Commentary & Deal Flow

The US high yield primary market has broken its Friday-deal pricing streak. After pricing deals for the last four Fridays, the market turned quiet today with no countable deals announced or priced, ending what was a very slow week for the market.

However, one non-countable preferred stock deal was priced today - Strive Inc $700m (up from $500m) 15.00% Series A $100 perpetual SATS preferred stock priced at 90.

The European market was a bit more active with price terms announced for one non-countable private placement deal. 

The price terms on one non-countable private placement deal were announced this morning - Cheplapharm Arzneimittel GmbH EUR390m 7yNC3 sr sec notes, priced 8% at 100.

Heading into this week, the US high yield primary market was expected to remain slow. The week started with the Columbus Day market holiday on Monday (bond market and banks closed; stock exchanges open) and the economic calendar was busy as well. Rates were already at decade highs, and there was CPI on Wednesday and PPI on Thursday which could have brought more volatility. However, some issuers were already looking to come to the market, especially energy names, but those were very few. Almost all desks that responded, expected a very light deal flow this week, except one desk.

Syndicate desk estimates for this week’s US high yield new issue volume ranged from $2bn to $7bn (mostly centered around $2bn-$5bn range). Our guess was $5bn.

Ultimately, the US high yield primary market remained slow with only three deals (three tranches) priced for $2.15bn. That was at the low-end of syndicate desk estimates and much lower than our guess. It was already a holiday shortened week with Columbus Day bond market holiday on Monday, on top of it hot CPI and PPI numbers induced a risk-off sentiment keeping all but energy names away from the market. All of this week’s new issues were energy names. 

The final global high yield volume for the week is 4 deals (4 tranches) for USD2.736bn equivalent, consisting of 3 US$ deals (3 tranches) for $2.15bn and 1 non-US$ deals (1 tranches) for USD $586m equivalent (EUR525m). October month-to-date global volume is USD9.328bn (USD6.78bn and non-US$ USD2.548bn); The YTD global volume is USD355.344bn equivalent (USD265.347bn and non-US$ USD89.997bn equivalent).

At $6.78bn, October has made slow but steady progress towards this month’s syndicate desk estimates. But with the month half over, it is still only halfway to the low end of October estimates, which ranged from $12.5bn to $25bn (almost equally distributed in that range). Our guess was $20bn.

All of this week’s volume was high quality double-B rated (100%). In terms of tenor, there was a slight skew to the short-end 4-5 year maturities (58%). The rest of the volume had 8-9 year tenor (42%). 

Most of this week’s proceeds from US high yield new issues were used for repaying debt (58%), and the rest were used for M&A (42%). Among this week’s new issues, Select Water stood out as a debut issuer. 

We are adding two deals to the forward calendar that are currently in the loan market to finance acquisitions. Crescent Energy Finance LLC (CRGY, CRGYFN) is in the market with $1bn sr sec term loan B (Ba1/BB+/BB+) via JPM/KKR/Mizuho/RBC/CapOne/CIBC/FITB/Key/TSI/Regions and others (lender call 10/3, loan commitments due 12pm 10/22). 

CRGYFN may also issue up to $1bn of notes to complete the debt financing. Existing sr unsecured notes are rated B1/BB-/BB- (positive/stable/RW positive).  The proceeds of the loans, notes and cash on hand will be used to fund the acquisition of Eagle Ford assets from Devon Energy Corp (DVN) for $4.22bn in cash ($3.85bn net of certain items). CRGY also issued a $1bn public offering of common stock (80m shares priced at $12.50 on 10/08/26). JPM/RBC have provided a $2bn bridge loan to backstop the debt financing for the deal. Closing is expected in Q4 or early 2027. Biz: oil and gas E&P. HQ: Houston, TX. In its press release CRGY said, the deal maintains a strong balance sheet and progress toward investment grade ratings. A balanced financing structure, greater scale and strong free cash flow generation support debt reduction and continued progress toward an investment-grade credit profile. (Acquisition announced 10/08/2026).

And Grant Thornton Advisors is in the market with US$500m, US$500m EUR equivalent, and US$250m A$ equivalent sr sec term loan Bs via JPM/DB/BMO/BofA/RBC/UBS/Jeff/Ares/MS/Citizens/Key/ SMBC/Golub/Santander/Natixis/HSBC (Term loan commitments due 5pm 10/22, 5pm UKT 10/22, and 8am Sydney time 10/23). 

Grant Thorton is also expected to issue US$1.75bn equivalent (US$/EUR) sr sec notes. Rated B2/B+/BB+ (stable/positive/stable). The financing will also include $1.4bn pfd and $200m of new sponsor equity from New Mountain Capital. The proceeds will be used to fund the acquisition of CBIZ for $55 per share in cash or $5bn total enterprise value. Closing is expected in Q4. Biz: an international professional services firm that offers audit, tax and advisory services. HQ: London, UK. (Acquisition announced 07/29/2026).

Looking ahead to next week, the US high yield new issue market is expected to pick up from this week’s $2.15bn priced. Despite the hot inflation data this week, rates have come down over the last two days and issuers will be looking to take advantage of this. There are already four issuers that could come next week. The Australian metallurgical coal producer Gear M NSW Pty Ltd is on the road into early next week, and could be out with a $500m  deal. Amwins Group, Grant Thorton, and Crescent Energy are in the loan market this week, and could come out with their respective bond deals next week. 

Syndicate desk estimates for next week’s US high yield new issue volume ranges from $2bn-$8bn (mostly centered around $3bn-$6bn range). Our guess is $4.5bn. 

Heading into this week in the European high yield new issue market, another quiet week was expected. Although there was still a good backlog of deals in the pipeline, the market felt soft, and unless an issuer had a need, they would probably wait for a better market. It was thought we could see some M&A deals that had done some premarketing, but the double-B refinancing issuer would likely wait for a better market. As of last Friday, there was one deal on the calendar for this week. Circet Oversight SAS EUR500m 7yNC3 sr sec notes. And ContiTech was also expected to kick off the loan portion of its LBO financing this week with EUR400m minimum sr sec notes to follow on next week. So it was possible that a few deals would come to market this week.

We thought that similar to last week there would be a few deals in the market this week. Our guess for this week’s European high yield new issue deal flow was three deals for around EUR1.50bn. 

Ultimately, even though a quiet week was expected, this week's European high yield new deal flow was disappointing with only one deal priced and one deal postponed as the secondary market backdrop worsened. The final volume for the week was one deal (one tranche) for EUR525m (Paprec). Also, one deal for EUR500m was postponed (Circet).

Looking ahead to next week, another quiet week is expected. There is still a good backlog of deals in the pipeline, but a better secondary backdrop is likely needed to entice them to come to market. There is already one deal on the calendar for next week -  LSF13 Constantine Acquisition GmbH (ContiTech) EUR400m minimum 7yNC3 sr sec notes, roadshow ends Tuesday. And Grant Thorton, in the loan market this week, is also expected to issue US$1.75bn equivalent (US$/EUR) sr sec notes. Beyond that we have not heard much else for next week, except for a possible large TMT deal. 

We think that a continuing volatile secondary market backdrop will limit the deal flow next week, but it should put in a better showing than this week. Our guess for next week’s European high yield new issue deal flow is three deals for around EUR2bn. 

The US high yield secondary market was weaker following stocks today. UST yields were little changed (10y UST yield unchanged at 5.08%), while stocks sold off (DJIA -264; S&P -89; NASDAQ -614). The US high yield cash market was down a 1/4 point on very light flows.  

The CDX HY46 was down 1/2 a point to 105.824.

All of this week’s new issues performed well in the secondary market after pricing. The best performer was INEOS Energy, up 3/4 of a point. Select Water and Buckeye were both up 5/8 of a point since pricing. 

This week’s only European new issue, Paprec Holding, also performed well in the secondary market, gaining 1 point since pricing. 

High yield new issue priced today:

Non countable: 10/16/2026 Strive Inc (common ASST, pfd SATS) $700m (up from $500m) SEC registered 15% Series A perpetual preferred stock, 7m shares (up from 5m shares) (liquidation preference initially $100). NCL except for certain adverse tax scenarios or if <25% of the number of shares of SATS issued in this offering or in any future offering remain outstanding. Redemption price is equal to the Liquidation Preference as of the business day before the date the related redemption notice is sent, plus accumulated and unpaid regular dividends, if any, that will have accrued to, and including, the redemption date. Unrated. Ranking: Senior to dividend and liquidation junior stock, including Class A and Class B common stock. Junior to liquidation and dividend senior stock, including SATA perpetual preferred stock, as well as any future indebtedness of Strive. Structurally junior to any obligations and capital stock of Strive's subsidiaries. Via Barc/Cantor jt books, Clear Street as lead manager, Maxim/B. Riley/H.C. Wainwright/StoneX as co-managers. Fixed Dividend: cumulative dividends at 15% per annum on the Stated Amount, payable every business day beginning on November 9, 2026, in cash when, as and if declared by Strive’s board of directors, out of funds legally available for payment. The issuer cannot pay any dividends on common stock if it has not made the most recent business-day dividend payment on SATS. Gross spread $3.00, management 50c, underwriting 50C, selling concession $2.00. Settles 10/20 (T+2). CUSIP: 862945409.

Priced: 15% dividend rate at 90.00.

Did small group meetings 10/14-10/15. UOP: GCP, including the acquisition of bitcoin and bitcoin-related products, working capital, purchase of income generating assets to grow business, other capital expenditures, and/or repurchases of shares of Class A common stock or SATA stock, and fund acquisitions of businesses, assets or technologies. Biz: a structured finance company focused on disciplined capital allocation and long term value creation. They have strategically adopted bitcoin as its hurdle rate for capital deployment because of our fiduciary duty to maximize long-term value for stockholders and compound purchasing power over time. Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, manages over $2.8 billion in assets. HQ: Dallas, TX.

Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=e14945c9. Entry code: SATS2026. 

Private placement: 10/16/2026 Cheplapharm Arzneimittel GmbH (Cheplapharm) (CHEPDE) EUR390m privately placed sr sec notes due 10/30/33 (7y). NC3. Instrument Ratings B2/B/B+ (Moody's/S&P/Fitch); Corporate Ratings B2 (Positive)/B (CreditWatch Positive)/B (CreditWatch Positive) (Moody's/S&P/Fitch). Via UBS lead placement agent/Deutsche Bank/JP Morgan placement agents. Reg S ISIN: XS3539366115.

Priced: 8% at 100. +477bp vs 2.6% DBR 08/15/33.

UOP: Fund the Project Latour cash purchase price payment. Biz: Leading global specialty pharmaceutical platform that manages a highly diversified portfolio of well-established, branded legacy and niche originator products which are typically off-patent and benefit from resilient, long-term demand. HQ: Greifswald, Germany.

CFR High Yield Forward Calendar

===================== [ 10/19/2026 Week ] ===============

On 10/14/26 GM3 mandated Barc+ to arrange a series of fixed income investor meetings across Asia Pacific, Europe and the United States, commencing on Oct 15. Expected to follow, subject to  market conditions is: GEAR M NSW HCC Pty Ltd (GM3) US$500m 144A/Reg S 1st lien sr sec partially amortizing fixed rate notes due 2031 (5y) (WAL ~4.6y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 35%. . Amortization schedule: 4% before or on April 2028, 5% Oct 2029, 6% April 2030, 7% Oct 2030, 8% April 2031, 70%  at maturity Oct 2031. NR/ BB-/BB- (stable/stable). Via Barc/BofA/DB as jt glocos/Mandiri Securities jt books. No reg rights. NY law. List Singapore. DSRA: funded with one semi-annual interest payment at closing. DSRA must be maintained at all times at no less than one semi-annual coupon amount, and will be secured in favor of the bondholders. CoC at 101 with one-notch downgrade by either S&P of Fitch.  Roadshow across Asia Pacific, Europe and the US Oct 15-20. DB is the logistics coordinator globally. UOP: along with a new US$100m 5yNC1 term loan and US$31m existing liquidity, to repay the US$600m private credit acquisition term loan facility and cancel the acquisition facility in full. Biz: GM3 is a leading Australian premium metallurgical coal producer, with key shareholders including Golden Energy and Resources Pte Ltd (c.51%), JSW Steel (c.30%), Posco (c.12%) and M Resources (c.7%). GM3, formerly Illawarra Metallurgical Coal, was acquired from South32 in 2024 for $1.65 billion by a consortium of Indonesia’s Widjaja family-controlled Golden Energy and Resources Ltd and Australian miner M Resources Ltd. It is headquartered in Brisbane, Australia. 

Netroadshow direct link: https://urldefense.com/v3/__https:/www.netroadshow.com/nrs/home/*!/?show=5576100d__;Iw!!KE2hBTbTeqtRsZdp!UXw02tyRgxcx5MXQ_7oy-1sHiNkBTecjbQ1JXwQ6Y1qBaJ6ZvYqqAIyiV6WLcNveHQwxS4nRJyYpVmE$. Entry code: REV_GM326.

LSF13 Constantine Acquisition GmbH (ContiTech) (CNTTCH) min. EUR400m Reg S sr sec notes. NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. SMR at 100 if the acquisition has not closed by 11/01/27. Expect B1/B/BB- (stable/stable/positive). Via Barc (B&D)/Jefferies/UBS jt glocos and physical books/BNP/Santander jt glocos and jt books/BBVA/ Intesa/JPM/Natixis/NatWest/RBI jt books, Helaba co-mgrs. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Investor call at 1:15pm UKT 10/15 (also fixed income investor meetings 10/16, 10/19, 10/20). UOP: Total deal size EUR2.35bn equivalent, alongside min. EUR500m EUR TLB, min. US$750m USD TLB and EUR1,370m equity contribution, proceeds will be used to finance the acquisition of ContiTech from Continental AG by Lone Star Funds for EUR4bn, fund EUR150m cash to balance sheet, and pay transaction fees and expenses. Closing expected Q4 2026 (Acquisition announced 06-July-2026). Equity sponsor: Lone Star Funds. Biz: Globally leading pure-play engineered rubber producer, with #1 and #2 positions across principal product groups comprising Conveying Solutions, Fluid Handling Solutions, Power Transmission Solutions, Damping Solutions, and LivTec, serving predominantly aftermarket replacement demand off a large installed base, to a diverse customer base across end-markets and geographies. HQ: Hanover, Germany. (Acquisition announced 06-July-2026).

Global Investor Call Registration: https://www.netroadshow.com/events/login/1PeTHmohY9pNluiQGAPqiIKzHGGY555Fvht9N. NetRoadshow & OM Link: www.netroadshow.com/nrs/home/#!/?show=83726ccf.

Note: No Price Progression section (IPT/price talk) was included in this update, so no "current stage pricing" paragraph is shown — this reflects a pre-launch roadshow announcement. 

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

Amwins Group Inc (AMWINS) $750m sr sec notes. Via GS+. B1/B+ (stable/stable). Oct biz: (loan commitments due 12pm 10/22). UOP: along with $300m of cash on hand and $1.2bn incremental term loan B to fund the acquisition of Steadfast Group's underwriting agency business (Amwins, Dragoneer and KKR are acquiring Steadfast for A$6 per share (approx A$7.7bn or US$5.52bn total). Immediately following closing, the consortium will immediately on-sell Steadfast's underwriting agency business to Amwins, while Starboard BidCo, owned by KKR and Dragoneer, will retain Steadfast's insurance broking business). Closing is expected in Dec 2026. Equity sponsors: Dragoneer (33.1%), PSP (16.4%) and Genstar 9.2% (41.3% is owned by its employees). Biz: a global distributor of specialty insurance products and services (property and casualty and other products). HQ: Charlotte, NC. (Acquisition announced 08/21/2026).

Crescent Energy Co (CRGY, CRGYFN) up to $1bn notes possible. (Existing sr unsecured notes B1/BB-/BB- (positive/stable/RW positive). Oct biz (lender call 10/3, loan commitments due 12pm 10/22). UOP: along with $1bn sr sec term loan B (Ba1/BB+/BB+) via JPM/KKR/Mizuho/RBC/CapOne/CIBC/FITB/Key/TSI/Regions and others, to fund the acquisition of Eagle Ford assets from Devon Energy Corp (DVN) for $4.22bn in cash ($3.85bn net of certain items). The deal will be funded with cash on hand, a $1bn public offering of common stock (80m shares priced at $12.50 on 10/08/26), and new debt. JPM/RBC have provided a $2bn bridge loan to backstop the debt financing for the deal. Closing is expected in Q4 or early 2027. Biz: oil and gas E&P. HQ: Houston, TX. In its press release CRGY said, the deal maintains a strong balance sheet and progress toward investment grade ratings. A balanced financing structure, greater scale and strong free cash flow generation support debt reduction and continued progress toward an investment-grade credit profile. (Acquisition announced 10/08/2026).

Grant Thornton Advisors US$1.75bn equivalent (US$/EUR) sr sec notes. B2/B+/BB+ (stable/positive/stable). Oct biz (term loan commitments due 5pm 10/22, 5pm UKT 10/22, and 8am Sydney time 10/23). UOP: along with $500m, $500m EUR equivalent, and US$250m A$ equivalent sr sec term loan Bs via JPM/DB/BMO/BofA/RBC/UBS/Jeff/Ares/MS/Citizens/Key/ SMBC/Golub/Santander/Natixis/HSBC, and $1.4bn pfd and $200m of new sponsor equity from New Mountain Capital, to fund the acquisition of CBIZ for $55 per share in cash or $5bn total enterprise value. Closing is expected in Q4. Biz: an international professional services firm that offers audit, tax and advisory services. HQ: London, UK. (Acquisition announced 07/29/2026).

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

The Boots Group possible notes. UOP: fund Wittington Investments Ltd (the investment holding company of the Weston Family) acquisition of 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. 

Penske Automotive Group Inc (PAG) up to $1.8bn sr sub notes. Via JPM/BofA/WFS jt books. UOP: take private the remaining shares that PAG  and Mitsui & Co Ltd does not currently own. Motown Acquisition Corp, a group consisting of Penske Corp and Mitsui & Co Ltd will acquire the public shares outstanding at $212.00 per share in cash representing an enterprise value of $16.3bn. Pre announcement, Penske Corp already owned ~52% and Mitsui owned ~20% of PAG. At closing, Penske will own ~64% and Mitsui will own ~36%. JPM/BofA/WFS have provided a 1y sr unsec bridge loan for $1.8bn to backstop the debt financing. This bridge loan will be reduced by up to $1.8bn of additional sr sub notes and/or up to $1.1bn additional term loans. Penske Corp and Mitsui will provide up to $2.2bn in cash equity. Closing is expected in Q1 2027. Biz: an international transportation services company that operates automotive and commercial truck dealerships principally in the US, the UK, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. HQ: Bloomfield Hills, MI. (Acquisition announced 10/15/2026).

CCC Intelligent Solutions Holdings Inc (CCC) possible notes. UOP: fund the LBO of CCC by GTCR and Elliot Investment Management LLP for $7.75 per share in cash ($4.6bn equity value $6.1bn enterprise value). The deal will be funded with cash equity, pfd equity and new debt. JPM/Citi have committed to provide the debt financing. Closing is expected in Q1 2027. Biz: a leading SaaS and AI platform powering the multi-trillion-dollar insurance and repair economy. HQ: Chicago, IL. (Acquisition announced 10/15/2026).