Commentary & Deal Flow

The US high yield new issue market is back in action this morning with five deals announced this morning. Four of them will price today along with one deal from the calendar and one is scheduled to price tomorrow. 

Announced this morning and pricing this afternoon in the US high yield new issue market are Ellington Financial Operating Partnership LLC $100m add-on to its 7.375% sr notes due 09/30/30 (IPT 99.01); Burford Capital Global Finance LLC $300m 3yNC1 sr sec notes (IPT 8.75%-9.00%); AMSTED Industries Inc $250m add-on to its 6.375% sr notes due 03/15/33 (IPT 98.51 (fungibility)); and TransDigm Inc $2.5bn 8.25yNC3 sr sec notes (IPT High 6s).

Also announced this morning was Sabre Financial Borrower LLC $1.1bn 6yNC3 sr sec notes (IPT Low to mid 10s), pricing tomorrow. 

The floodgates opened this morning in the European high yield market with seven deals announced this morning, only one of which is scheduled to price today - ZF Europe Finance BV EUR750m (from EUR benchmark) 4.5yNCL sr notes, final yield 5.875% (vs price talk of 6% area (+/- 12.5bps) WPIR and IPT of 6.25% area), pricing today. 

Announced this morning and pricing later this week are Grunenthal Gmbh EUR600m sr sec notes two-part, consisting of EUR300m 6yNC2 fixed rate notes and EUR300m 6yNC1 FRN, investor call today; Dufry One BV (Avolta) EUR350m (WNG) 5.5yNC2 sr notes (IPT:5.25%-5.50%) (roadshow today, pricing tomorrow); Lifting Control Holding SpA (Fassi Gru SpA) EUR450m 7yNC1 sr sec FRN (IPT E+400-450b at 99.50), roadshow Monday-Tuesday; Playtech Plc EUR350m (WNG) 5yNC2 sr sec notes (IPT mid-high 5s), roadshow Monday-Tuesday; and Assemblin Caverion Group AB EUR750m 7yNC1 sr sec FRN (IPTE+325-250bp (0% floor) at par), investor calls Monday-Wednesday.

Also announced this morning was a IG/HY crossover Energia Group ROI FinanceCo DAC (Ba1/NR/BBB-) EUR850m 5yNC2 sr sec notes (roadshow Monday-Tuesday). The Ba1/NR/BBB- rated deal will not count towards high-yield volume or league tables. 

The US high yield secondary market is weaker along with stocks this morning. UST yields are inching higher as oil continues to rise (WTI +2.06 to 102.15) (10y UST yield +1bp to 4.98%), while stocks are falling (DJIA -225; S&P -62; NASDAQ -215). The US high yield cash market is down a 1/4 point, with data center names down 1/2 -1 point after Anthropic and Open AI CEOs committed to slowing down AI development. 

The CDX HY46 is down a 1/4  point to 107.198.

CFR High Yield Forward Calendar

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

ZF Europe Finance B.V. (ZFFNGR) EUR750m (from EUR benchmark) 144A/Reg S sr notes due 03/21/31 (4.5y). NC3 (MWC Bund+50bp), 3m Par Call, Tax Call, Clean-up Call (75%). Expected Ba2/BB-. Via Barc (B&D)/ING/JPM/SMBC jt glocos and active jt books. List Lux (Euro MTF). German law. CoC at 101. Denoms: 100kx100k. Settles 09/21 (T+5). Reg S ISIN: XS3504736029. IPT: 6.25% area. Price talk: 6% area (+/-12.5bp) WPIR. Final terms: EUR750m at 5.875%. Books closed EUR1.9bn+ at guidance (up from EUR1.75bn pre-rec). UOP: refinancing existing indebtedness and financing the Tender Offer of the outstanding EUR 2.5% October 2027 note of ZF Europe Finance B.V. and the 2% May 2027, 2.25% May 2028 and 3.75% September 2028 notes of ZF Finance GmbH, GCF. HQ: Germany.

DealRoadshow direct link: https://dealroadshow.finsight.com/e/ZF2026. Entry code: ZF2026.

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+ (--/--/stable). 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. IPT: Very low 8s. Price talk: 8% area. Did investor call at 1pm 09/08. Books close at 12pm 09/14. Pricing 09/14 afternoon (loan commitments are due 12pm (from 5pm) 09/14). 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.

Ellington Financial Operating Partnership LLC (EFC) $100m 144A/Reg S add-on to its 7.375% sr notes due 09/30/30 (4y). NC1 (09/30/27) (MWC T+50bp), then at 103.688 09/30/27, 101.844 09/30/28, 100 09/30/29. Equity claw: 1y 40% at 107.375. Existing B1/NR/BB- (positive/--/stable). Via WFS/GS jt books, Piper Sandler, KBW as co-managers. CoC at 101. Denoms 2kx1k. Settles T+3. 144A fungible after 09/30 interest payment date (Reg S after 40 days) with the $400m issue priced 09/03/2025. IPT: 99.01. Investor call at 11am 09/14. Pricing 09/14 afternoon. UOP: GCP, including repaying $50m of the $2.925bn borrowings under repurchase agreements and funding $50m purchases of additional assets in accordance with Ellington Financial's investment objectives and strategies. Biz: Diversified mortgage REIT focused on high-quality residential mortgage loans, short-duration commercial mortgage bridge loans, complementary securities, and strategic equity investments in originators, supported by a sophisticated hedging program designed to manage interest-rate and credit risk across the portfolio. HQ: Old Greenwich, CT 

Burford Capital Global Finance LLC (BUR, BURLN) $300m 144A/Reg sr sec notes (3y). NC1 (MWC T+50bp) (50%, par). Equity claw: 1y 40%. Special call: 10% during the 1st year at 103. Existing Ba1/BB-. Via Jeff/BofA/DB jt books, B. Riley, Wedbush as co-managers. No reg rights. CoC at 101. Denoms 200kx1k. IPT: 8.75-9%. Investor call at 10:00am 09/14. Pricing 09/14. UOP: along with $106m cash on hand, to redeem its $400m 6.25% sr notes due 2028 (callable at 100). Biz: A leading global finance and asset management firm focused on law. HQ: New York City/Guernsey.

AMSTED Industries Inc (AMSIND) $250m 144A/Reg S add-on to its 6.375% sr notes due 03/15/33 (6.5y). NC1.5 (03/15/28) (MWC T+50bp), then at 103.188 03/15/28, 101.594 03/15/29, 100 03/15/30. Equity claw: 1.5y 40% at 106.375. Existing Ba3/B+. Via JPM/WFS/TSI/PNC/BofA/USB/BMO/Huntington/Key jt books, BBVA, CIBC, Stifel, Cantor as co-managers. No reg rights. CoC at 101. Denoms 2kx1k. Settles 09/17 (T+3). 144A CUSIP: 032177AK3. 144A ISIN: US032177AK30. Immediately 144A fungible (Reg S after 40 days) with the $500m issue priced 02/20/25. IPT: 98.51 (fungibility). Investor call at 11am 09/14. Pricing 09/14. UOP: together with cash on hand, to repay $245m of the $335m draw on its revolver. ESOP ownership structure (it is 100% employee owned). Biz: manufacturer of highly engineered industrial components with leading mkt positions in railroad pdts, vehicular pdts, and construction pdts. HQ: Chicago, IL.

DealRoadshow direct link: dealroadshow.finsight.com/e/AMS2026. Entry code: AMS2026.

TransDigm Inc $2.5bn 144A/Reg sr sec notes due Jan 2035 (8.25y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3Y 40%. Existing Ba3/BB-. Via MS/JPM/Citi/RBC/GS/WFS/BMO/KKR/Capital One/HSBC/BofA/PNC jt books. No reg rights. CoC at 101. Denoms 2kx1k. IPT: High 6s. No investor call (a Netroadshow presentation is available). Pricing 09/14. UOP: fund the tender offer for its $2.1bn 6.75% sr sec notes due 08/15/28 ($1008 total consideration, includes $30 early tender premium, MS dealer manager) and $383 cash on the balance sheet for GCP. Biz: a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. HQ: Cleveland, OH.

Sabre Financial Borrower LLC (SABR, SABHLD) $1.1bn 144A/Reg sr sec notes (6y). NC3 (MWC T+50bp). Equity claw: 3y 40%. Existing B2/B. Security: Pledge of secured Intercompany Loan receivables from Sabre GLBL (secured first lien pari passu with existing Sabre GLBL debt) + $400 million secured guarantees from Foreign Subsidiaries. Via BofA/Citi jt books. No reg rights. CoC at 101. Denoms 2kx1k. IPT: Low to mid 10s. Investor call at 10:30am 09/14. Pricing 09/15. UOP: to fund a new intercompany loan to Sabre GLBL, which will  use the proceeds to repay its existing intercompany loan to Sabre Financial, and ultimately Sabre Financial will use the proceeds to fund the tender offer for its $1bn 11.125% sr sec notes due 06/15/29 ($1,092.50 total consideration, includes $50 early tender premium).  Biz: provides technology and software services to the global travel and tourism industry. HQ: Southlake, TX.  

Netroadshow direct link: https://www.netroadshow.com/events/login/1PeTHmojJaYUyuwEwf9tv96JReW237XdJryvA 

Grünenthal GmbH EUR850m 144A/Reg S sr sec notes 2-part. Via BNP/Deutsche (B&D)/ING jt physical books and jt glocos/BBVA/Commerz/CA/MUFG/UniCredit jt glocos/BofA/GS/Mizuho/RBC/Santander jt books. List ISE. NY law.

EUR300m minimum sr sec fixed rate notes due 2032 (6y). NC2 (50%,25%,par). Denoms: 100kx1k.

EUR300m minimum sr sec floating rate notes due 2032 (6y). NC1 (par). Denoms: 100kx1k.

Investor call at 11:30am UKT / 12:30 CET 09/14. UOP: The gross proceeds from the Offering will be used to (i) redeem the 2030 Notes in full (including accrued and unpaid interest and the redemption premium), (ii) redeem the 2028 Notes in part (including accrued and unpaid interest), (iii) for general corporate purposes, including to finance, in part, potential product acquisitions. Biz: Leading innovator in pain treatments, with expertise in maximising Established Brands profitability.

https://www.netroadshow.com/events/login/1PeTHmojHeqmbdpnfAKS9AU14WDkHovM4zRCD 

Dufry One BV (Avolta) (DUFNSW) EUR350m WNG Reg S sr notes due March-2032 (5.5y). NC2 (50%,25%,par). Expect Ba2/BB+. Via BNP/ING (B&D)/LBBW jt glocos and physical books/Banca Akros/Santander/UBS jt glocos/Bank of China/BBVA/BofA/CIC/Commerz/CA/GS/HSBC/IMI/Mediobanca/MUFG/RBI/UniCredit jt books, DZ Bank, Raiffeisen Schweiz co-mgrs. List ISE. NY law. Denoms: 100kx1k. Reg S ISIN: XS3508785303. Settles 09/22. IPT: 5.25%-5.50%. Virtual roadshow will run Monday 09/14 (investor call at 10:30am UKT / 11:30am CET 09/14). Pricing 09/15. UOP: To partially refinance Senior Notes due 2027 and pay transaction fees and expenses. Biz: Global market leader in the airport travel retail industry and in the travel food and beverage industry, operating ~5,100 retail stores and restaurants across 70 countries on six continents.

https://evercall.co/oacc/67924 

Lifting Control Holding S.p.A. (holding company of Fassi Gru S.p.A.) EUR450m 144A/Reg S sr sec notes due 2033 (7y). NC1 (par). Expect B1/B/BB-. Via UniCredit (B&D)/UBS/IMI jt glocos and jt physical books/Banca Akros - BPM/BNP/CA/Mediobanca/Natixis jt books. List Luxembourg (Euro MTF). NY law. Denoms: 100kx1k. IPT: E+ 400-425bp / 99.50. Investor call at 11:00 UKT / 12:00 CET 09/14 (also fixed income investor meetings 09/14-09/15). UOP: (i) Repay in full and cancel the Refinanced Fassi Indebtedness, including accrued and unpaid interest thereon (ii) repay in full of the Existing Vendor Loan, including accrued and unpaid interest thereon (iii) fund the purchase price for the Bolt-on Acquisitions, and (iv) fund a distribution to the parent (Elevation Investment Opportunities S.à r.l.). Equity sponsor: Investindustrial. Biz: Leader in vertical lifting solutions, specializing in the design, engineering, manufacturing, and distribution of highly engineered and robotised lifting, handling, access, and automation solutions.

https://www.netroadshow.com/events/login/1PeTHmohVj0s4nx2UC2hkJuaZGxt3pTxMfx3R 

Playtech plc EUR350m WNG Reg S only sr sec notes due 2031 (5y). NC2 (50%,25%,par). Expect Ba2/BB-. Via Citi (B&D)/NatWest/Santander jt physical books/MUFG jt books, AIB co-mgrs. List Euronext Dublin (Global Exchange Market). English law. Denoms: 100kx1k. Reg S ISIN: XS3498851669. IPT: mid-high 5s. Did investor call at 11:00am UKT / 12:00pm CET 09/14 (fixed income investor meetings, small group meetings available Monday-Tuesday). UOP: Redeem all of the outstanding Existing Notes due 2028 on or prior to the maturity thereof, to pay redemption premium and accrued interest thereon and for GCP. Biz: One of the gambling industry's leading technology companies delivering business intelligence driven gambling software, services, content and platform technology.

NetRoadshow registration link: https://www.netroadshow.com/events/login/1PeTHmohTlkQBAAq96MXOmOWPQoH9Mhn0taqe. Dial-in: UK: +44 20 3936 2999; Global numbers: https://www.netroadshow.com/events/global-numbers?confId=111698; Access Code: 515794.  

Assemblin Caverion Group AB (publ) (ASSEMB) EUR750m 144A/Reg S sr sec floating rate notes due 2033 (7y). 7NC1 (par). B1/B+. Via Danske Bank/GS/JPM (B&D) jt glocos and physical books. List ISE. NY law. Denoms: 100kx1k. 144A ISIN: XS3489941743. Reg S ISIN: XS3489941826. IPT: E+325-350bps / 0% floor / Par. Did investor call at 11:00 UKT 09/14 (fixed income investor meetings 09/14, 09/15, 09/16). UOP: Shareholder distribution. Equity sponsor: Triton. Biz: The largest multi-technical services provider in Northern Europe, with #1 positions in Sweden, Finland, and Norway and top 5 positions in Denmark, Germany, and Austria.

NetRoadshow registration link: https://www.netroadshow.com/events/login/1PeTHmojHAJp2I7C0GfEg5xginBrpQiUevu5Y. Alternatively, please use www.netroadshow.com and enter the entry code: ACG2026. Dial-in: United Kingdom (Local): +44 20 3936 2999; United Kingdom (Toll-Free): +44 808 189 0158.

Energia Group ROI FinanceCo DAC (ENRGRP) EUR850m 144A/Reg S sr sec notes due 2032 (6y). NC2 (50%,25%,par). Ba1/NR/BBB- (stable/--/stable). Via JPM (B&D)/MS/GSI jt physical books/JPM/MS/GSI/DB jt glocos and jt books/Barc/BofA/Lloyds/NatWest/SocGen jt books. List ISE. NY law. Denoms: 100kx1k. Did investor call at 10:30 UKT 09/14 (fixed income investor meetings 09/14, 09/15). UOP: Refinancing of existing SSNs and bridge facility. Biz: an integrated energy business active in the Republic of Ireland and Northern Ireland (renewable and flexible electric power generation and storage, and electric and gas distribution). HQ: Dublin, Ireland.

NetRoadshow registration link: https://www.netroadshow.com/events/login/1PeTHmojK3u1pUun99moD1WtGNbH0GDT05Aln. Dial-in: United Kingdom (Local): +44 20 3936 2999; United Kingdom (Toll-Free): +44 808 189 0158; Access Code: 875259.

++Note: this deal will not count for high yield volume and league tables due to the BBB- Fitch rating++ 

===================== [ 09/21/2026 Week ] ===============

SoftBank Group Corp. (SOFTBK) (9984 JT listed on the TSE), rated BB+/NR/BB+ (--/stable/stable), 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)

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

Earlier this month the market talk was that SoftBank Group Corp (SOFTBK) was looking to raise $10bn-$20bn equivalent in US$ and possibly EUR 144A/Reg S notes. UOP: repay a portion of the remaining US$25.9bn balance of the $30bn drawn on its $40bn bridge loan incurred to fund its OpenAI Investment, and for other AI investments. Biz: diversified global investment holding company. HQ: Tokyo, Japan. 

And then on 09/09/26 SoftBank Group Corp announced it had decided to prepay, on 09/15/26, the entire outstanding bridge loan balance of US$25.9bn ($30bn of the US$40bn total facility was originally drawn). On 03/27/26 SoftBank Group announced a US$40bn 1 year bridge loan facility via JPM/GS/Mizuho/Sumitomo Mitsui/MUFG+. The proceeds were to be used to make a $30bn follow-on investment in the ChatGPT developer OpenAI Group PBC, that was announced on 02/27/26, as well as for GCP. The first $10bn tranche was drawn on 04/01/26. The second $10bn tranche was drawn on 07/01/26. The final $10bn tranche was expected to be drawn in Oct 2026. On 04/15/26 SoftBank Group Corp issued US$1.5bn and EUR1.75bn (approx US$3.7bn total), which was used to repay the bridge loan. SoftBank issued a $10bn Open AI-linked margin loan to fund its Open AI investment.

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

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).

++++09/11/2026 update: The UK Competition and Markets Authority initiated its first-phase inquiry into the acquisition.

++++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.

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). 

++++09/09/2026 update: Dream Finders announces that it is soliciting consents from Beazer Homes bondholders to amend the indenture to eliminate the CoC provision for this acquisition.

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.  (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.