Commentary & Deal Flow

The US high yield new issue market remains slow as attention remains on pricing the multi-billion dollar dual-currency Paramount Skydance today. Only one deal was announced this morning for pricing today. 

Announced this morning in the US high yield primary market was NCL Corporation Ltd $750m 5yNC2 sr notes (IPT 9.25% area), pricing tomorrow. 

Pricing today in the US high yield primary market is the dual-currency deal for Paramount Skydance Corporation (PSKY) $12.4bn equiv (US$/EUR) 144A/Reg S sr sec 2nd lien notes 4-part (B1/BB/BB) via BofA (B&D) left lead + others, consisting of three USD tranches - US$ 5yNC2, price talk 8.375% area (vs IPT of low-mid 8s), US$ 8yNC3, price talk 8.875% area (vs IPT of high 8s), and US$ 10yNC5, price talk 9.125% area (vs IPT of low 9s); and one EUR tranche - EUR 5yNC2, price talk 7.125%-7.375% (vs whisper of 100bp inside US$ 5y tranche). The EUR 8yNC3 tranche (whisper 100bp inside US$ 8y tranche) was dropped. 

If Paramount’s size remains the same, it will beat last week’s $11.138bn SoftBank to become the second largest high yield bond deal across currencies. And depending on the final size of the US$ tranches, it could become the second largest US$ deal, beating Softbank's US$10bn. 

Top Ten Largest High Yield Bond Deals - All Currencies US$ Equivalent (excludes EM deals)

  1. 04/23/14 Numericable/Altice $16.65bn equivalent - $10.675bn and EUR4.325bn ($5.976bn).

  2. 09/23/26 SoftBank Group Corp $11.138bn equivalent - $10bn and EUR1bn ($1.138bn).

  3. 03/13/15 Valeant Pharmaceuticals Intl $10.075b - $8.5bn and EUR1.5bn.

  4. 10/24/17 Wind Tree SpA $8.62bn - $2bn and EUR5.625bn.

  5. 04/17/20 Ford Motor Co $8bn.

  6. 10/24/07 TXU/Energy Future Holdings/TCEH $7.5bn

  7. 09/30/21 Mozart Debt Merger Sub Inc (Medline Borrower LP) $7.00bn 

  8. 11/21/19 Centene Corp $7bn.

  9. 03/24/25 Electronic Arts Inc (Oak-Eagle AcquireCo Inc) US$6.625bn (US$2.875bn sr sec, US$2.50bn sr unsecEUR1.080bn (US$1.25bn equivalent)).

  8. 03/10/21 American Airlines Inc/AAdvantage Loyalty IP Ltd $6.5bn.

  9. 09/04/13 Sprint $6.5bn.

  10. 09/12/17 SoftBank Group Corp $6.05bn equivalent - $3.35bn and EUR2.25bn.

Top Ten Largest High Yield Bond Deals - US$ Only (excludes EM deals)

  1. 04/23/14 Numericable/Altice $10.675bn (also EUR4.325bn)

  2.  09/23/26 SoftBank Group Corp $10bn (also EUR1bn)

  3. 03/13/15 Valeant Pharmaceuticals Intl $8.5bn (also EUR1.5bn).

  4. 04/17/20 Ford Motor Co $8bn.

  5. 10/24/07 TXU/Energy Future Holdings/TCEH $7.5bn

  6. 09/30/21 Mozart Debt Merger Sub Inc (Medline Borrower LP) $7.00bn 

  6.11/21/19 Centene Corp $7bn.

  7. 03/10/21 American Airlines Inc/AAdvantage Loyalty IP Ltd $6.5bn.

  7. 09/04/13 Sprint $6.5bn.

  8. 03/14/07 Freeport-McMoRan $6bn.

  9. 11/16/06 Freescale $5.95bn.

  10. 04/16/26 Meridian Arc $5.7bn.

  10. 11/09/06 HCA $5.7bn.

Besides the dual-currency Paramount, the European high yield market is quiet today with no new deals announced this morning and no other deals scheduled to price. However, IPT was announced for one deal that was added to the calendar last week -  IS Iris Lux Bidco Sarl (InPost SA) EUR400m minimum 7yNC3 sr sec notes (IPT 6%-6.25%), books close tomorrow. 

The US high yield is strengthening after this morning’s lower than expected Core PCE numbers (YoY 3.0% vs 3.3% estimated; MoM 0.2% vs 0.3% estimated). UST yields are elevated on the longer end (10y UST yield +3bps to 5.27%), while stocks are little changed or higher (DJIA +71; S&P +41; NASDAQ +269). The US high yield cash market is up an 1/8 of a point. 

The CDX HY46 is unchanged at 106.860.

Contrary to the broader market, yesterday’s new issue PRA Group is down an 1/8 of a point since yesterday’s close, overall down 3/8 of a point since pricing.  

CFR High Yield Forward Calendar

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

Paramount Skydance Corporation (PSKY, PARA) $12.4bn equiv 144A/Reg S sr sec 2nd lien notes 4-part (originally 5-part). B1/BB/BB (stable/stable/stable). Via BofA (B&D) left lead bookrunner, Citi/Apollo jt global coords, DB/WFS/Barc/BNP/GS/Miz/MS/TD jt books, SMBC/TSI/RBC/NWM as sr co-managers, Citizens/PNC/ICBC as co-managers. New York law. 

    - USD sr sec 2nd lien notes due 2031 (5y). NC2 (MWC T+50bp) (50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. No reg rights. CoC at 101, if there is a downgrade by 2 out of 3 rating agencies, unless the 2nd lien notes are IG rated by at least 2 out of 3 rating agencies. SMR at 101 if the deal has not closed on or prior to 11-June-2027. Denoms: 2kx1k. IPT: low-mid 8s. Price talk: 8.375% area.

    - USD sr sec 2nd lien notes due 2034 (8y). NC3 (MWC T+50bp) (50%, 25%, par). Equity claw 3y 40%. Special call: 10% per year the first 3 years at 103. No reg rights. CoC at 101, if there is a downgrade by 2 out of 3 rating agencies, unless the 2nd lien notes are IG rated by at least 2 out of 3 rating agencies. SMR at 101 if the deal has not closed on or prior to 11-June-2027. Denoms: 2kx1k. IPT: high 8s. Price talk: 8.875% area.

    - USD sr sec 2nd lien notes due 2036 (10y). NC5 (MWC T+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. No reg rights. CoC at 101, if there is a downgrade by 2 out of 3 rating agencies, unless the 2nd lien notes are IG rated by at least 2 out of 3 rating agencies. SMR at 101 if the deal has not closed on or prior to 11-June-2027.s: 2kx1k. IPT: low 9s. Price talk: 9.125% area.

    - EUR sr sec 2nd lien notes due 2031 (5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. No reg rights. CoC at 101, if there is a downgrade by 2 out of 3 rating agencies, unless the 2nd lien notes are IG rated by at least 2 out of 3 rating agencies. SMR at 101 if the deal has not closed on or prior to 11-June-2027. Listed on TISE. Denoms: 100kx1k. Whisper: 100bp inside US$ 5y tranche. Price talk: 7.125%-7.375%.

 Dropped: EUR sr sec 2nd lien notes due 2034 (8y). NC3 (MWC T+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. No reg rights. CoC at 101, if there is a downgrade by 2 out of 3 rating agencies, unless the 2nd lien notes are IG rated by at least 2 out of 3 rating agencies. SMR at 101 if the deal has not closed on or prior to 11-June-2027. Listed on TISE. Denoms: 100kx1k. Whisper: 100bp inside US$ 8y tranche. This tranche has been eliminated.

Also Investment Grade tranches - Paramount Skydance Corp (PSKY) (Ba1/BBB-/BBB-) US$30bn (down from $32bn) 144A/Reg S 8-part sr secured 1st lien notes. GUIDANCE: 2y T+145#, 3y T+160#, 5y T+200#, 7y T+237.5#, 10y T+262.5#, 20y T+300#, 30y T+315#, 40y T+330#.

Did investor call at 10:30am 09/28. Q&A calls at 12pm 09/28 and 1pm 09/28. Books close 3pm UKT / 10am NYT 09/30. Pricing 09/30 afternoon. UOP: along with $30bn (down from $32bn, $2bn shifted to the term loan B) of sr sec 1st lien IG-rated notes (Ba1/BBB-/BBB-) USD only tranches of 2-, 3-, 5-, 7-, 10-, 20-, 30- and 40-year (all NCL) (which mandated investor calls this morning via BofA/Citi, and will price 09/30), $9.5bn (up from $7.50bn) equivalent (US$8.5bn (up from US$6.5bn)/EUR US$1bn equivalent) sr sec 1st lien term loan B, and $5bn sr sec 1st lien term loan A ($25bn 3y and 2.5bn 5y), which has already been raised, and $2.3bn cash on hand, to fund the acquisition of Warner Bros Discovery Inc (WBD) for $31.00 per share in cash or $81bn total equity ($110bn enterprise value), repay PSKY $1.8bn revolver, repay existing $14.7bn WBD term loans, fund the $2.4bn cash tender offer for existing WBD notes, and repay WBD $3.9bn A/R securitization facility. 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 was canceled. Biz: The combination between Paramount, a global media and entertainment company, with Warner Bros. Discovery, will create a substantial and diversified media leader with best-in-class film and television studios, streaming and linear platforms and an exceptional intellectual property portfolio. HQ: New York, NY.  (Acquisition offer was accepted 02/26/2026). 

Net Roadshow GIC Link: https://www.netroadshow.com/events/login/1PeTHmohCh3Bsvq2oS64mIKJqyCauLGDqpHpI. Entry code: 575726.

Slides Only: www.netroadshow.com. Entry code: WARRIOR26.

Q&A Call #1 Link (Monday, 28 September at 5:00 PM UKT / 12:00 PM ET): https://www.netroadshow.com/events/login/1PeTHmojAK8H9LengdkuSo44pbQqZfHnv2I3E

Q&A Call #2 Link: (Monday, 28 September at 6:00 PM UKT / 1:00 PM ET): https://www.netroadshow.com/events/login/1PeTHmoj9vryxdYcaLNxQrbAu2suOEBaP9gSv 

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. IPT: 6%-6.25%. Did investor call at 11:30 UKT 09/23 (also fixed income investor meetings 09/23-28). Books close at 5pm 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.

NCL Corporation Ltd (NCLH) $750m 144A/Reg S sr notes due 2031 (5y). NC2 (MWC T+50bpbp) (50%,25%,par). Equity claw: 2y 40%. B3/(existing B+) (stable/--). Via JPM/BofA/WFS/Barc/BNP/Citi/Citizens/CA/GS/Miz/ TSI/MS/Nordea/Commerz/BBVA/DNB/SEB jt books. No reg rights. CoC (dual tribbat 101Denoms 2kx1k. Canadian sales: Alberta, BC, Ontario & Quebec. IPT: 9.25% area. Investor call at 10:30am 09/30. Pricing 10/01. UOP: along with cash on hand, to fully redeem the NCL Finance Ltd $525m 6.125% sr notes due 03/15/28 (MWC T+50bp), repay $176.3m of the $1.28bn drawn under the existing revolving credit facility, and repay $42.2m of its $7.019 deferred debt related to ECA facilities (export-credit backed financin facilites). Biz: Leading global cruise company (a sub of Norwegian Cuise Line Holdings Ltd) which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. HQ: Miami, FL.

Deal Roadshow direct link: https://dealroadshow.finsight.com/e/NCL2026. Entry code: NCL2026.

OM: https://verisend.com/explore 

McGraw-Hill Education Inc (MH, MHED) $500m 144A/Reg S sr sec notes due 2033 (7y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year at 103 during the non-call period. (Existing Ba3)/BB (--/stable). Via BofA/BMO/BNP/DB/GS/HSBC/MS/PNC/UBS/USB jt books. No reg rights. CoC at 101. Denoms 2kx1k. IPT: Mid/high 7s. Roadshow week of 09/28 (investor call at 2pm 09/28). Pricing 10/02. UOP: along with concurrent $830m sr sec term loan B, to redeem its $828.5m 5.75% sr sec notes due 08/01/28 (callable at 100) and repay the existing $498mTerm Loan B due 2031. Equity sponsor: Platinum Equity. Biz: A leading global provider of education solutions for K-12, higher education and professional learning markets. HQ: Columbus, OH.

Netroadshow direct link: https://www.netroadshow.com/events/login/1PeTHmohCEmbU0oL6IoxkioOpwTQYplhuLpuT. Entry code: MH26. 

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

HB Fuller Co (FUL) US$950m sr notes. Existing sr unsec Ba3/-- (stable/--). Oct biz (TLB lender call 09/30, TLB commitments due 12pm 10/08). UOP: along with $969m term loan B and $500m incremental term loan B via GS+, to 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), paydown revolver, and cash on hand. 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.

++++09/29/26 update: term loan B launches.

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

====================== [ 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).

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.