$200m (+15m) sen unsec cb coming tonight from JPM. Term: 5.5y, 1.25-1.75% up 22.5-27.5%, full pctn. UOP hedge, $40m stk buyback, Mkt leader in surgical instruments, last in out mkt in ’07 (5 yr came 2.375% +25% with stk amazingly at this lvl). Co spent $89m cash but will double spinal mkt rev w/Seaspine acq. […]
$100m (+20m) 144a sen cb from GS/JEF pricing tonight. Terms: 7 yr, 1.25-1.75% up 17.5-22.5%, 5yr s/c @140% (w/coupon make whole) prots. UOP = gcp. One product biz which ipod in 06/09. Co is mkt leader but niche is exp to grow fast = competition from the likes of ALU etc. Liq good w/cb & […]
$150m 144a convert pricing overnight from JPM Terms 30yr 2-2.5% up 10-15%, nc-10, soft call thereafter @150%. UOP = share repurchase. Happy meal. Another breakeven trade: this one does so in 5 yrs which is reasonable. Mids price talk of 2.5% up 12.5% is exactly where they priced the olds last NOV; those oldsb/e in […]
$135m (20.5m) sen unsec cb coming tonight from BAC UOP = hedge/opportunistic 2% repurchase. Terms: 4yr, 3.5-4% up 25-30%, full pctns. Biz=patent/royalty stream shell co (both expire by 12/14) Mgt evaluating longer life royalty stream > 2014 o/wise biz over. In mean time, co returing cash to s/holders & redeem 2%. After 12 $92m 2.875% […]
$125m (25m) 144a sen sb pricing from CS. Terms: 5yr, 3.75-4.25% up 22.5%-27.5%, 3yr put. UOP = capped call trans & cap ex $591m mkt cap. Jinko Solar is a vertically-integrated solar company based in China. They went public just a year ago and are spending heavily on capex. Their other debt is bank debt, […]
$275m (+25m) sen sub coming tomorrow night from GS/BARC. Terms 5yr, 2.5-3% up 27.5-32.5% full pctns. UOP=repay debt & w/heedge. 26 JV & managed brands w/stable royalties & strong FCF (FY11 exp $170m) PF Cash =200m debt =715m LTM FCF = 157m EBITDA = 211m lev = 3x (no’s assume t/loan repaid) We’d assume B+ […]
$100m (20m) sen unsec cb coming tonight from DB. Terms: 5yr, 3-3.5% up 25-30%, full pctns. UOP=gcp/acq. Core biz rev up 66% YOY in Q1 (ophthalmic & hospital drugs) with a solid pipeline (20 ANDAs on FDA file w/est mkt value of 3b w/20 expected in next 6 months). Historically, growth has been thru acq […]
$100m senior unsec cb pricing wed night from GS. Terms: 7 yr 3.5-4% up 22.5-27.5%, pctns Cont w/$150m HY sec deal UOP = repay credit fac/hedge/gcpgcp. Co invests in real estate, oil & gas properties & forested land. 65% rev=r/estate biz which has been weak. Nat/resource biz has also struggled due to low NG prices […]
$200m (+30m) sen unsec cb coming Thurs night from JPM/MS. Terms: 5yr, 3.25-3.75% up 27.5-32.5%, full pctns. Concurrent 10m stk. UOP = prod xpnsn/gcp. Good David vs Goliath story: China conrols 97% of the mkt w/its protectionism has created px spike. Mines idle since 2002. Will need $781m capex to YE13 to modernize. Sumitomo may […]
$275m ($41.25m) sen unsec cb pricing tonight from BOA/JPM/RBC Terms: 7yr bullet, 2.25%-2.75% up 27.5-32.5%, protections. UOP = warrant transaction & gcp. Brookdale operates senior living facilities. Weak economic condistions have hurt occupancy and co has guided 1Q11 down. This deal and new mtg financing cover ’12 maturities. Credit facility was amended in Jan to […]