Commentary & Deal Flow

The US high yield primary market maintained a slow but steady pace. Only one new issue was announced this morning for pricing on Friday, but the market remained active, pricing two deals from the calendar. 

Priced today in the US high yield new issue market were Live Nation Entertainment Inc approx US$1.4bn 6yNC2.5 sr notes two-part, consisting of US$730m (down from US$840m), priced 7.125% at 100 (vs launched at 7.125%, price talk of 7.25% area, and IPT of high 7s) and EUR600m (approx US$674m) (down from EUR500m (approx US$562m equivalent)), priced 6.125% at 100 (vs launched at 6.125%, price talk of 6.25%-6.50%, and IPT of high 6s); and Eclipse Acquisitions Merger Sub Inc (Distribution Solutions Group Inc) $800m (up from $700m) 5.25yNC2.25 sr notes, priced 10.00% at 100 (vs price talk of 10.00%-10.25% and IPT of 10.50% area), originally pricing Thursday.

Announced this morning in the US high yield new issue market was Integra LifeSciences Holdings Corp $500m 7yNC3 sr sec notes (IPT 9.25%-9.50%), pricing on Friday. 

The European high yield new issue market also maintained a steady pace. Besides the dual-currency Live Nation, one more deal from the calendar priced today. 

Priced today in the European market was Betclic Tipico Group SAS (Successor to Betclic Everest Group) (Banijay Gaming) EUR450m (up from EUR400m) 5yNC2 sr sec notes, priced 6.50% at 100 (vs final yield of 6.50%, price talk of 6.5%-6.625%, and IPT of 6.50%-6.75%), originally pricing Thursday. 

With two deals (two tranches) for $1.53bn priced today, and additional three deals (three tranches) for $2.45bn still on the calendar for this week, the priced pending volume for the week has reached $3.98bn. That has already passed the lower end of this week’s syndicate desk estimates, which ranged from $2bn to $8bn, skewed towards the low end of the range (call it centered around $4bn). Our guess was $4bn.

October is off to a slow start with only $2.33bn priced so far. There is still a lot of work to do to reach the syndicate desk estimates for the US high yield new issue volume in October of $12.5bn to $25bn (almost equally distributed in that range). Our guess was $20bn.

There was another M&A deal announced this morning that should lead to a high yield bond deal. The Boots Group announced that Wittington Investments Ltd (the investment holding company of the Weston Family) will acquire a 50% interest (with operational control) in Boots (retail operations in the UK and Ireland, and a pharmaceutical whole business in Germany) from Sycamore Partners and the Pessina family for $8.9bn total purchase price including assumed debt. Fairfax Financial will partner with Wittington and buy a 50% equity stake for $2.3bn. CIBC and MS are providing the acquisition debt financing to Wittington. Closing is expected in Q1 2026. Biz: a pharmacy-led health and beauty retail business in the UK and Ireland, with a pharmaceutical wholesale business in Germany. HQ: London, UK. 

After a brief reprieve yesterday, the US high yield secondary market was again under pressure today. After initially moving higher this morning US Treasury yields ended the day close to flat (10y UST yield unchanged at 5.28%), while stocks declined (DJIA -341; S&P -17; NASDAQ -61). The US high yield cash market opened down a 1/4 point following treasuries, but recovered a little after 10yr treasury auction, closing down an 1/8 of a point on the day. 

The CDX HY46 was down over a 1/4 point to 106.738.

Today’s new issues outperformed in the secondary market after pricing. Distribution Solutions was up 1 7/8 points after pricing, while Live Nation was up 1 1/4 points. 

High yield new issues priced today:

10/07/2026 Betclic Tipico Group SAS (Successor to Betclic Everest Group) (Banijay Gaming) (BTCLIC) EUR450m (up from EUR400m) Reg S sr sec notes due 03/15/32 (5.5y). NC2 (10/15/28) (MWC B+50bp), then at 103.25 10/15/28, 101.625 10/15/29, 100 10/15/30. Equity claw: 2y 40% at 106.5. Special call: 10% per year the first 2 years at 103. Ba3/B+/BB+ (stable/stable/stable). Via BNPP (B&D)/CA/NTX/SocGen jt glocos and physical books/DB/GS jt books. List ISE. NY law. CoC at 101. SMR at 100 if the JOA acquisition has not closed by 03/01/27. Pays semi-annually 5/31 and 11/30, starting 05/31/27. Denoms: 100kx1k. Settles 10/21 (T+10). Reg S ISIN: XS3537381785. IPT: 6.50%-6.75%. Price talk: 6.50%-6.625%. Final price talk: 6.50%.

Priced: 6.50% at 100. +325bp vs 0% DBR 02/15/32.

Did investor call (GIC) at 2:30pm UKT / 3:30pm CET 10/06 (also did fixed income investor meetings 10/06-07). Books closed at 3pm UKT / 4pm CET 10/07. Reconfirms were due by 4pm UKT / 5pm CET 10/07. FTT 7:30am UKT 10/08. ToE 5:08pm UKT 10/07. UOP: Along with EUR75m (down from EUR125m) cash on hand, to finance the acquisition of Joa Corporate SAS (JOA) share capital (EUR274m) from Joker Holdco Sarl, refinance certain JOA debt ($242m) and pay related transaction costs (Acquisition announced 09/08/26). Upsize used to reduce the cash portion for M&A. Ownership: A wholly-owned sub of Banijay Gaming, which is owned by Banijay Group NV (64.7%), Tipco's founders (21.8%), CVC & Tipco management (7.5%), and Banijay Gaming top management (6.00%). Banijay Group is controlled by LOV Group (Stephen Courbit and family (45.4%); and others (54.6%) (Vivendi 19.1%, SBM Intl 10.0%, Fimalec 7.4%, and others 13.3%)). Biz: A leading European online sports betting, casino and poker operator, created from the merger of Betclic and Tipico in April 2026. It is a sub of Banijay Group NV. HQ: Paris, France.

Evercall GIC direct link: https://evercall.co/oacc/30688. DealRoadshow entry code: JACKPOT. 

10/07/2026 Eclipse Acquisitions Merger Sub Inc (Distribution Solutions Group Inc) (DSGR) $800m (up from $700m) 144A/Reg S sr notes due 01/15/32 (5.25y). NC2.25 (01/15/29) (MWC), then at 105.00 01/15/29, 102.50 01/15/30, 100 01/15/31. Equity claw: 2.25y 40% at 110. SMR at 100 if the acquisition has not closed by 12/31/26. B2/B- (stable/stable). Via JPM/BofA/TD/USB/WFS/Cap One/CIBC/Regions jt books, FHN/Wedbush/Huntington/BOK as co-managers. No reg rights. CoC at 101. Denoms 2kx1k. Pays January 15 and July 15, starting 01/15/27. Settles 10/15 (T+5). 144A CUSIP: 520776AA3. 144A ISIN: US520776AA31. Covenant change: Decreased fixed dollar amount in bank debt basket to $300mm (vs. $500mm). IPT: 10.50% area. Price talk: 10.00%-10.25%. $100m upsize for GCP. 

Priced: 10.00% at 100. +493bp vs 4.50% 12/31/31.

Did investor call at 11:30am 10/05. Books closed at 11am 10/07. (Originally pricing 10/08). UOP: fund the remaining share purchase of the minority interest in Distribution Solutions Group Inc by DSGR's majority shareholder LKCM Headwater Investments LLC (the private investment arm of Luther King Capital Management) for $35 per share ($358m total equity value), repay a portion of amounts outstanding under the Credit Agreement ($50m drawn on its revolver and $195m of the $683m term loan A) and $211m for GCP, including to finance future acquisitions, including the Potential Acquisitions (a distribution company serving the MRO market for an expected purchase of $145m) ($100m upsize for GCP). LKCM will contribute $140m in cash equity. Biz: Global specialty distribution company providing high-touch, value-added distribution solutions to the Maintenance, Repair and Operations (MRO), Original Equipment Manufacturer (OEM) and Industrial Technologies markets. HQ: Fort Worth, TX. (Share acquisition announced 07/15/26).

DealRoadshow direct link: https://dealroadshow.finsight.com/e/DSGHY2026. Entry code: DSGHY2026. Available now

OM link: https://verisend.com/explore 

10/07/2026 Live Nation Entertainment Inc (LYV) approx US$1.4bn equiv (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB- (stable/stable). Via JPM (B&D)/Citi/BofA US$, MLI EUR/Citizens/GS/HSBC/ Miz/MS/MUFG/RBC/Scotia/TSI/USB/WFS jt books, Allen (US$ only)/LionTree as co-managers. No reg rights. New York law. Settles 10/15 (T+5), the U.S. Dollar Notes will settle through The Depository Trust Company and the Euro Notes will settle through Euroclear Bank SA/NV and Clearstream Banking, S.A.

    - US$730m (down from $840m) sr notes due 10/15/32 (6y). NC2.5 (04/15/29) (MWC T+50bp), then at 103.563 04/15/29, 101.781 04/15/30, 100 04/15/31. Equity claw: 2.5y 40% at 107.125. CoC at 101. Denoms: 2kx1k. Pays April 15 and October 15, starting 04/15/27. 144A CUSIP: 538034BF5. 144A ISIN: US538034BF50. IPT: high 7s. Price talk: 7.25% area. Downsize switched to the EUR tranche. Launched: $730m at 7.125%. Priced: 7.125% at 100. +197bp vs 3.875% due 09/30/32.

    - EUR600m (approx $674m equiv) (up from EUR500m (approx US$562m equivalent)) sr notes due 10/15/32 (6y). NC2.5 (04/15/29) (MWC B+50bp), then at 103.063 04/15/29, 101.531 04/15/30, 100 04/15/31. Equity claw: 2.5y 40% at 106.125. List TISE. CoC at 101. Pays April 15 and October 15, starting 04/15/27. Denoms: 100kx1k. 144A ISIN: XS3535877495. Reg S ISIN: XS3535877149. IPT: high 6s. Price talk: 6.25%-6.50%. Upsize switched from the US$ tranche. Launched: EUR600m at 6.125%. Priced: 6.125% at 100. +281bp vs DBR 2.50% 11/15/32.

Did investor call at 10:30am NYT / 3:30pm UKT 10/06. Books closed at 9am NYT / 2pm UKT 10/07. Re-confirms were due at 9:30am NYT / 2:30pm UKT 10/07. UOP: fully redeem the $1.2bn 6.50% sr sec notes due 05/15/27 (callable at 100) and $200m for GCP, including the repayment of other debt. Biz: The largest live entertainment company in the world, connecting over 805 million fans across all the Company’s concerts and ticketing platforms in 55 countries during 2025. HQ: Beverly Hills, CA.

DealRoadshow direct link: https://dealroadshow.finsight.com/e/LYVBONDS26. Entry code: LYVBONDS26. Available now. 

CFR High Yield Forward Calendar

===================== [ 10/05/2026 Week ] ===============

Apex Escrow Issuer LLC (Apex Service Partners) $1bn 144A/Reg S sr sec notes (7y). NC3 (MWC T+50bp). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. B3/B- (stable/stable). Via GS/JPM/Barc/BMO/Citi/Jeff/MS/Sant/SMBC Nikko/UBS jt books. No reg rights. CoC at 101. Denoms 2kx1k. IPT: mid-high 8s. Investor call at 1:15pm 10/05. Pricing late 10/05 week (loan commitments due 12pm 10/08). Proceeds will be placed in Escrow pending closing of the new credit facilities and the sponsor investment. Equity sponsors: Alpine (64%)/Apollo (29%). UOP: along with a new $2.9bn credit facility ($600m undrawn revolver, $2bn sr sec term loan, $300m sr sec delayed-draw term loan) and $1.4bn equity sponsor investments, to fund the Refinancing Transactions (repay $70m revolver, $2.018bn term loan, $1.484bn delayed draw term loan, $432m distribution to finance repayment of PIK credit facility, $120m equity repurchase payment of minority shareholders), and $236m cash to the the B/S. Biz: one of the largest premier providers of essential residential HVAC, plumbing, and electrical services in the US. HQ: Tampa, FL and Irving, TX.

Roadshow link: https://www.netroadshow.com/events/login/1PeTHmojCJH2Ji8q3AmFqgk6sI74Jxhcfq92Z 

HB Fuller Co (FUL) US$950m 144A/Reg S sr notes due 2022 (8y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. Ba3/B+/BB (stable/stable/stable). SMR: $450m of notes required to be redeemed at par plus accrued interest if (1) the Acquisition does not close by June 25, 2027 (extendable up to one year from issue date), or (2) the Co-operation Agreement is terminated and the issuer determines the Acquisition will not close by the SMR deadline. Via GS/JPM/Citi/MUFG/USB/BofA/BMO/HSBC/PNC/WFS jt books. No reg rights. CoC at 101. Denoms: 2kx1k. IPT: High 7s to 8. Investor call at 10am 10/06. Pricing late 10/05 week (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 Group plc (AMS) for GBP2.85 per share, equity value of GBP659m (US$892m) or an enterprise value of GBP715m (approx $970m), $972m to amend and extend its existing term loan B, paydown the $92m drawn on its revolver, redeem its $300m 4.00% sr notes due 02/15/27 (callable 11/15/26 at 100), and $21m for GCP. Closing is expected by the end of Q4 2026. Biz: maker of adhesives, coatings and sealants. HQ: St Paul, MN. (Acquisition announced 06/25/2026).

Evercall registration: https://evercall.co/oacc/72959.

Integra LifeSciences Holdings Corp (IART) $500m 144A/Reg S sr sec notes due 2033 (7y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. B2/B (stable/stable). Via JPM/BofA/Citi/Citizens/DNB/PNC/TSI/CapOne/GS/MS/MUFG/WFS/BMO/Hunt/Sant jt books, Synovus/Scotia as co-managers. No reg rights. Canadian sales: Alberta, BC, Ontario & Quebec. CoC at 101. Denoms 2kx1k. IPT: 9.25%-9.50%. Investor call at 10am 10/07. Pricing 10/09. (TLB lender call 10/02, loan commitments due 12pm 10/09). UOP: along with $18sm drawn on its ne$500m revolver (undrawn), $150m A/R securitization (undrawn), $500m term loan A; and $600m term loan B via BofA/JPM + others, to refinance its debt capital structure (repaying its existing $707m term loan A and the $1.075bn drawn on its revolver). Biz: Integra operates as a specialized developer and manufacturer of medical devices and regenerative implants, serving complex surgical and wound care markets globally. HQ: Princeton, NJ.

DealRoadshow direct link: https://dealroadshow.finsight.com/e/IARTBOND2026. Entry code: IARTBOND2026. Available now. 

====================== [ 2026 / 2027 ] ===============

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.

Option Care Health Inc (OPCH) possible notes. UOP: fund the acquisition of Option Care Health (B2/B) by McKesson Corp (MCK) (A3/BBB+/A-) and CD&R for $32.05 per share in cash representing an enterprise value of $5.8bn. Option Care Health will remain a separate company, led by its own management. CD&R will hold a majority interest of approximately 51% in Option Care Health and McKesson will invest approximately $1.4 billion for a minority interest of approximately 49%. The  transaction also establishes a framework for McKesson’s future acquisition of CD&R’s interest in Option Care Health, subject to specified conditions and regulatory approvals. Following the closing of the transaction, McKesson intends to account for its minority interest in Option Care Health using the  equity method of accounting, recording its share of Option Care Health’s net  income or loss in Other Income, net. The parties have obtained an equity commitment letter of $2.873bn ($1.4bn from McKesson and $1.475 from CD&R) and a debt commitment letter of up to $3.15bn from BofA/Barc/GS/Jefferies/WFS, as well as up to $500m in revolving commitments to help fund the purchase price. Closing is expected in H1 2026. Biz: is the nation’s largest independent provider of home and  alternate site infusion services. HQ: Bannockburn, IL (Acquisition announced 10/06/2026).