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US HY CLOSE-Three high-yield issuers raise US$1.815bn

By Mike Gambale

NEW YORK, April 23 (IFR) - Here's a recap of primary issuance in the US high-yield market on Thursday:

Number of deals priced today: 3

Amount raised: US$1.815bn

PRICED:

VIRGIN MEDIA SECURED FINANCE

Virgin Media Secured Finance PLC, rated Ba3/BB-, announced a US$500m add-on to its 5.25% 10.75yr (1/15/26) senior secured note offering via GS (KSE: 078935.KS - news) (left)/BARC/BNP (Paris: FR0000131104 - news) /DB. 144a/RegS w/o reg rights. Call protection: NC-Jan 2020 / Par+50%, 25%, 12.5%.

UOP: The net proceeds from the offering are expected to be $494.2mm (£317.2mm equivalent) (after deducting an estimated $5.8mm (£3.7mm equivalent) of commissions and expenses associated with the offering of the Additional Notes). The issuer intends to use the net proceeds of this offering to fund the April 2015 Refinancing, with any remaining amount to be used for general corporate purpose, which may include loans, distributions or other payments to Virgin Media and its direct or indirect parent companies. BIZ: Telecommunications chain providing broadband internet, TV and telephone services, plus smartphones.

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- The orginal US$500m deal was sold on March 17, 2015 at T+316bp via DB(left)/BAML/BARC/BNP/CITI/GS/HSBC/SG.

PRICE TALK: US$101-101.50

PRICED: US$500m. Cpn 5.25%. Due 1/15/26 NC5. Reoffer price US$101.00. Yield 5.123%. +310bp vs. 6.00% 2/15/26 UST. MWC T+50bp. Special call: Prior to 1/15/20 up to 10% of original principal amount of the notes per 12-month period at 103%. Call schedule: 1/15/20 at 102.625, 1/15/21 at 100.656%, 1/15/23 at par. Equity clawback up to 40% at 105.25%. US$101 COC put. First (Shanghai: 603806.SS - news) pay 1/15/16. Settlement date 4/30/15. Cusip # 92769XAL9.

TRINSEO MATERIALS OPERATING

Trinseo Materials Operating, rated B3/B-, announced a US$750m 7-year nc3 dual US$ and Euro senior note offering via DB(left)/CITI/BARC/GS/HSBC/MIZ/SCOTIA/SMCB. 144a/RegS w/o reg rights. First (Other OTC: FSTC - news) call 50%. Size: Tranche sizes TBD, min of 300m and US$300m. UOP: together with approximately US$450m of term loan borrowings expected to be available under the issuers' new senior secured credit facility and available cash, will be used to repay all outstanding indebtedness under the issuers 8.750% Senior Notes due 2019. The consummation of the notes offering is subject to market and other conditions. BIZ: Trinseo (NYSE: TSE - news) is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions.

PRICE TALK: 6.5% area () and 6.75-7.00% (USD). Tranche size update: 375m and US$300m ; TLB upsized by US$50m and bond downsized by US$50m.

PRICED: US$700m (equiv) 2-tranche deal. US$101 COC put. First pay 11/1/15. Settlement date 5/5/15.

- US$300m. Cpn 6.75%. Due 5/1/22 NC3. Ip par. Yld 6.75%. +501bp vs. 1.750% 3/31/22 UST. MWC T+50bp. Call schedule: 1/15/18 at 103.375%, 1/15/19 at 101.688%, 1/15/20 at par. Equity clawback up to 40% at 106.75% prior to 5/1/18. Cusip # 89668QAC2.

- E375m. Cpn 6.375%. Due 5/1/22 NC3. Ip par. Yld 6.375%. +640bp vs. 1.750% 7/4/22 DBR . MWC B+50bp. Call schedule: 1/15/18 at 103.188, 1/15/19 at 101.594, 1/15/20 at par. Equity clawback up to 40% at 106.375% prior to 5/1/18. ISIN # XS1220249467.

DJO FINANCE CORP

DJO Finance Corp, rated Caa1/CCC+, announced a US$1.045bn 6-year (6/15/21) nc3 2nd priority sr sec notes via CS(left)/WFS/GS/UBS (NYSEArca: FBGX - news) /RBC/MACQ/NATX. 144a/RegS for life. Call Protection: NC3 then par + 1/2 coupon Special Call: Up to 15% at 103% with IPO proceeds. Equity Clawback up to 35% within the first 3 years. US$101 COC put. UOP: Refinance outstanding debt facilities and note issuances BIZ: Global developer, manufacturer and distributor of high-quality medical devices.

PRICE TALK: 8.25-8.50%. Issue size downsized to US$1.015bn from US$1.045bn. Loan increased by US$30m.

PRICED: US$1.015bn. Cpn 8.125%. Due 6/15/21 NC3. Ip par. Yld 8.125%. +652bp vs. 2.125% 6/30/21 UST. Special call up to 15% at 103% with proceeds from equity offering. Equity clawback up to 35% until 6/15/18 at 108.125%, equity clawback prior to 6/15/19 up to 15% at 103%. Call schedule: 6/15/18 at 104.063%, 6/15/19 at 102.031%, 6/15/20 at par. First pay 12/15/15. Settlement date 5/7/15. Cusip # 23291AAA5.

PIPELINE:

HORIZON PHARMA INC

Horizon Pharma Inc, B2/B-, announced a US$300m 8-year nc3 senior unsecured note offering via CITI(left)/JEFF. Co-managers are COWEN/SGUGG. 144a(for life)/RegS. First call at par plus 7%% coupon, declining ratably thereafter. Pricing expected Friday 24 April. Settlement date T+3. UOP: to fund a portion of Horizon's planned acquisition of Hyperion Therapeutics (NasdaqGS: HPTX - news) , Inc. ("Hyperion"), repay the outstanding amounts under Horizon's existing $300 million credit facility and certain outstanding debt of Hyperion, and pay any prepayment premiums, fees and expenses in connection with the foregoing. The proceeds from the offering of the notes will be held in escrow pending release in connection with the closing of the Hyperion acquisition. BIZ: Horizon Pharma plc is a specialty biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated products that address unmet medical needs. The company is also planning a US$500m term loan facility.

WHISPERS: 7.00% area

PRICE TALK: 6.75% area. Size: US$475m (Upsized from US$300m). Term Loan will be downsized to US$400m (from US$500m). Additional proceeds ($75 million) will be used for general corporate purposes. Order books close end of day today, Thursday, April 23. Final pricing and allocations will be tomorrow, Friday, April 24 morning.

21ST CENTURY ONCOLOGY INC

21st Century Oncology, Inc, a Florida corporation, announced a US$400m 144A (for life) 8-year non-call 3-year senior notes via MS, DB, Key and HSBC. Pricing expected Friday. UOP: Net proceeds of this offering, together with cash on hand and borrowings under the New Credit Facilities, to repay the Existing Term Loan, to redeem or repurchase Existing Notes, to pay fees and expenses related to this offering and the New (KOSDAQ: 160550.KQ - news) Credit Facilities and for general corporate purposes.

OPTIMAS OE SOLUTIONS

Optimas OE Solutions, rating tbd, announced a US$225m 6-year nc3 senior secured note offering via MS(left)/STRH. Pricing expected next Friday (24Apr). 144a for life. UOP: Fund American Industrial Partners ("AIP") acquisition the OEM Supply segment of Anixter, Inc.

ZF NORTH AMERICA CAPITAL

ZF North America Capital, Inc, expected ratings Ba2/BB (p/s), announced a US$ benchmark 3-part senior unsecured notes via CITI(left)/BAML/HSBC/JPM. Structure will consist of a 5-year, 7-year and a 10-year. Roadshow (HKSE: 0888.HK - news) schedule (Citi to coordinate all meetings): Wednesday April 22 NYC group lunch at 12:00pm EST. Thursday April 23 - Boston 12:00pm EST. Expected to price week of April 27. 144a/RegS. Guarantor ZF Friedrichshafen AG. Make-Whole Call / M&A Call @ 101 / Special Mandatory Redemption @ 101 if acquisition not closed before January 4, 2016.

Clean-up call @ 100 if less than 20% of original principal remains outstanding. Change of Control Put @ 100. UOP: to refinance bridge loans from the company's acquisition of TRW last year. BIZ: ZF North America Inc. develops, produces, and sells transmissions, steering systems, axles, chassis components, and complete systems for passenger cars, commercial vehicles, and off-road machinery in North America.

THE CHEMOURS COMPANY

The Chemours Company, rating tbd, announced a US$2.5bn 3-part US$/Euro senior note offering via CS(left)/JPM/BAML/BARC/CITI/GS. Structure will consist of a US$1.125bn 8-year nc3, E350m 8-year nc3, US$1bn 10-year nc5. Timing: European roadshow begins Friday (4/24), US roadshow begins Wednesday (4/29), pricing early week of May 4. Make whole calls apply T+50bp, DBR+50bp, and nothing for the 3-tranche. 144a/RegS w/reg rights. US$101 COC put.

Equity Clawback up to 35% within the first 3 years| None Special Call, If the spin-off is not completed on or before 11/30/15, .redemption at 100% until 8/15/15, redemption at 101% thereafter.

UOP: Partially fund a dividend to DuPont and GCP. BIZ: After the Separation from DuPont, Chemours will be an independent, publicly traded company and a global provider of performance chemicals through three reporting segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. Chemours delivers customized solutions with a wide range of industrial and specialty chemical products for markets including plastics and coatings, refrigeration and air conditioning, general industrial, mining and oil refining. (Reporting by Michael Gambale; Editing by Natalie Harrison and Shankar Ramakrishnan)