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by Pankti Antani
Aug 21, 2025 11:32 AM ET
The US high yield new issue market is done for the summer. There are no deals left on the calendar for this month and all desks say they will not have anything new until after Labor Day.
The European high yield new issue market also remains closed with nothing new announced today and no deals on the calendar.
But the Nordic market is back in gear. After doing investor calls and meetings Tuesday and Wednesday Ocean Yield AS formally announced and priced out of Europe this morning a US$150m 5yNC3 sr FRN, priced SOFR+325bp at 100 (vs final terms of SOFR+325bp at par, revised guidance of SOFR+315-325bp at par (WPIR), and IPT SOFR+325-350bp at par).
The US high yield secondary market is a smidge weaker after this morning’s mixed data. While Manufacturing PMI (53.3 vs 49.7 expected) and Services PMI (55.4 vs 54.2 expected) were higher than expected, signalling economic growth, Initial jobless claims were also higher than expected (235k vs 225k expected0, signalling economic weakness. UST yields jumped higher (10y +5bp at 4.34%), while stocks declined (DJIA -94, S&P -19, NASDAQ -39). The US high yield cash market was down an 1/8 of a point on very light flows.
The CDX HY43 is down almost an 1/8 of a point at 107.049.
High yield new issue priced today:
08/21/2025 Ocean Yield AS US$150m (size set) sr FRN due 09/04/30 (5y). NC3 (09/04/28), thereafter callable at 101.625 / 101.219 / 100.813 / 100.406% of the nominal amount after 36/42/48/54 months, respectively. Not rated. Via Arctic/Nordea jt glocos/Dankse/DNB jt books. List Oslo. Norwegian law. COC at 101. Quarterly pay, starts 12/04/25. Denoms: 200kx200k. Settles 09/04. ISIN: NO0013639062. IPT: SOFR+325-350bp at par. Revised guidance SOFR+315-325bp at par (WPIR). Final terms: US$150m SOFR+325bp at par.
Priced: SOFR+325bp at 100.
Did investor calls and 1-on-1 meetings 08/19-20. Books closed at 1pm CEST 08/21. Pricing 08/21 Euro afternoon. UOP: refinance debt, facilitate growth and GCP. In connection with the potential bond issue, Ocean Yield will offer a conditional buyback of its outstanding bond with ticker OCY08 (ISIN NO0012863804) at 101.65 (matching the settlement date). Biz: a ship-owner with vessels on long-term charters in the oil services and industrial shipping industries. Equity sponsor: KKR. HQ: Lysaker, Norway.
Investor Presentation:
Preliminary Term Sheet:
ESG Questionnaire:
CFR High Yield Forward Calendar
===================== [ 08/18/2025 Week ] ===============
Nothing scheduled to price.
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ABC Technologies Inc US$1.325bn equivalent (US$/EUR) sr sec notes. B1/--/BB+ (--/--/stable). via JPM/Citi. UOP: along with $800m term loan B ($500m revolver) (commitments were due 04/03) via Citi/JPM, to fund the acquisition of TI Fluid Systems Plc for GBP1.1bn (approx US$1.3bn) (200p per share in cash, around GBP1.8bn enterprise value with the assumption of debt), and refi debt at both ABC and TI Fluid. Equity sponsors: Apollo and Oaktree. Biz: a global manufacturer and supplier of custom, highly engineered, technical plastics, and light-weight innovations to the North American light vehicle industry. (Acquisition announced 11/29/2024).
+++04/15/2025 update: The acquisition was completed and funded with the bridge loan+++
====================== [ 2025 ] ===============
FTAI Infrastructure Inc (FIP) (sec: B3/B-) $1,25bn notes. Via Barc/DB. UOP: fund the acquisition of Wheeling Lake Erie Railway Co (W&LE) for $1.05bn in cash. FTAI has received $2.25bn in capital commitment letters to help fund the purchase price as well as to refinance FIP's 10.50% sr notes due 6/1/27. FTAI has obtained a $1.25bn bridge facility with Barc and DB. In addition to debt, they obtained an equity commitment from Ares Management in which Ares will purchase $1bn of preferred stock.
S&P also sees Caesars Resort Collection LLC/CRC Finco Inc (CGPHLC) refinancing its $1bn 5.75% sr sec 1st lien notes due 07/15/25 (callable now at 101.438 and at 100 on 07/01/24) at the Caesars Entertainment level sometime this year. So there could be another $1bn bond issue from CZR.
In its rating assignment released Friday, S&P said it expects to resolve the CreditWatch listing on the secured debt when management refinances CRC's secured debt at parent Caesars, likely in 2024. At this point, S&P would expect CRC to guarantee Caesars' debt and to provide collateral to Caesars' secured debt, implying improved recovery prospects for secured lenders. We believe an upgrade for the secured debt would likely be limited to one notch. At the same time, the repayment of the remaining outstanding CRC debt would likely impair recovery prospects for unsecured lenders, who currently share CRC's residual value pro rata with secured lenders. As a result, S&P expects to lower Caesars' unsecured ratings once CRC's debt is repaid, but S&P expects a downgrade would be limited to one notch. Biz: gaming and hospitality company. HQ: Reno, NV. (Tender offer announced 01/18/24).
Tempur Sealy International Inc (TPX) possible secured and unsecured notes. UOP: fund the acquisition of Mattress Firm Group Inc from Steinhoff Intl Holdings NV for an enterprise value of approx. $4bn ($2.7bn cash and $1.3bn in stock (approx. 34.2m shares)). Post acquisition ownership split will be Mattress Firm 16.6% and Tempur Sealy 83.4%. The cash portion will be funded with a combo of cash on hand and new secured and unsecured debt, a portion of which will be used to repay Mattress Firm's outstanding debt. JPM is financial advisor to Tempur Sealy. GS/Barc/Jeff are financial advisors to Mattress Firm. Closing is expected in H2 2024. Biz: a leading designer, manufacturer, distributor, and retailer of bedding products worldwide. HQ: Lexington, KY. (Acquisition announced 05/09/2023).
++++10/11/23 update: TPX completed the refinancing (amend and extend) of its existing credit facilities ($500m term loan and $1.65bn revolver) and added an accordion feature that permits incremental borrowings of up to $850m and potentially substantially more subject to compliance with a specified secured leverage ration and certain other conditions. Via BofA (administrative agent)/JPM/WFS/ Sumitomo Mitsui jt lead arranges and jt books, TSI, HSBC, Scotia/TD/Mizuho/FITB as sr co-documentation agents.
+++July 2024 update: FTC votes to block the merger.
++++09/24/23 update: TPX is in the market with a $1.6bn delayed draw term loan B via WFS/BofA/JPM/SMBC/TSI/TD. The proceeds, along with the existing $625m delayed draw term loan, a draw on its revolver, and cash flow will be used to fund the acquisition, if it happens. It appears there will not be any HY bonds.
Enovis Corp (ENOV) possible notes. UOP: fund the acquisition of LimaCorporate SpA for EUR800m (EUR700m cash and EUR100m Enovis common shares). JPM/UBS have provided a $800m bridge loan, which will be reduced by a planned $400m term loan and other debt and/or equity financing and possible asset sales proceeds. Closing early 2024. Biz: provides orthopedic medical products and services. HQ: Washington, DE. (Acquisition announced 09/25/2023).
International Game Technology Inc (IGT) $1bn sr sec notes. Via DB/Macquarie. UOP: find the spinoff by International Game Technology PLC of its Global Gaming and PlayDigital Business to IGT shareholders and then the combination of such businesses with Everi Holdings Inc (EVRI) to create a comprehensive and diverse global gaming and fintech enterprise. The new company will pay approx $2.6bn in cash to IGT PLC as part of the transaction. That distribution and the repayment of $1bn of Everi's existing debt (including its $400m 5% sr notes due 07/15/29) will be funded with new debt incurred by the company. DB and Macquarie have committed to provide a $4.22bn sr sec credit facilities consisting of $500m 5y revolver, $2.75bn 7y term loan, and a $1bn sr sec bridge loan to fund the transaction. The combined company will be called International Game Technology Inc (IGT) and will maintain its headquarters in Las Vegas, NV. Closing is expected in late 2024 or early 2025. (Transaction announced 02/29/2024).
Endeavor Group Holdings Inc (EDR) possible notes. UOP: Silver Lake will buy 100% of EDR that it does not already own at $27.50 per share for an equity value of $13bn, and a combined total enterprise value of $25bn. Other minority investors are Mubadala Investment Co, DFO Management, Lexington Partners and Goldman Sachs Asset Management. New debt financing fully committed to by JPM/MS/BofA/GS/Barc/DB/RBC. Biz: a global sports and entertainment company (WME, IMG, OpenBet, UFC and WWE). Closing expected at the end of Q1 2025. HQ: Beverly Hills, CA. (Acquisition announced 04/02/2024).
Peabody (BTU) (existing sr unsec B3, l-t corp family rating B1) announced that it will acquire Anglo American's coking coal assets for $2.32bn in cash ($1.695bn at closing and $625m in deferred cash to be paid over a four-year period), also another $1bn in contingent consideration on the successful restart of the Grosvenor mine ($450m) & capped coal pricing, revenue sharing agreement over a five-year period ($550m). Peabody has secured $2.075bn committed bridge financing facility from Jefferies/DB/KKR, which is expected to be replaced by a mix of permanent financing, consisting of high yield secured notes, secured term loan, minority stake sales in certain mines, convertible unsec notes, common equity and reclamation bonding alternatives. Closing is expected mid-year 2025. Biz: a leading coal producer. HQ: St Louis, MO. (Acquisition announced 11/25/2024).
Endo Inc (ENDP) $400m sr notes. Via GS. UOP: fund the acquisition of Mallinckrodt plc (MNK) in a stock and cash for an enterprise value of $6.7bn. Endo intends to refinance MNK's term loans and sr notes, and has received $900m in committed financing to do so ($500m incremental term loan and $400m bridge loan) via GS. Closing is expected in Q4 2025. Bi: a specialty healthcare company offering branded and generic pharmaceuticals. HQ: Malvern, PA. (Acquisition announced 03/13/2025).
Sunoco LP (SUN) sr notes. UOP: along with possible pfd equity, to fund the acquisition of Parkland Corp for 0.295 SUNCorp units and C$19.80 in cash for a total transaction value of US$9.1bn (US$3bn of SUNCorp equity, US$2.6bn cash and the assumption of US$3.5bn of existing PKI net debt). SUNCorp is a new publicly traded vehicle which will own common equivalent units of Sunoc LP. The $2.6bn cash consideration is supported by a fully committed US$2.65bn bridge loan via Barc/RBC that is expected to be permanently financed through a combination of sr notes and pfd equity prior to closing. Shareholder meeting 06/24/2
Closing expected in the second half of 2025. Biz: Biz: a leading energy infrastructure and fuel distributor MLP. HQ: Dallas, TX. (Acquisition announced 05/05/2025).
+++05/27/25 update: Parkland announced a consent solicitation from its noteholders to remove the CoC put in connection with the acquisition by Sunoco.
Allison Transmission Holdings Inc (ALSN) possible notes UOP: fund the acquisition of Dana Inc's (DAN) Off-Highway business for $2.7bn in cash. The deal will be funded with new debt and cash on hand. BofA/Barc/Citi are providing the committed debt financing. ALSN also has $750m of cash on han and $750m available under its revolver. Biz: the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S. defense vehicles, as well as a supplier of commercial vehicle propulsion solutions, including electric hybrid and fully electric propulsion systems. HQ: Indianapolis, IN.
Nexstar Media Group Inc (NXST) $2.6bn sr sec notes. Ratings TBD (current issuer credit ratings Ba3/BB+). UOP: along with cash on hand, a $2.99bn sr sec term loan and a $585m sr sec short-term facility, to fund the acquisition of TEGNA Inc (TGNA) for $22.00 per share, $3.5bn in cash, or a total enterprise value of $6.2bn, inclusive of Tegna's net debt, which will be refinanced or assumed at close. BofA/JPM/GS have committed to provide the debt financing. Closing is expected in Q4 2026. Biz: is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 316,000 hours of programming produced annually by its business units. HQ: Irving, TX. (Announced 08/18/2025).