Advertisement
UK markets close in 2 hours 33 minutes

  • FTSE 100

    8,077.04
    +36.66 (+0.46%)
     

  • FTSE 250

    19,686.17
    -33.20 (-0.17%)
     

  • AIM

    755.17
    +0.48 (+0.06%)
     

  • GBP/EUR

    1.1664
    +0.0019 (+0.16%)
     

  • GBP/USD

    1.2471
    +0.0009 (+0.07%)
     

  • Bitcoin GBP

    50,864.62
    -2,410.47 (-4.52%)
     

  • CMC Crypto 200

    1,359.16
    -23.41 (-1.69%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • CRUDE OIL

    82.82
    +0.01 (+0.01%)
     

  • GOLD FUTURES

    2,341.60
    +3.20 (+0.14%)
     

  • NIKKEI 225

    37,628.48
    -831.60 (-2.16%)
     

  • HANG SENG

    17,284.54
    +83.27 (+0.48%)
     

  • DAX

    17,930.80
    -157.90 (-0.87%)
     

  • CAC 40

    7,993.66
    -98.20 (-1.21%)
     
Stocks:

Trending tickers

Microsoft, Alphabet, Anglo American, IBM, Astrazeneca, Unilever and Sainsbury's

US HY CLOSE-Six high-yield borrowers raise US$3.95bn

Reuters - UK Focus

By Mike Gambale

NEW YORK, May 6 (IFR) - Here's a recap of primary issuance in the US high-yield market on Wednesday:

Number of deals priced: 6

Amount raised: US$3.95bn

PRICED:

HCA INC

HCA Inc, B2/B+, announced a US$1.6bn add-on to its 5.375% February 1, 2025 notes via CITI(left)/BARC/BAML/CS/DB/GS (KSE: 078935.KS - news) /JPM/MS/RBC (Other OTC: RBCI - news) /STRH/UBS (NYSEArca: FBGX - news) /WFS. Co-managers are CA (NasdaqGS: CA - news) -CIB/FITB/MIZ/SMBC. The new notes will be immediately fungible. MWC T+50bp. US$101 COC put. UOP: Refinance Existing 7.75% HoldCo Notes due 2021. The original US$1bn deal was sold on January 13, 2015 at T+348bp.

ADVERTISEMENT

PRICE TALK: US$103 - 103.25. Books closed at 2pm

PRICED: US$1.6bn. Cpn 5.375%. Due 2/1/25. Reoffer price US$103.00. YTW 4.980%. +274bp vs. 2.00% 2/15/25 UST. MWC T+50bp. US$101 COC put. First (Other OTC: FSTC - news) pay 8/1/15. Settlement date 5/20/15. Cusip # 404119BR9.

PETRA DIAMONDS (LSE: PDL.L - news)

Petra Diamonds US$ Treasury Plc, issue ratings B2/B+, announced a US$300m 5-year nc2 senior secured 2nd lien notes via Royal Bank of Canada (Other OTC: RBKDF - news) (left) and Barclays (LSE: BARC.L - news) . First call at par plus 50% coupon. US$101 COC put. Equity clawback up to 35% during the first 2-year at par plus the coupon. 144a/RegS for life.

UOP: To repay borrowings under existing Senior Secured Term Loans and Credit Facilities, and for general corporate purposes, including funding the new plant at the Cullinan mine. BIZ: Leading independent diamond mining group with a controlling interest in a diversified portfolio of five producing diamond mines.

WHISPERS: Mid-8% area

UPDATE: IPTs: 8.50% area

REVISED PX TALK: 8.375% area

LAUNCH: US$300m 5-year at 8.25%

PRICED: US$300m. Cpn 8.250%. Due 5/31/20. Ip par. Yld 8.250%. +664bp vs 1.375% 5/31/20 UST. MWC T+50bp. Equity claw up to 35% at 108.250% until 5/31/17. First pay 11/30/15. Call schedule: 5/31/17 at 104.125%, 5/31/18 at 102.0625%, 5/31/19 and thereafter at par. US$101 COC put. Settlement date 5/13/15. Cusip # US71642QAA58.

CONSTELLIS GROUP

Constellis Group, ratings tbd, announced a US$450m 5-year nc2 senior secured notes via sole-lead Jefferies. 144a/RegS w/o reg rights. First call par plus 75%.

UOP: To fund the acquisition of Olive Group, refinance existing debt and fund a distribution to shareholders. BIZ: Vertically integrated risk management solutions and program management support provider to governments and commercial customers worldwide specializing in integrated security, technical, training, and risk assessment solutions.

PRICE TALK: 9.75% yield (inclusive of 0.5-1 point of OID).

PRICED: US$450m. Cpn 9.75%. Due 5/15/20. Ip US$99.513. Yld 9.875%. MWC T+50bp. Call schedule: 5/15/17 at 107.313%, 5/15/18 at 104.875%, 5/15/19 at par. Equity clawback 35% at 109.75% prior to 5/15/17. US$101 COC put. First pay 11/15/15. Settlement date 5/11/15. Cusip # 210382AA5.

BROOKFIELD RESIDENTIAL PROPERTIES INC

Brookfield Residential Properties Inc, expected ratings B2/BB-, announced a US$350m 10-year nc5 senior notes via JPM(left)/CITI/CS/DB/WFS. Co-managers are RBC/HSBC/TD/CIBC/SCOTIA. 144a/RegS for life. UOP: Along with concurrent C$250mm Sr Nts offering, to repay existing indebtedness and GCP. BIZ: Homebuilder.

WHISPER: Low to mid 6.00%

PRICE TALK: 6.25 - 6.50%.

PRICED: US$350m. Cpn 6.375%. Due 5/15/25. Ip par. Yld 6.375%. +414bp vs 2.00% 2/15/25 UST. First pay 11/15/15. Equity clawback up to 35% at 106.375% prior to 5/15/18. MWC T+50bp. Call schedule: 5/15/20 at 103.188%, 5/15/21 at 102.125%, 5/15/22 at 101.063%, 5/15/23 and thereafter at par. US$101 COC put. Settlement date 5/12/15. Cusip #11283WAC8.

TRANSDIGM INC

TransDigm Inc, expected ratings Caa1/CCC+, announced a US$450m 10-year nc5 senior subordinated note offering via CITI(left)/CS/MS/UBS/BARC/RBC/CA-CIB/HSBC. Co-manager PNC. 144a/RegS w/reg rights. US$101 COC put. Equity clawback up to 35% at par plus coupon within the first 3-years.

UOP: to finance planned acquisitions and increase the cash on its balance sheet, which will slightly increase its leverage. BIZ: TransDigm Group Incorporated (NYSE: TDG - news) develops, distributes and manufactures commercial and military aerospace components such as mechanical actuators and ignition systems.

PRICE TALK: 6.50 - 6.625%.

PRICED: US$450m. Cpn 6.50%. Due 5/15/25 NC5. Ip par. Yld 6.50%. +427bp vs. 2.00% 2/15/25 UST. Equity clawback up to 35% at 106.5% prior to 5/15/18. First pay 11/15/15. Call schedule: 5/15/20 at 103.25%, 5/15/21 at 101.625%, 5/15/22 and thereafter at par. Settlement date 5/14/15. Cusip # 893647AY3. Special redemption: If the Pexco Acquisition is not consummated.

QUINTILES TRANSNATIONAL HOLDINGS INC

Quintiles Transnational Holdings Inc, expected ratings Ba3/BB, announced a US$800m 8yr nc3 senior unsecured note offering via BARC(left)/JPM/MS/CITI/GS/WFS. Co-managers are BNP (Paris: FR0000131104 - news) /STRH. 144a/RegS for life. US$101 COC put.

Equity clawback 40% for the first 3-years at par plus coupon. UOP: , to refinance its existing credit facilities, as well as for general corporate purposes, including corporate transactions and equity repurchases. BIZ: provider of biopharmaceutical development and commercial outsourcing services.

WHISPERS: T+300-325bp

PRICE TALK: 5.00% area

PRICED: US$800m. Cpn 4.875%. Due 5/15/23 NC3. Ip par. Yld 4.875%. +280bp vs. 1.75% 5/15/23 UST. First pay 11/15/15. MWC T+50bp. Call schedule: 2018 at 103.656%, 2019 at 102.438%, 2020 at 101.219%, 2021 and thereafter at par. Equity clawback up to 40% at 104.875% prior to 5/15/18. US$101 COC put. Settlement date 5/12/15. Cusip # 748767AF7.

PIPELINE:

PBF LOGISTICS

PBF Logistics, rated B3/B+, announced a US$300m 8-year nc3 senior note offering via DB(left)/CITI. Joint-bookrunners are BAML/MUFJ/RBC/WFS. Co-managers are BARC/BNP/CA/CS/MS/UBS. Roadshows begin Monday (04May), with pricing scheduled for the end of next week. 144a/RegS w/reg rights. US$101 COC put. Equity clawback 35% during the first 3-years.

UOP: Finance a portion of the Delaware City Logistics acquisition, refinance borrowings under Revolver and GCP. BIZ: Fee based MLP (Xetra: 656990 - news) developed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

WHISPERS: 7.25% - 7.50%

PRICE TALK: 6.875% area. Deal upsized to US$350m from US$300m. Books close at end of day, pricing tomorrow (07May) (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)