Commentary & Deal Flow

Grant Thornton Advisors LLC US$2.25bn equiv (up from US$1.75bn equiv) 144A/Reg S sr sec notes 2-part. B2/B+/BB+ (stable/positive/stable). Via JPM (B&D)/DB/BofA/BMO/RBC/UBS/Jeff/MS/Citizens/Key/SMBC/KKR/Natixis/Sant/HSBC jt books. No reg rights. New York law. Canadian sales: Alberta, BC, Ontario and Quebec. $500m sr sec notes upsize to replace US$500m equivalent EUR TLB.

- US$1.75bn sr sec notes due 2031 (5y). NC2 (50%, 25%, par). Special call: 10% per year the 1st 2 years at 103. SMR at 100 if the merger does not take place by the outside date. Denoms: 2kx1k. IPT: 10.50% area.

- EUR (US$500m equiv) sr sec notes due 2031 (5y). NC2 (50%, 25%, par). Special call: 10% per year the 1st 2 years at 103. SMR at 100 if the merger does not take place by the outside date. Denoms: 100kx1k. Listing: TISE. IPT: 9.50% area.

Investor call at 11:30am 10/19. Small group calls 10/19-10/21. (term loan commitments due 5pm 10/22, 5pm UKT 10/22, and 8am Sydney time 10/23). Pricing 10/22. UOP: along with US$500m 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 ($500m equiv sr sec notes upsize to replace the originally planned EUR (US$500m equivalent TLB). 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).
DealRoadshow direct link: https://markets.jpmorgan.com/event_booking/loadEvent?eventToken=142587_34d64c3a-0e86-4f6c-9449-227fa308293a. Entry code: GT2026. Available now. OM link: https://verisend.com/explore