Commentary & Deal Flow

After pricing six deals in the first two days of this week, the US high yield primary market hit the brakes today anticipating a rate hike in today’s FOMC. In the last six years, no deals have priced on a Fed Day with a rate hike, except June 15th 2022 (Iris Holding $400m) and July 27th 2022 (Avient Corp $725m), when issuers rushed to get ahead of the rapid rate hikes expected later in the year. 

In contrast, the European high yield new issue market was very active today. While no new deals were announced today, the market priced four deals, clearing out its calendar. 

Priced today in Europe are Grunenthal Gmbh EUR850m sr sec notes two-part, consisting of EUR400m (up from EUR300m (min)) 6yNC2 fixed rate notes, priced 5.375% at 100 (vs final yield of 5.375%, price talk of 5.25%-5.50%, and IPT of 5.50%-5.75%) and EUR450m (up from EUR300m (min)) 6yNC1 FRN, priced 3mE+275bps at 100 (vs final yield of 3mE+275 at par, price talk of E+275bp area at par, and IPT of E+275bp area at par); Assemblin Caverion Group AB EUR1.53bn (up from min. EUR1bn and from EUR750m) 7yNC1 sr sec FRN, priced 3mE+300bps at 100 (vs final price talk of E+300-312.5bps (WPIR) at par, price talk of E+325bp area (o% floor) at par, and IPT of E+325-250bp (0% floor) at par); and Lifting Control Holding SpA (Fassi Gru SpA) EUR450m 7yNC1 sr sec FRN, priced 3mE+ 375bps at 100 (vs final terms of E+375bp at 99.50-par, price talk of 3mE+ 375-400bps at 99.50, and IPT of E+400-450b at 99.50). 

Also the IG/HY rated Energia Group ROI FinanceCo DAC priced EUR850m 5yNC2 sr sec notes today, priced 5.5% at 100 (vs final yield of 5.5%, price talk of 5.50%-5.75%, and IPT of high 5s). Note we are changing our position and now counting this Ba1/NR/BBB- rated deal for high-yield volume and league tables due to the obvious high yield nature of this deal, and despite the BBB- Fitch rating. 

The US high yield new issue volume for the week remained six deals (six tranches) for $5.8bn (after adding back Burford $300m to the high yield volume). This is already in the bottom range of this week’s syndicate desk estimates that ranged from $5bn to $10bn using wide-ends (mostly centered around the $7bn-$10bn range). Our guess was $8bn.

After a slow start, September month-to-date volume has quickly ramped up, now reaching $17.775bn (after adding back Burford $300m to the high yield volume). This is already halfway to the bottom end of this month’s syndicate desk estimates of $30bn to $60bn using wide ends (all were in the $30bn-$50bn range, except one $40bn-$60bn). Our guess was $40bn.

Warsh's Fed tried to achieve credibility with the markets today, announcing after a unanimous vote a 25bp hike in the Fed Funds rate to 3.75%-4.00% (the first hike since 2023) as it looks to bring inflation back to the Fed's 2% target. The dot plots are also suggesting another 25bp hike by the end of the year with 12 FOMC board members pencilling that in, while four members see two more hikes this year (the remaining two see holding rates unchanged from today). And in the presser Warsh emphasized the hawkish stone saying that today the Fed had removed "a dose of accommodation" from monetary policy, and that this summer's inflation readings do not tell him that underlying trends have meaningfully improved. 

The US high yield secondary market ended the day flat after the Fed rate hike. UST yields were volatile through the day, but closed little changed (10y UST yield +2bps to 5.02%), while stocks were close to flat or lower (DJIA -631; S&P -34; NASDAQ -3). The US high yield cash market was up an 1/8-1/4 point around noon, but weakened after the Fed press Conference, closing flat on the day

The CDX HY46 was up 1/16 of a point to 107.266.

In the secondary market, all of this week’s new issues were flat or an 1/8 of a point than yesterday, except Sabre. Yesterday’s new issue Sabre was down 5/8 of a point since yesterday’s close, still up 1 1/8 points since pricing. 

High yield new issue priced today:

09/16/2026 Lifting Control Holding S.p.A. (Fassi Gru S.p.A.) (LCHSPA) EUR450m 144A/Reg S sr sec notes due 09/30/33 (7y). NC1 (09/30/27) (MWC B+50bp), then at 100.000 09/30/27. B1 / B / BB- (stable/stable/stable). Via UniCredit (B&D)/UBS/IMI Intesa Sanpaolo jt glocos and physical books/Banca Akros - BPM/BNP/CA/Mediobanca/Natixis jt books. No reg rights. List Luxembourg Stock Exchange (Euro MTF). NY law. CoC at 101. Pays Quarterly, 15-January / 15-April / 15-July / 15-October, starting 01/15/27. Denoms: 100kx1k. Settles 09/30. Reg S ISIN: XS3499957358; 144A ISIN: XS3499960576. IPT: E+ 400-425bp / 99.50. Price talk: E+ 375-400bp / 99.50. Final terms: E+ 375bp / 99.50 - PAR.

Priced: 3mE+ 375bps at 100.

Did investor call at 11:00am UKT / 12:00 CET 09/14 (also did fixed income investor meetings 09/14-09/15). Books closed at 4:45pm UKT (from 3:00pm UKT) 09/16. Time of execution 6:40pm UKT 09/16. Free to trade 8:00am UKT 09/17. Doc changes: Inclusion of J-Crew, Chewy and Serta protections; High-watermark removal; Non-guarantor debt under ratio debt basket capped at 1.0x EBITDA; RP package: remove possibility to distribute cash overfunding; Investments: remove “no worse” prong. UOP: (i) Repay in full and cancel the EUR97m Refinanced Fassi Indebtedness, including accrued and unpaid interest thereon (ii) repay in full of the Existing EUR228m Vendor Loan, including accrued and unpaid interest thereon (iii) fund the EUR43m purchase price for the Bolt-on Acquisitions, (iv) fund a EU75m distribution to the parent (Elevation Investment Opportunities S.à r.l.) and (v) pay fees and expenses in connection with the Transactions. Equity sponsor: Investindustrial (69%) (the Fassi Family owns 30%). 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. HQ: Milan, Italy.

Netroadshow direct link; https://www.netroadshow.com/events/login/1PeTHmohVj0s4nx2UC2hkJuaZGxt3pTxMfx3R. 

09/16/2026 Assemblin Caverion Group AB (publ) (ASSEMB) EUR1.53bn (up from min. EUR1bn, and from EUR750m) 144A/Reg S sr sec notes due 10/05/33 (7y). NC1 (09/28/27) (MWC B+50bps), then at 100 09/28/27. B1 / B+ (stable/stable). Via Danske Bank/GS/JPM (B&D) jt glocos and physical books. No reg rights. List ISE. NY law. Pays 05 January / 05 April / 05 July / 05 October, starting 01/05/27. Denoms: 100kx1k. Settles 09/28. Reg S ISIN: XS3489941826; 144A ISIN: XS3489941743. IPT: E+325-350bps / 0% floor / Par. Price talk: E+325bps area (+/-12.5bps) / 0% floor / Par. Final price talk: E+300-312.5bps (WPIR) / Par.

Priced: 3mE+300bps at 100.

Did investor call at 11:00am UKT 09/14 (also did fixed income investor meetings 09/14-09/16). Books closed at 1:00pm UKT 09/16. Reconfirms were due by 2:30pm UKT 09/16. Time of execution 4:37pm UKT 09/16. Free to trade 7:30am UKT 09/17. UOP: along with EUR6m cash on hand, to fund a EUR750m Shareholder distribution. Proceeds of the upsize to be used to fully refinance (from partially refinance) existing EUR780m E+350bp Senior Secured Floating Rate Notes due 01-July-2031 (callable at 100) and transaction related fees and expenses. 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. HQ: Stockholm, Sweden.

NetRoadshow registration link: https://www.netroadshow.com/events/login/1PeTHmojHAJp2I7C0GfEg5xginBrpQiUevu5Y. Dial-in: +44 20 3936 2999; +44 808 189 0158; Access Code: ACG2026. 

09/16/2026 Energia Group ROI FinanceCo DAC (ENRGRP) EUR850m 144A/Reg S sr sec notes due 10/01/32 (6y). NC2 (10/01/28) (MWC B+50bp), then at 102.75 10/01/28, 101.375 10/01/29, 100 10/01/30. Equity claw: 2y 40% at 105.5. Special call: 10% per year, the first 2 years at 103. Ba1/NR/BBB- (stable/--/stable). Via JPM (B&D)/MS/GSI jt glocos and physical books/DB jt glocos and jt books/Barc/BoA/Lloyds/NatWest/SG jt books. No reg rights. List ISE. NY law. CoC at 101. Pays 15 March / 15 September, starting 03/15/27. Denoms: 100kx1k. Settles 09/28 (T+8). Reg S ISIN: XS3511194386; 144A ISIN: XS3511194469. IPT: High 5s. Price talk: 5.5%-5.75%. Final terms: 5.5%.

Priced: 5.5% at 100. +212bp vs 2.5% DBR 11/15/32.

Did investor call at 10:30am UKT 09/14 (also did fixed income investor meetings 09/14-09/15). Books closed at 1:00pm UKT 09/16. Time of execution 4:52pm UKT 09/16. Free to trade 7:30am UKT 09/17. UOP: Refinance existing EUR600m 6.875% sr sec notes due 31-July-2028 (callable at 101.719) and EUR250m bridge facility incurred to fund the acquisition of Energia by Ardian from I-Squared Capital. Equity sponsor: Ardian Infrastructure Fund (Ardian Group). Biz: Energia Group is a leading integrated energy transition utility active in the Republic of Ireland (RoI) and Northern Ireland (NI). The Company has a portfolio of operational onshore wind farms and renewable PPAs across the Island of Ireland. In addition Energia Group generates electricity from system critical CCGTs in Dublin, operates an emergency gas generation facility in Dublin and a battery storage facility in Belfast. Energia Group supplies electricity & gas to homes and businesses across Ireland in both the RoI and NI. The Group also has a contracted pipeline of growth centered on a data center that is currently in construction and an associated pipeline of renewable (onshore wind and solar) generation projects. HQ: Dublin, Ireland.

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

09/16/2026 Grünenthal GmbH (GRUPHA) EUR850m 144A/Reg S sr sec notes 2-part. Ba3/BB-/BB+ (stable/stable/stable). Via BNP/Deutsche Bank (B&D)/ING jt glocos and physical books/BBVA/Commerz/CA/MUFG/UniCredit jt glocos/BofA/Goldman Sachs/Mizuho/RBC Capital Markets/Santander jt books. No reg rights. List ISE. NY law. Settles 09/29 (T+9).

EUR400m due 11/15/32 (6y). NC2 (11/15/28) (MWC B+50bp), then at 102.6875 11/15/28, 101.34375 11/15/29, 100.000 11/15/30. Equity claw: 2y 40% at 105.375. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Pays 15 May / 15 November, starting 05/15/27. Denoms: 100kx1k. Reg S ISIN: XS3479614268; 144A ISIN: XS3479614342. IPT: 5.5%-5.75%. Price talk: 5.25%-5.5%. Final terms: 5.375%. Priced: 5.375% at 100.

EUR450m due 11/15/32 (6y). NC1 (11/15/27) (MWC B+50bp), then at 100.000 11/15/27. CoC at 101. Pays 15 February / 15 May / 15 August / 15 November, starting 02/15/27. Denoms: 100kx1k. Reg S ISIN: XS3479614698; 144A ISIN: XS3479614771. IPT: E+275 area / Par. Price talk: E+275 / Par. Final terms: E+275 / Par. Priced: 3mE+275bps at 100.

Did investor call at 11:30am UKT / 12:30 CET 09/14. Books closed at 12:30pm UKT / 1:30pm CET 09/14. Time of execution 3:35pm UKT 09/16. Free to trade 7:30am UKT 09/17. UOP: To redeem the EUR300m 6.75% sr sec notes due 15-May-2030 (callable at 103.375), redeem EUR450m of the EUR550m 4.125% sr sec notes due 15-May-2028 (callable at 100), EUR89m for GCP, including to finance, in part, potential product acquisitions. Biz: Leading innovator in pain treatments, with expertise in maximising Established Brands profitability. HQ: Aachen, Germany.

Netroadshow direct link; https://www.netroadshow.com/events/login/1PeTHmojHeqmbdpnfAKS9AU14WDkHovM4zRCD.

CFR High Yield Forward Calendar

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

No deals remaining. 

===================== [ 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.