Commentary & Deal Flow

After pricing the largest volume in a day since 2020 yesterday (four deals for $14.055bn), the US high yield primary market slowed down today. Only one small add-on deal was announced and priced today. 

Announced this morning and priced this afternoon in the US high yield new issue market was Stonepeak Nile Parent LLC (Air Transport Svcs) $125m (up from $100m) add-on to its 7.25% 1st lien sr sec notes due 03/15/32, priced 7.25% at 100 (vs price talk of par and IPT of par).

Also the roadshow ended today on the dual-currency deal Isotope FinCo Sàrl (EUR co-issuer) / Isotope FinCo 2 LLC (US$ co-issuer) (Intertek) EUR/US$ (GBP865m equivalent) 144A/Reg S 7NC3 sr sec notes 2-part, consisting of EUR (GBP345m equivalent) (IPT 6.00% area) and US$ (GBP520m equivalent) (IPT low 7%) tranches, pricing tomorrow.  

The European high yield new issue market also slowed down with only one deal from the calendar priced today - Iceland Bondco plc GBP250m 5yNC2 sr sec notes, priced 8% at 99.443 to yield 8.125% (vs price talk of 8.25% area and IPT of mid 8s).

With the lawsuits now all but settled Paramount Skydance Corp (PSKY, PARA) has begun marketing the jumbo bond/loan financing that will be used to fund its acquisition of Warner Bros Discovery Inc (WBD) for $81.1m cash purchase price and the cash refinancing of $22.8bn of WBD's existing debt (total enterprise value of $110.2bn, including rollover debt). 

This morning PSKY launched the syndication of a $7.5bn equivalent (US$6.5bn/EUR US$1bn equivalent) incremental sr sec term loan B (lender call at 10:30am today via Citi+, commitments are due 09/30 (US$ at 12pm NYT, EUR at 2pm UKT, price talk S/E+275-300bp at 99.50). PSKY also said it intends to raise approximately $44.4bn of additional secured debt, in addition to the incremental term loan B and previously announced financings. 

Market players are hearing investor calls on the IG bond portion may emerge soon.

The debt financing is expected to consist of $12.4bn (US$/EUR) equivalent sr sec 2nd lien HY-rated notes, $32bn of sr sec 1st lien IG-rated notes, and the $7.50bn (US$/EUR) equivalent sr sec 1st lien term loan B. PSKY already raised in April 2026 a $5bn sr sec 1st lien term loan A. 1st lien debt is rated Ba1/BBB-/BBB- and the 2nd lien debt will be rated B1/BB/TBD (Corporate ratings are Ba3/BB/BB (stable/stable/--). BofA/Citi/Apollo are leading the debt financing.

The permanent debt financing will also include $12.7bn 2nd lien secured exchanged notes, $14.6bn rolled Paramount global unsecured notes, $2.6bn rolled WBD unsecured notes and $700m rolled financing leases.

The equity consortium, consisting of Ellison parties and RedBird, as well as other institutional investors will contribute $47bn in equity financing.

Public lender meeting at 10:30am 09/24. Registration Link: https://www.netroadshow.com/events/login/1PeTHmojFE2RTjfH0mucAAeWkqRmoylWEUsZl. Dial-In Details: US Toll-Free: +1 (833) 470-1428; US Domestic:  +1 (646) 844-6383

With only one deal (one tranche) for $125m priced today, the US high yield new issue deal flow for the week has reached nine deals (twelve tranches) for $17.155bn. This is already in the top range of this week’s syndicate desk estimates of $5bn-$20bn using wide-ends (most were around the $15bn-$20bn range). Our guess was $15bn.

Despite the quiet first week, September has quickly redeemed itself, pricing $37.806bn so far. This is already in the lower range of this month’s syndicate desk estimates, which ranged from $30bn to $60bn using wide ends (all were in the $30bn-$50bn range, except one at $40bn-$60bn). Our guess was $40bn.

The US high yield secondary market remained under pressure today. UST yields advanced through the day (10y UST yield +9bps to 5.20%), while stocks were initially weaker but strengthened through the day, closing nearly flat or weaker (DJIA -162; S&P -2; NASDAQ +3). The US high yield cash market was down a 1/4 point on the day. 

The CDX HY46 was down almost 3/8 of a point to 107.112.

Today’s new issue Air Transport remained flat in the secondary market after pricing. Among the rest of this week’s new issues, only SoftBank’s 3.5y tranche was up, while the rest were weaker. SoftBank’s 3.5y tranche was up 3/8 of a point since yesterday’s close, while its 5.5y and 7.5y tranches were the worst performers of the day, each down a point. 

High yield new issue priced today: 

09/24/2026 Stonepeak Nile Parent LLC (Air Transport Svcs) (ATSG) $125m (up from $100m) 144A/Reg S add-on to its 7.25% 1st lien sr sec notes due 03/15/32 (5.5y). NC1.5 (03/15/28) (MWC T+50), then at 103.625 03/15/28, 101.8125 03/15/29, 100 03/15/30. Equity claw: 1.5y 40% at 107.25. Special call: 10% per year the first 1.5 years at 103. Ba2/BB/BB+ (negative/negative/stable). Via Barc/WFS/RBC/SMBC/Jeff/MS/TSI/KKR/Miz/MUFG/Natixis/Sant jt books. No reg rights. CoC at 101. Pays March 15 and Sept15, starting 03/15/27. Denoms 2kx1k. Settles 10/01 (T+5).144A CUSIP: 851932AA9. 144A ISIN: US851932AA98. Immediately 144A fungible (Reg S after 40 days) with the $500m issue priced 02/03/25. IPT: par. Price talk: par. $25m bond upsize and $50m loan upsize to increase the distribution to shareholders.

Priced: 7.25% add-on at 100, yield 7.25%. +219bp vs 1.875% 02/15/32.

Did investor call at 10am 09/24. Books closed at 12pm 09/24. UOP: along with a $125m (up from $100m) incremental 1st lien term loan, to fund a one-time distribution to shareholders ($25m bond upsize and $50m loan upsize to increase the distribution to shareholders). Biz: a provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. HQ: Wilmington, OH.

Netroadshow direct link: https://www.netroadshow.com/events/login/1PeTHmohCjPbzkt0wM3tddawHN2kKF09L0uF7 

09/24/2026 Iceland Bondco plc (ICELTD) GBP250m 144A/Reg S sr sec notes due 10/15/31 (5y). NC2 (10/01/28) (MWC G+50bp), then at 104 10/01/28, 102 10/01/29, 100 10/01/30. Equity claw: 2y 40% at 108. Special call: 10% per year the 1st 2 years at 103. B2/B/B+ (positive/positive/positive). Via HSBC (B&D) physical books/NatWest jt books. No reg rights. List ISE. NY law. CoC at 101. Pays 01/15, 07/15, starting 07/15/27. Denoms: 100kx1k. Settles 10/08. Reg S common code: 350865080; Reg S ISIN: XS3508650804; 144A common code: 350773754; 144A ISIN: XS3507737545. IPT: Mid 8%s. Price talk: 8.25% area (+/-0.125%) - may price with some discount.

Priced: 8% at 99.443 to yield 8.125%. +314bp vs 4% UKT 10/22/31.

Roadshow 09/23-24 (investor call at 11:30 UK / 12:30 CET 09/23). Books closed at 13:00 UK 09/24. UOP: (i) Redeem in full the existing £250m 4.375% sr sec notes due 05/15/28 (callable at 100), (ii) pay costs, fees and expenses, along with GBP3m cash on hand. Ownership: Privately owned by the Malcom Walker family (51.3%) and Tarsem Dhaliwal family (48.7%). Biz: Iceland is a food business with a differentiated proposition anchored in UK retail and underpinned by frozen food expertise. HQ: Deeside, Wales, UK. FTT: 16:10 UK 09/24. ToE: 15:07 UK 09/24.

Evercall GIC direct link: https://evercall.co/oacc/78210. DealRoadshow direct link: https://dealroadshow.finsight.com/e/ICELAND26GIC.

CFR High Yield Forward Calendar

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

Isotope FinCo Sàrl (EUR co-issuer) / Isotope FinCo 2 LLC (US$ co-issuer) (Intertek) (ITRKLN) EUR/US$ (£865m equivalent) 144A/Reg S sr sec notes 2-part.  B1/BB-/BB- (stable/stable/positive). Via Barc/CA/DB (B&D EUR)/MS (B&D US$) jt glocos/BofA/BNP/HSBC/Jeff/Miz/MUFG/NatWest/BBVA/Bank of China/Citi/ING/SMBC/SMBC Nikko/StanChart jt books. No reg rights. NY Law.

    - EUR (£345m equivalent) sr sec notes due 2033 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPO call: the first 3 years for all or a portion at 102. Asset sale call for the first 3 years at 102. List ISE. CoC at 101. Denoms: 100kx1k. IPT: 6% area.

    - US$ (£520m equivalent) sr sec notes due 2033 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPO call: the first 3 years for all or a portion at 102. Asset sale call for the first 3 years at 102. List ISE. CoC at 101. Denoms: 200kx1k. IPT: low 7s.

Investor call at 3pm UKT / 10am NYT 09/23. Small group meetings 09/23-09/24. Commitments due 09/25. Pricing 09/25. UOP: along with GBP3.565bn equivalent (EUR, USD and AUD) term loan B and GBP6.4bn equity contribution, to finance the acquisition of the entire share capital of Intertek by EQT (76%), ADIA (16%), Mubadala (8%) for GBP9.3bn in cash (GBP10.7bn enterprise value), refinance GBP1.176bn existing Intertek debt, and fund cash on balance sheet. Equity Sponsors: EQT, ADIA, Mubadala. Biz: One of the leading Assurance, Testing, Inspection, and Certification providers, delivering mission-critical, non-discretionary services to its customers, helping them to ensure product safety, quality and compliance with regulatory and industry standards. HQ: London, UK. (Acquisition announced 18-June-2026).

Pre-Registration Link: https://www.netroadshow.com/events/login/1PeTHmohEjbxOZ6BzFNg7jntmMexRbP3nSQ10 

===================== [ 09/28/2026 Week ] ===============

IS Iris Lux BidCo S.à r.l. (InPost) (INPST) EUR400m min. 144A/Reg S sr sec notes due 2033 (7y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Listing call: 1st 3 years at 102 in whole or in part with the net cash proceeds of any listing. Special call: 15% per year the first 3 years at 103 (subject to the ability to carry-forward and carry-back unused amounts). Ba3/BB (stable/stable). Via MS (B&D)/JPM jt physical books/Barc/BNP/Citi/DB/GS/ING/Mizuho/NatWest/NH Investment & Securities/RBC/Santander/UniCredit jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Did investor call at 11:30 UKT 09/23 (also fixed income investor meetings 09/23-25 & 09/28). Books close at 17:00 UKT 10/01. UOP: Alongside a pre-placed EUR1,135m-equivalent PLN TLB, EUR1.5bn term loan B, to finance the acquisition of InPost by Advent Intl (37%), FedEx (37%), A&R Investments (16%) and PPF Group 10%) at EUR15.60 per share (EUR7.8bn total cash), to fund EUR510m cash to balance sheet, tender all or a portion of the EUR850m existing 4.00% sr notes due 04/01/31 via priority tender, and pay transaction fees and expenses. Also EUR908m of rollover leases. Equity sponsors Advent Intl, FedEx, A&R Investments will contribute $5.918bn in equity. Biz: Europe's leading e-commerce logistics enabler, providing a Pan-European, tech-enabled logistics platform that specializes in parcel delivery through a network of out-of-home points, including pick-up and drop-off locations and automated parcel machines, as well as to-door services. HQ: Luxembourg. (Acquisition announced 09-Feb-2026).

Netroadshow direct link; www.netroadshow.com/events/login/1PeTHmoj7vZKXqkIfMaTdCuzQ4fJ2iGrvmPDs. NetRoadshow & OM Link: www.netroadshow.com/nrs/home/#!/?show=2df5ecfb.

====================== [ September / October ] ===============

Paramount Skydance Corp (PSKY, PARA) approx $12.4bn (US$/EUR) equivalent sr sec 2nd lien notes. B1/BB/TBD. Via BofA/Citi/Apollo. Late Sept/early Oct biz. UOP: along with approx $32bn of sr sec 1st lien IG-rated notes (--/BBB-/BBB- (--/stable/--)), $7.50bn (US$6.5bn/EUR1) equivalent sr sec 1st lien term loan B, and $5bn sr sec 1st lien term loan A, which has already been raised, 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 debt financing also includes $14.6bn rolled PSKY global unsecured note, $2.6bn rolled WBD unsecured notes and $700m rolled financing leases. 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. 

Public lender meeting at 10:30am 09/24. Registration Link: https://www.netroadshow.com/events/login/1PeTHmojFE2RTjfH0mucAAeWkqRmoylWEUsZl. Dial-In Details: US Toll-Free: +1 (833) 470-1428; US Domestic:  +1 (646) 844-6383

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. 09/21/26 update: Paramount and a group of 12 US states (CA, AZ, CO, CT, MA, MN, NV, NM, NY, OR and WA) reached a settlement the lawsuit brought in July, and The Writers Guild of America also reached a settlement with Paramount. This eliminated the last significant barriers to the merger. In an internal memo to PSKY staff David Ellison said, With both groups' (state AGs and WGA) concerns now addressed, we have complete clearance for this merger and can move toward closing. We are tentatively planning to close in approximately two weeks." 09/22/26 update: the judge sets the meeting to discuss the motion to vacate for 09/24. 09/23/26 update: term loan lender call set for 10:30am 09/24 via Citi. Commitments due 09/30.

Bond tender and exchange offer extended to 09/25/26. Previous expiration dates: 06/17/26, 07/01/26, 07/22/26, 07/31/26, 08/14/26, 08/21/26, 08/28/26, 09/04/26, 09/11/26, 09/18/26. As of 5pm 09/11/26 (66.16% of notes subject to the tender offer and 75.23% 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.

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

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.