shs buyback by $600m. This is a breakeven […]
$110m (16m) sen sc coming tonight from JPM. Terms: 5yr, 3.5-4% up 30-35%, s/c 4 yr @130% & hc 5 yr, full pctn, cncrrnt 1.15m stock sale (wont receive proceeds). UOP = gcp/buyback 5.375% ’13 old cb issued 2008 (5.375 up 34% w/strike @15.93). Illiquid & fair/straightly rich (120.5 vs 20.49 = L+410 for 2 […]
$325m (48.75m) reg senior cb pricing tonight from BAS/GS Terms: 6 yr bullet. 2.5-3% up 27.5-32.5%, protect. UOP =gcp & repurchase olds 2.25% ($230m). NUVA is a medical device company focused on spinal surgery mkt. Mkt cap = $1.3B. Their competition is from much larger MDT/SYK. B/S is decent: PF Cash = $311m, PF Debt […]