Commentary & Deal Flow

The US high yield new issue market is off to a surprisingly slow start after the Labor Day weekend. Only two deals were announced for pricing today, and one deal was added for next week. One deal roadshow was mandated for Pattern Energy this morning and one non-deal roadshow was mandated by SoftBank.  

Announced this morning and pricing this afternoon in the US high yield new issue market are Tenet Healthcare Corporation $1.5bn 8yNC3 sr notes (IPT Mid 6s); and Group 1 Automotive Inc $1.25bn sr notes two-part, consisting of $625m 5.25yNC2.25 (IPT 6.625% area) and $625m 8.25yNC3.25 (IPT +37.5bp vs the 5.25y tranche). 

Also announced this morning in the US high yield new issue market was Clydesdale Acquisition Holdings Inc (Novolex Holdings) $750m 5.5yNC2 sr sec notes, pricing next week. 

Also this morning in the US primary market, Pattern Energy Operations LP mandated J.P. Morgan to arrange a series of virtual fixed income investor calls today. Subject to market conditions, a benchmark sized Rule 144A/Reg S senior unsecured notes offering may follow. And SoftBank Group Corp mandated Citi, Goldman Sachs, J.P. Morgan, and Morgan Stanley to organize a series of in-person 144A fixed income investor meetings and investor calls in New York City next week (non deal roadshow).

However, the European deal flow continued to ramp up with three deals announced yesterday, one of which has already priced this morning. Besides the three, one more deal was added this morning - Brightstar Lottery PLC EUR500m 6yNC2 sr sec notes, roadshow today.

Announced yesterday and priced this morning in the European market was Clariane SE EUR500m 5.5yNC2 sr notes, priced 6.875% at 100 (vs price talk of 6.875%-7.00% and IPT of 7.00%-7.25%). 

And today in the European market, IPT was announced for Derichebourg SA EUR800mm sr notes two-part, consisting of 5yNC2 (IPT Mid 5%s) and 7yNC3 (+50bps vs the 5y tranche) tranches. 

Mandated yesterday in the European market was Net Zero Properties Sarl, it announced investor calls yesterday with a EUR550m WNG 4y green sr note deal to follow.

The US high yield secondary market is a little weaker but very quiet today, coming out of the Labor Day long weekend. UST yields are almost unchanged (10y UST yield unchanged at 4.78%), while stocks are weaker (DJIA -536; S&P -26; NASDAQ -34). The US high yield cash market is flat to an 1/8 of a point lower on the day. 

The CDX HY46 is down over 1/16 of a point to 107.863.

High yield new issue priced today:

09/09/2026 Clariane SE (CLARFP) EUR500m Reg S sr notes due 03/15/32 (5.5y). NC2 (09/15/28) (MWC DBR+50bp), then at 103.4375 09/15/28, 101.71875 09/15/29, 100 09/15/30. Equity claw: 2y 40% at 106.875. Special call: 10% per year the 1st 2 years at 103. B2/B+ (stable/stable). Via BNP (B&D)/CA/SocGen jt glocos and physical books/CIC/Natixis jt glocos and jt books/GS/JPM/KBC/LBP/MS/UCI jt books. List Euronext Dublin. NY law. CoC at 101. Pays semi-annual 03/15, 09/15, starting 03/15/27 (30/360). Denoms: 100kx1k. Settles 09/21 (T+9). ISIN: XS3491326727. IPT: 7%-7.25%. Price talk: 6.875%-7%.

Priced: 6.875% at 100. +378bp vs DBR 0% 02/15/32.

Did investor call at 11am UKT / 12pm CET 09/07. Books closed at 1:30pm UKT / 2:30pm CET 09/08. UOP: Together with cash on balance sheet, to refinance EUR350m term loan and EUR150m real estate term loan, and pay fees and expenses. Ownership: HLD Europe 27%, Predica 26%, Leima Valeurs 9%, Free float 28%. Biz: Europe's leading care service provider with activities in non-acute care, healthy aging and dependency prevention. HQ: Paris, France.

DealRoadshow direct link: https://dealroadshow.finsight.com. Entry code: CAPUCINE26.

CFR High Yield Forward Calendar

===================== [ 09/07/2026 Week ] ===============

Group 1 Automotive Inc (GPI) $1.25bn 144A/Reg S sr notes 2-part. Ba2/BB+ (stable/stable). Via JPM/WFS/BofA/USB jt books, PNC, TSI as co-managers. No reg rights.

    - $625m sr notes due 2032 (5.25y). NC2.25 (MWC T+50bp) (50%,25%,par). Equity claw: 2.25y 40%. SMR at 100 if the Hennessy acquisition has not closed by 01/06/27. CoC at 101. Denoms: 2kx1k.  IPT: 6.625% area.

    - $625m sr notes due 2035 (8.25y). NC3.25 (MWC T+50bp) (50%,25%,par). Equity claw: 2.25y 40%. No SMR. CoC at 101. Denoms: 2kx1k. IPT: +37.5bp vs the 5.25y tranche.

Investor call at 11am 09/08. Pricing 09/08 afternoon. UOP: Along with $64m cash on hand, to fund the acquisition of the dealership and real estate assets of Hennessy Automobile Cos (Atlanta area) for $1.3bn in cash (if the acquisition does not close by the SMR date, then the remaining amounts will be used to paydown revolver and GCP). Closing is expected by year end 2026. Biz: owns and operates auto dealerships, franchises and collision centers across the US and UK. HQ: Houston, TX. (Acquisition announced 07/30/26).

DealRoadshow  direct Link: https://dealroadshow.finsight.com/e/GROUP12026. Entry code: GROUP12026. Available now.

Tenet Healthcare Corporation (THC) $1.5bn 144A/Reg sr unsec notes (8y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Expected B1/B+/BB. Via GS/BofA/JPM/Barc/Citi/RBC/TSI/WFS/Capital One/DB/FITB jt books, Santander as co-manager. No reg rights. CoC at 101. Denoms 2kx1k. IPT: Mid 6s. Investor call at 10:30am 09/08. Pricing 09/08. UOP: along with cash on hand, to redeem its $1.5bn 5.125% sr secured first lien notes due 11/01/27 (callable at 100). Biz: provides diversified healthcare services (hospitals, ambulatory surgery centers, urgent care and other care sites and clinics). HQ: Dallas, TX.

Roadshow Link & Automated Dial-in Details: https://evercall.co/oacc/62066 

Derichebourg S.A. (DERIFP) EUR800m Reg S sr notes 2-part. BB/BB (stable/stable). Via BNP (B&D) lead left and sole books, CA, CIC, Natixis, SocGen jt mgrs. List ISE. NY law.

EUR TBD due 2031. 5NC2 (50%,25%,par). CoC at 101. Denoms: 100kx1k. IPT: mid 5%s.

EUR TBD due 2033. 7NC3 (50%,25%,par). CoC at 101. Denoms: 100kx1k. IPT: mid 5%s+50bp.

Did investor call at 10:30am UKT / 11:30am CET 09/07. Q&A sessions to follow. UOP: Repay the bridge facility in the context of the acquisition of Scholz's shares, refinance certain Derichebourg indebtedness, GCP and pay transaction related costs and expenses. Biz: Leading global provider of waste recycling, mainly metal and public sector services.

NetRoadshow registration link: https://www.netroadshow.com/events/login/1PeTHmojK6GHR1rUR24qp7ny9IAeWi31fMIE4

Brightstar Lottery PLC (BRSL) EUR500m Reg S sr sec notes due 2032. NC2 (MWC T+50bp) (50%,25%,par). Expect Ba1/BB+ (stable/stable). Via CA (B&D)/ING jt glocos and physical books/Banca Akros/BNP/BPER/DB/Mediobanca/Santander/UniCredit jt books. List GEM Euronext Dublin. NY law. CoC at 101. Denoms: 100kx1k. Investor call at 10am UKT / 11am CET 09/08. Virtual meetings available 09/08. Pricing 09/09. UOP: Refinance indebtedness including the concurrent tender offer for EUR300m Reg S portion of its EUR500m 2.375% Senior Secured Notes due Apr-28 (99.00 tender price), refinance EUR200m of the EUR530m drawn on its Revolving Credit Facilities and pay certain fees, costs and expenses incurred in connection with the transaction. Biz: Brightstar is a premier pure play and global leader in lottery focused on innovation and serving nearly 90 lottery customers and their players on six continents. The Company is the primary technology provider to 26 of the 46 lottery jurisdictions in the U.S. and eight of the world's 10 largest lotteries with central systems. HQ: London, UK.

NetRoadshow registration link: https://www.netroadshow.com/events/login/1PeTHmohHaLyb8wetzOw3XKWjmctaMbgfKwgp Access code: 405684.  

Pattern Energy Operations LP (PEGI) (the “Company”) has mandated J.P. Morgan to arrange a series of virtual fixed income investor calls on September 8, 2026. An investor presentation will be made available on DealRoadshow (DealRoadshow Link: https://dealroadshow.finsight.com, Passcode: PATTERN26, Direct Link: https://dealroadshow.finsight.com/e/PATTERN26). 

Subject to market conditions, a benchmark sized Rule 144A/Reg S senior unsecured notes offering by the Company and Pattern Energy Operations Inc. (the “Co-Issuer”), which would be guaranteed by a certain subsidiary of the Company, to refinance revolving credit borrowings may follow. Existing ratings Ba3/NR/BB-.

Company Overview:

Pattern Energy is a renewable energy company consisting of (i) an operating business comprised of a best-in-class portfolio of 44 renewable energy and transmission projects located in the United States and Canada, (ii) a construction and development business through its parent, Pattern Energy Group LP, and (iii) a distributed generation business focused on solar development and construction. 

Company Representatives: Matthew Rhodes – Chief Financial Officer; Chris Robinson – Vice President, Treasury; Jonathon Glueck – Vice President, Corporate Finance

Net Zero Properties S.à r.l., a portfolio company of ZAGA Capital Partners, a privately owned, fully integrated German residential real estate platform with a portfolio of residential properties located in Western and Northern Germany, (country: Lux) expected to be rated BB+ (positive outlook) by Fitch, has mandated Citigroup and Goldman Sachs as Joint Global Coordinator, Joint Bookrunner and Joint Sustainability Framework Structurers to arrange a series of fixed income investor calls starting on 07-Sep-26. A NetRoadshow presentation (including voiceover) will be made available. Citigroup is coordinating logistics.

An expected €550m WNG, Reg S bearer, green senior unsecured 4yr € offering will follow, subject to market conditions.

Use of Proceeds: Acquisition financing and general capital expenditure, repayment of existing junior debt and payment of transaction-related costs. The issuer intends to apply an amount equal to the net proceeds from the issuance of the Notes to finance or refinancing Eligible Green Projects as per their Sustainable Finance Framework.

Expected Issue Rating: BB+ by Fitch

Governing Law: Standalone German-law governed documentation

Listing: Euro MTF market of the Luxembourg Stock Exchange

Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply.

Target Market: Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or UK.

===================== [ 09/14/2026 Week ] ===============

Clydesdale Acquisition Holdings Inc (Novolex Holdings) (NOVHOL) $750m 144A/Reg S sr sec notes 2032 (5.5y). NC2 (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year for the first 2 years at 103. Existing B2/B+/BB+ . Via UBS (B&D)/Apollo/WFS/Barc/BMO/DB/MS/RBC/BNP/Citi/Mizuho/Santander /CIBC/HSBC/Macquarie/StanChart/JPM jt books. No reg rights. CoC at 101. Investor call at 1pm 09/08. Pricing 09/14 week. UOP: repay $750m of its initial term loan facility due 2029. The remaining $1.69bn term loan will be amended and extended by 3 years to April 2032. Equity sponsors: Apollo/CPPIB.  Biz: manufacturer of paper and plastic packaging products. HQ: Charlotte, NC.

SoftBank Group Corp. (SOFTBK) (9984 JT listed on the TSE), rated BB+ (stable) by S&P, has mandated Citi, Goldman Sachs, J.P. Morgan, and Morgan Stanley to organize a series of in-person 144A fixed income investor meetings and investor calls in New York City (non deal roadshow).

Citi is coordinating logistics for all meetings in New York.

Small group meetings will take place in person on the following dates with virtual options for investors not based in NYC. The calls will primarily focus on Q&A.

Monday, September 14th, Tuesday, September 15th, Wednesday, September 16th, Thursday, September 17th

Location: Citi Headquarters, 388 Greenwich Street, New York, NY 10013, United States.

SoftBank Group Corp. will be represented by: Yoshimitsu Goto (Board Director, Corporate Officer, Senior Vice President, CFO & CISO); Reiko Kawamura (Corporate Officer, Head of Capital Market Department); Jun Ohama (Global Head of Investor Relations, Managing Director)

NetRoadshow

To make the most of the discussion, we encourage investors to read the presentation materials in advance of the meetings

FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=f1b9457a (Recommended) OR visit www.netroadshow.com and enter the entry code: SoftBankGroup2026 (not case-sensitive) 

====================== [ 2026 ] ===============

SoftBank Group Corp (SOFTBK) $10b-$20bn equivalent in US$ and possibly EUR 144A/Reg S notes. UOP: repay a portion of the $40bn bridge loan incurred to fund its OpenAI Investment, and for other AI investments. Biz: diversified global investment holding company. HQ: Tokyo, Japan. 

Paramount Skydance Corp (PSKY, PARA) approx $12.4bn (US$/EUR) equivalent sr sec 2nd lien notes. B1/BB/BB. Via BofA/Citi/Apollo. June biz (exchange/tender/consent deadline is 5pm 06/17/26). UOP: along with approx $30-32bn of sr sec 1st lien IG-rated notes, $7.50bn (US$/EUR) equivalent sr sec 1st lien term loan B, and $5bn sr sec 1st lien term loan A, which has already been raised (1st lien debt rated --/BBB-/--), to fund the acquisition of Warner Bros Discovery Inc (WBD) for $31.00 per share in cash or $81bn total equity ($110bn enterprise value) (WBD shareholders will receive a $0.25 per quarter ticking fee for each quarter after 09/30/26 that the deal has not closed), PSKY is also paying the $2.8bn Netflix breakup fee. The deal will also be funded with a $47bn new equity private placement of Class B shares at $16.02 per share by the Ellison Family ($46.720bn) and RedBird Capital Partners ($250m), and others. PSKY equity holders will also be given the opportunity to participate in a rights offering for up to $3.25bn PSKY Class B Common shares at $16.02 per share. BofA/Citi/Apollo originally provided a $54bn debt commitment ($38.6m new bridge loan and a new $15bn bridge loan replacing the existing WBD debt refi bridge loan incurred 06/30/25, to fund the $14.5bn cash cap tender offer across six different bond pools covering all of its approx $35.5bn of outstanding bonds ($17.7bn face amount of bonds were retired)), also a $3.5bn bridge loan to backstop PSKY's existing revolver, which has now been replaced by a new $5bn revolver.  $12.8bn of 2nd lien sr sec notes will also be issued in the exchange offer for a portion of the existing Warner Bros Discovery debt. The previous plan to spin off WBD's Global network business that was announced 06/09/2025 has been canceled. Closing is expected Q3 2026. 

Timeline: 06/09/2025 WBD announces plan to spinoff its Global Network business to shareholders: 10/21/2025 WBD announced a Strategic Review in response to unsolicited interest from multiple parties and its intent to evaluate a broad range of options; 12/05/2025 WBD accepts an offer from NetFlix to purchase the WBD Streaming and Studio biz for $27.75 per share, consisting of $23.25 in cash and $4.50 of Netflix equity, or a total enterprise value of $82.7bn); 12/08/2025 PSKY took its offer hostile, going directly to shareholders with a $30 per share all cash offer for the entire company; 02/26/2026 WBD announced that it had accepted Paramount's improved offer and canceled plans to spin off WBD's Global network business, and then shortly thereafter Netflix announced they had dropped out of the bidding process. 04/23/26 update WBD's shareholders approved the merger with Paramount Skydance, but regulatory approval is still pending. 05/19/26 PSKY commences tender offers and exchange offers for certain Discovery Global Holdings Inc and Discovery Communications LLC notes and Warner Bros Discovery commenced consent solicitations from holders of WBD notes. 05/19/26 Discover Global Holdings Inc (Warner Bros Discovery) launched an approx $6bn (US$5bn/EUR1bn) 7y sr sec term loan B two-part, to partially repay the $15bn bridge loan incurred 06/30/25 to fund the $14.5bn capped tender offer for WBD notes; upsized 05/21/26 to approx $10bn ($9bn/EUR remains EUR1bn); upsized and priced 05/27/26 to the full $15bn ($13bn and EUR1.717bn). These term loans will be refinanced when the merger transaction closes. 05/27/26 update the requisite consents were received from bondholders in the consent solicitation. These amended bonds will be able to participate in the 144A exchange offers for new sr sec 2nd lien notes ($12.1bn and EUR0.6bn final results) and the tender offers ($2.4bn final results). $2.5bn and EUR0.1bn are not subject to the exchange offers or tender offers (only QIBs are eligible and only bonds for which consents have been given are eligible). 06/12/26 update: DoJ approves the merger with no changes. 6/18/26 update: China approves the merger. 06/24/26 update: EU approval is seen to be on track, possibly with cancellation of its joint venture with Universal Picture. 07/09/26 update: previously The Competition Protection Agency of Kuwait, the Austrian Federal Competition Authority, and the Australian government have also unconditionally approved the merger. 07/09/26 update: Oregon has filed a lawsuit against PSKY requesting more materials and time to review them. Other US states, including California, have previously announced their intention to block the merger. 07/10/26 update: WSJ story: In a statement, Paramount denied that its timeline had been adjusted because of Oregon's legal actions. It said the European Commission has until July 22 to complete its review of the deal-plus 10 more working days to consider remedies-and that date shouldn't be seen as a target for the deal to close. 07/13/26 update: a group of state attorneys general led by California's Rob Bonta filed a lawsuit aimed at blocking the merger due to antitrust concerns. Later in the day, the group filed court papers seeking a temporary restraining order to  put the deal on hold so that legal proceedings could move forward. 07/14/26 update: The Writers Guild of America sued Paramount Skydance to block the merger, asserting the merger would harm competition. 07/14/26 update:  Paramount trial counsel Jeffery Kessler said in an interview with CNBC that  PSKY is still aiming to close its proposed acquisition of Warner Bros Discovery by the end of September despite a recent lawsuit filed by state attorneys general challenging the deal. 07/16/26 update: a PSKY shareholder sued Larry Ellison, his son David Ellison and the PSKY board asserting fiduciary breach claims when they cut an illegal deal with Trump to secure the completion of the acquisition. 07/20/26 update: a federal judge in California put a 14 day hold on the closing of the acquisition saying it likely violates antitrust law. A hearing is scheduled for 08/03/16 to determine whether to extend the deadline as the lawsuit brought by California et al to block the merger proceeds. 07/22/26 update: the EU gave conditional approval to the acquisition pending the termination of a  distribution agreement with Universal Pictures in Europe. 07/24/2026: Paramount Skydance has reached an agreement with a coalition of state attorneys general to postpone the Warner Bros. Discovery merger until five days after a trial is held or June 1, 2027, whichever is earlier. 08/14/26 update:  PSKY announced that all regulatory conditions under the merger agreement have been satisfied, including approvals from the EU, UK, Australia, Canada, Brazil, China, COMESA, the US DOJ, and Mexico. 08/04/26 A California judge sets the States' anti-trust trial date at 03/02/27. 

Previous expiration dates: 06/17/26, 07/15/26, 07/22/26, 07/31/26, 07/31/26, 08/14/26, 08/21/26, 5pm 09/04/26. As of 5pm 08/21/26(64.26% of notes subject to the tender offer and 73.82% of the notes subject to the exchange offer have been tendered (PSKY does not view these figures to be representative of the final results of the applicable offers).

According to Moody's, PSKY's post-closing capital structure will include a total of approx $86.8bn of debt, consisting of $44.5b on sr sec 1st lien debt (48%), approx $25.2bn in sr sec 2nd lien notes (27%), $15.5bn sr unsec notes (18%), and approx $1.6bn of sub notes (2%). The $44.5bn sr sec 1st lien debt will consist of $5.0bn term loan A (already done), and $39.5bn in new first lien secured debt (also $5bn revolver (undrawn)). The $25.2bn 2nd lien debt will consist of $12.8bn issued in the exchange offer and $12.4bn still to be issued as part of the debt financing. The $15.5bn sr unsec notes will consist of  $13bn existing at Paramount and $2.5bn existing at WBD.

The Brink's Co (BCO) $2.124bn sr notes. Via MS. (Existing sr unsec notes were affirmed at Ba3/BB/BB+ (stable/stable/stable)). UOP: along with cash on hand, to fund the acquisition of NCR Atleos Corp (NATL) for $6.6bn implied value, consisting of $2.2m in cash ($30.00 per share in cash) and 13.3m BCO cmn shares (0.1574 cmn share of BCO per NATL share) ($50.40 per share total implied value), and the assumption of $2.6bn NATL debt. MS has provided a $2.124n bridge loan to fund the cash portion and refinance NATL's debt (BCO will also use cash on hand) (The bridge loan originally was $4.5bn total size consisting of $2.276bn sr unsec bridge loan to fund the cash portion of the acquisition, $873m sr sec bridge loan backstopping the amend and extend of NCR Atleos term loan A with BofA, and $1.35bn sr sec bridge loan backstopping the $1.35bn 9.50% sr sec notes due 2029, in case Brink's and NCR Atleos do not receive the requisite consents from the noteholders to keep the bond outstanding). Closing is expected in Q1 2027. Biz: provider of cash management, secure logistics and security services. HQ: Richmond, VA. (Acquisition announced 02/26/2026).

++++06/30/26 update: BCO and NATL shareholders approve the merger.

++++05/12/26 update: the FTC granted early termination of the HSR waiting period.

+++04/07/26 update: on 03/31/36 Brink's increased its existing $2.225bn term loan A with a new $1.025bn delayed-draw term loan via BofA and increased its revolver by $600m. This financing will replace a portion of the bridge loan.

+++03/11/26 update: NCR Atleos announced they had received the requisite consents and amended the CoC definition on its 9.50% sr sec notes due 2029.

+++03/05/26 update: NCR Atleos Corp commenced a consent solicitation with respect to its $1.35bn 9.50% sr sec notes due 2029. The Proposed Amendments seek to amend the defined term “Change of Control” to provide that the Mergers will not constitute a Change of Control and to add or amend certain other defined terms contained in the Indenture related to the foregoing.

The amended and restated credit agreement increases the size of the existing credit facility from $2.225 billion to $3.85 billion. The increase is structured as a $1.025 billion delayed draw term loan and a $600 million increased revolving credit commitment, and the proceeds are intended to be used to fund part of the cash consideration for Brink’s potential acquisition of NCR Atleos Corporation (“NCR Atleos”), refinance indebtedness of NCR Atleos, and fund general corporate purposes. The amended and restated credit agreement will mature on March 31, 2031. Pricing is expected to remain at Term SOFR + 150 basis points through the consummation of Brink’s proposed acquisition of NCR Atleos, subject to Brink’s consolidated net leverage ratio in accordance with the terms of the amended and restated credit agreement. The acquisition remains subject to customary closing conditions, including regulatory approval and shareholder approvals from both companies.

Fertitta Gaming/Caesars Entertainment Inc (FRTITA) $1.675bn sr sec notes. UOP: along with $500m sr sec incremental term loan A-1, $1.675bn sr sec incremental term loan B-2, and $750m 1y sr sec bridge loan (also $2bn revolver), to fund the acquisition of Caesars Entertainment Inc (CZR) by Fertitta Entertainment Inc for $31.00 per share in cash representing an equity value of $5.7bn or an enterprise value of $17.6bn including the assumption of approx $11.9bn net debt. Fertitta plans on funding the transaction with $2.7bn equity financing provided by Fertitta Entertainment and committed debt financing obtained from 10 banks. MS/GS are financial advisors to Fertitta. The new entity will be a wholly owned sub of Fertitta Gaming Holdco LLC. Biz: gaming, entertainment, and restaurants. HQ: Houston, TX. (Acquisition announced 05/28/2026).

HB Fuller Co (FUL) US$ TBD sr notes. Existing sr unsec Ba3/-- (stable/--). UOP: fund the acquisition of Advanced Medical Solutions Grp plc (AMS) for GBP2.85 per share, equity value of GBP659m or an enterprise value of GBP715m (approx $970m). Backstopped by a 100% fully committed sr unsec bridge loan. GS and Perella Weinberg are financial advisors to HB Fuller. Closing is expected by the end of Q4 2026. Biz: maker of adhesives, coatings and sealants. HQ: St Paul, MN.

++++08/13/26 update: AMS shareholders approve the merger.

Rocket Lab Corp (RKLB) US$ TBD notes. UOP: to fund the acquisition of Iridium Communications Inc (IRDM) for $54 per share ($27.00 in cash and the rest in RLKB shares) for a total enterprise value of approx $8bn. DB/WFS have committed to provide a $3.6bn 1 year bridge loan to backstop the financing of the deal, which is expected to consist of debt and equity financing and cash on hand. Biz: a leading space company that provides launch services, spacecraft, payloads and satellite components serving commercial, government, and national security markets. HQ: Long Beach, CA. (Acquisition announced 06/29/26).

+++08/13/26 update: HSR period has lapsed. RKLB and IRDM are seeking to amend IRDM's $1.75bn term loan, which would allow it to remain in place. This would reduce the bridge loan. RKLB also announced a new $1.944bn at-the-market equity program. Amounts raised there will also reduce the commitments under the bridge loan.

Alcoa Corp (AA) US$ sr notes. (existing sr unsec debt of subs Ba1/BB+/BB+. UOP: fund the acquisition of bauxite mine interests, alumina refinery assets, and aluminum smelter assets from South32 Ltd in a cash and stock transaction representing an up-front purchase price of $4.1bn or a $4.7bn enterprise value including the assumed net debt. The transaction consists of $3.1bn in cash, $1bn in stock (~17m AA shares at $58.79), $600m of assumed net debt, as well as an additional CVR worth up to $750m based on the price of aluminum. To help fund the cash portion of the transaction, Alcoa obtained a $3.1bn bridge facility with GS which they plan to replace with cash on hand and permanent debt financing. The existing sr unsec debt of Alcoa Corp's subs is rated Ba1/BB+/BB+. The transaction is expected to close by Q2 2027. Biz: a global industry leader in alumina and aluminum products. HQ: Pittsburgh, PA.  (Acquisition announced 06/30/26).

Integer Holdings Corp (ITGR) possible bonds. Via Citi/KKR/Barc/UBS/Jefferies. UOP: fund the LBO of Integer by KKR for $127 per share in cash ($5.7bn enterprise value). Closing is expected by the end of 2026. Biz: medical device contract development and manufacturing organization (CDMO). HQ: Plano, TX. (Acquisition announced 08/03/26).

Dream Finders Homes Inc (DFH) up to $900m sr notes. B1/BB-//BB- (review for downgrade/Watch negative/negative). Via BofA/GS. UOP: along with a $800m Land Bank Facility with Lewis Investment Management, $450m of $1,000 pfd equity and possibly other common equity, to fund the acquisition of Beazer Homes USA Inc (BZH) for $33.50 per share in cash or a total enterprise value of $2.2bn. BofA/GS are providing a $900m bridge loan to backstop the permanent sr note and possible common equity financing. 

Closing is expected in Q4 2026. Biz: single-family homebuilder. HQ: Jacksonville, FL. (Acquisition announced 08/07/26). 

Curium US Holdings LLC possible bonds. UOP: along with new equity financing, to fund the acquisition of Lantheus Holdings Inc (LNTH) for $102.50 per share in cash, plus another potential CVR of $12 per share or potential total consideration of approx $12bn. Jefferies is lead financial advisor to Curium, along with JPM and PTT PartnersClosing is expected in Q2 2027. Equity sponsor: CapVest Partners.  Biz: a leading global radiopharmaceutical company. HQ: Bedford, MA. (Acquisition announced 08/03/2026).

Solstice Advanced Materials Inc (SOL, SOLADV) $ TBD notes. (existing sr unsec Ba2/BB+/ BB+ (stable/Watch negative/Watch negative)). Via GS.

UOP: along with cash on hand, to fund the acquisition of Element Solutions Inc (ESI) for $50.10 per share in a cash and stock transaction for a total valuation of $14.5bn including the assumption of net debt. Element shareholders will own around 44% of the combined company. The transaction consists of $10.00 per share in cash and 0.500 in Solstice shares per ESI share. Solstice obtained a $4.7bn bridge facility via GS to help fund the cash portion of the transaction. Closing is expected in H1 2027.  Biz: is a global, differentiated advanced materials company and a leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. HQ: Morris Plains, NJ. 

Solstice Advanced Materials Inc (SOLS, SOLADV) $ notes. Existing sr unsec ratings Ba2/BB+/BB+. UOP: fund the acquisition of Element Solutions Inc (ESI) for $50.10 per share in cash and stock, or a total valuation of $14.5bn including the assumption of net debt. 

GS has provided a $4.7bn bridge loan to backstop the cash portion of the deal. Closing is expected by Q2 2027. Biz: is a global, differentiated advanced materials company and a leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. HQ: Morris Plains, NJ. (Acquisition announced 07/06/2026).

Nuvei Corp US$750m sr sec notes. UOP: along with $1.5bn sr sec term loan, to fund the acquisition of Payoneer (PAYO) for US$7.40 per share in cash or a total equity value of approx $2.75bn. BMO/RBC/Barc/UBS/WFS are providing $2.7bn committed financing for the transaction (including $200m cash flow bridge loan and $250m incremental revolver). Closing is expected mid 2027. Biz: develops electronic payment infrastructure. HQ: Montreal, QC. (Acquisition announced 06/15/26).

Dana Inc (DAN) $ TBD notes. UOP: fund the Reverse Morris Trust merger with Eaton's mobility business with an enterprise value of $5.1bn (the combined company will have an enterprise value of over $10bn). Dana will pay a $1.1bn distribution to Eaton. Eaton shareholders will own at least 50.1% and Dana shareholders will own approximately 49.9% of the combined company at closing. GS has committed to provide a $2.6bn bridge loan backstop the $1.1bn distribution and repay certain existing Dana debt. The permanent financing is expected to include term loans and sr notes. Closing is expected in Q1 of 2027. (Acquisition announced 06/11/26).

Veris Residential Inc (VRE) $2.08bn notes. UOP: repay the $2.08bn bridge loan incurred to fund the acquisition of Veris for $19.00 per share in cash ($3.4bn enterprise value) by Affinius Capital and Vista Hill Partners, which contributed $1.07bn in cash equity. GS/UBS provided the $2.08bn bridge loan. Biz: a REIT that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast US. HQ: Jersey City, NJ. (Acquisition announced 02/23/26. Closed 05/27/26).

Hapag-Lloyd AG (HPLGR) up to US$2.5bn notes. Existing sr unsec Ba1/BB+. UOP: along with cash on hand, to fund the acquisition of ZIM Integrated Shipping Services Ltd for US$35.00 per share in cash or approx US$4.2bn total consideration. Closing is expected by the end of 2026. Biz: leading liner shipping company. HQ: Hamburg, Germany. (Acquisition announced 02/16/26). 

++++08/10/26 update: the Israeli government meeting to review the sale of ZIM has been postponed to 09/09/26 with the majority currently expected to oppose the sale.