$225m (33.75m) Sen unsec cb moving tonight from DB/WFC. Terms: 5yr 1% up 24.3-27%, s/c y4 @130% w/cnv ratio m/whole, full pctns. UOP = repay debt. Overnight deal so we’ll be quick; Company is a one stop Internet Service Provider and its stock +100% ytd. Like SERV, WWWW too posted a strong 2Q (stock +9%). 6yr sec/term loan priced 03/13 at L+350, currently 101 = L+325. We’ll back out L+500 for 5yr. ADV = meager 440k, no leaps, we’ll cap @32vol (would be higher buy low ADV)
Theo stock unchanged 100.07, down 3% 98.47, down 6% 96.96
Primary demand is v/strong but without o/r demand this tough, esp o/night risk (already 13.9% short interest in stock