Commentary & Deal Flow

The US high yield primary market is maintaining its slow pace with no new issues announced this morning but one deal from the calendar will price today. 

Scheduled to price today in the US high yield market is the dual-currency deal Grant Thornton Advisors LLC US$2.2bn equiv (down from US$2.25bn equiv, up from US$1.75bn equiv) sr sec notes two-part, consisting of US$1.7bn (down from US$1.75bn) 5yNC2, price talk 10.25%-10.50% (vs IPT of 10.50% area) and EUR450m (US$500m equiv) 5yNC2, price talk 9.25%-9.50% (vs IPT of 9.50% area).

And still on the calendar is the Australian metallurgical coal producer Gear M NSW Pty Ltd (GM3) US$500m 5yNC2 partially amortizing (4.6y WAL) 144A/Reg S sr sec note issue. The roadshow ended Tuesday and the bond deal was expected to follow, subject to market conditions.

Besides the dual-currency deal for Grant Thornton, the European high yield new issue market is very quiet today. There were no new deals announced this morning and other than Grant Thornton, there are no deals left on the European calendar.

We are adding another possible M&A debt financing to the forward calendar. QIAGEN NV (QGEN) announced today that a consortium lead by EQT along with Luxiva SA (a sub of Abu Dhabi Investment Authority (ADIA), and OPP Investment Board Europe Inc will purchase QIAGEN for EUR46.50 per share in cash or an enterprise value of EUR10.8bn (approx $12.1bn), including EUR1.1bn of net debt. MS/Jef/DB/SMBC/CA/UniCredit have committed to provide the debt financing for the deal. No further financing details were disclosed. Closing is expected by mid 2027. Biz: a global leader in Sample to Insight solutions that enable customers to extract and analyze molecular information from biological samples containing the building blocks of life. HQ: Venlo, Netherlands. 

The US high yield secondary market is weaker along with stocks today. UST yields are sharply lower (10y UST yield -11bp to 5.01%), while stocks are selling off (DJIA -212; S&P -104; NASDAQ -611). The overall US high yield cash market is down a 1/4 point on the day. 

Navient Corp’s (NAV) bonds are under pressure this morning after it announced a corporate reorganization after the close yesterday. Under the new structure, the new parent company, named Navient Holdings, Inc., will become the new holding company of  Navient LLC and E Parent, Inc. (Earnest). Upon completion of the reorganization, Navient LLC will  assume the obligations of the listed notes currently held at Navient Corporation and continue to be a reporting company. The new structure leaves the new note issuer with a shrinking legacy book while the new Earnest lending sits in a separate subsidiary. Its short term bonds are down 1-2 points and the long term paper is down 7-8 points. 

The CDX HY46 is down over 3/8 of a point to 105.746.

This week’s new issues are flat or weaker in the secondary market this morning. The biggest mover is Amwins, down 3/4 of a point since yesterday’s close. PLS Group is down an 1/8 of a point, while Radiology Partners is trading flat. 

CFR High Yield Forward Calendar

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

Grant Thornton Advisors LLC (GRATHO) 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 (MWC T+50bp) (50%, 25%, par). Equity claw: 2y 40%. IPO call: for all, but not less than all with the IPO proceeds. Special call: 10% per year the 1st 2 years at 103. SMR at 100 if the merger does not take place by 08/04/2027. CoC at 101. Denoms: 2kx1k. IPT: 10.50% area.

    - EUR (US$500m equiv) sr sec notes due 2031 (5y). NC2 (MWC B+50bp) (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 08/04/2027. CoC at 101. Listing: TISE. Denoms: 100kx1k. IPT: 9.50% area.

Roadshow (small group calls) 10/19-10/21 Investor call at 11:30am 10/19. (Term loan commitments due 5pm 10/21,  (from 5pm 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 sr pfd and $200m of new equity from its equity sponsor New Mountain Capital, to fund the acquisition of CBIZ for $55 per share in cash or $5bn total enterprise value ($4.208bn cash equity) ($500m equiv sr sec notes upsize to replace the originally planned EUR (US$500m equivalent) TLB). Closing is expected in Q4.  Equity owners: New Mountain Capital (49%) and management (51%).  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 

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) (GMSAU) 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.

Bending Spoons, a leading technology company owning and operating dozens of digital businesses, including Airtable, AOL, Brightcove, Eventbrite, Tractive, Vimeo, and WeTransfer, rated Ba3 (stable) / BB- (stable) by Moody’s and S&P, has mandated BNPP, Goldman Sachs, J.P. Morgan, and UniCredit to arrange a series of virtual fixed income investor meetings commencing on Wednesday, 21 October 2026.

A USD / EUR Senior secured notes issuance might follow, subject to market conditions.

The Company will be represented by:

Luca Ferrari — Co-founder and chief executive officer

Francesco Patarnello — Co-founder and head of business acquisitions

Davide Scarpazza — Co-chief financial officer

Enrico Martinelli — Co-chief financial officer

James Cordwell — Head of investor relations

Meeting Schedule: 21st & 22nd October 2026

Format: Small Group Virtual Meetings

Wednesday 21st October:

EUR - Slot 1  // 12:00 - 12:50 PM CET / 11:00 - 11:50 AM UKT / 06:00 - 06:50 AM ET

EUR - Slot 2 // 01:00 - 01:50 PM CET / 12:00 - 12:50 PM UKT / 07:00 - 07:50 AM ET

EUR - Slot 3 // 03:00 - 03:50 PM CET / 02:00 - 02:50 PM UKT / 09:00 - 09:50 AM ET

USD - Slot 4 // 04:00 - 04:50 PM CET / 03:00 - 03:50 PM UKT / 10:00 - 10:50 AM ET

USD - Slot 5 // 05:00 - 05:50 PM CET / 04:00 - 04:50 PM UKT / 11:00 - 11:50 AM ET

USD - Slot 6 // 06:00 - 06:50 PM CET / 05:00 - 05:50 PM UKT / 12:00 - 12:50 PM ET

Thursday 22nd October:

EUR - Slot 7 // 12:00 - 12:50 PM CET / 11:00 - 11:50 AM UKT / 06:00 - 06:50 AM ET

EUR - Slot 8 // 01:00 - 01:50 PM CET / 12:00 - 12:50 PM UKT / 07:00 - 07:50 AM ET

EUR - Slot 9 //03:00 - 03:50 PM CET / 02:00 - 02:50 PM UKT / 09:00 - 09:50 AM ET

USD - Slot 10 // 04:00 - 04:50 PM CET / 03:00 - 03:50 PM UKT / 10:00 - 10:50 AM ET

USD - Slot 11 // 05:00 - 05:50 PM CET / 04:00 - 04:50 PM UKT / 11:00 - 11:50 AM ET

USD - Slot 12 // 06:00 - 06:50 PM CET / 05:00 - 05:50 PM UKT / 12:00 - 12:50 PM ET

Netroadshow Presentation and recording link: www.netroadshow.com/nrs/home/#!/?show=786f6dd5. Entry code: BendingSpoons26.

HQ: Milan, Italy. 

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

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).

+++10/21/2026 update: Term loan B increased to $1.5bn from $1bn; and the planned other secured debt has been dropped.

====================== [ 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. (Acquisition announced 10/07/2026).

+++10/19/2026: The Boots Group has launched consent solicitations with respect to its existing sr secured notes and term loan Bs to remove the CoC put for the takeover by the new sponsors, and in the case of the TLBs to also amend and extend the call protection. If the consent solicitations are successful then the existing debt will remain outstanding and there will be no need to do any new debt financing to find the takeover. 

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).

Silgan Metal Containers and Closures possible notes. UOP: $4.9bn of new debt will be raised to fund the acquisition of Trivium Packaging BV by Silgan Holding Inc (SLGN) and American Industrial Partners (AIP) from Ontario Teachers Pension Plan (58%) and Ardagh Packaging (42%) in a cash transaction that values Trivium at a $3.4bn enterprise value ($3.2bn cash purchase price). Silgan will combine its metal Containers segment and Food and Beverage Flat Cap Closures businesses ($3.8bn enterprise value) with Trivium, a global supplier of infinitely-recyclable metal packaging for the world’s leading brands. Silgan will receive $2.3bn in cash, which it will use to repay debt. Silgan will also rollover $1.5bn in equity. Silgan will own a 60% controlling interest in Silgan MCC and AIP will own the other 40% and contribute $1bn in cash equity to support the acquisition and fund future growth. Silgan has obtained fully-committed debt financing from a consortium of banks (WFS/GS/RBC/DB/BofA) to backstop the debt financing. Closing is expected in mid 2027. Biz: Silgan Holdings is a supplier of metal packaging in the form of cans and aerosol containers, serving a broad range of end-use categories, including food, seafood, pet food and nutrition, as well as beauty and personal care. HQ: Norwalk, CT.

QIAGEN NV (QGEN) possible notes. UOP: fund the LBO of QIAGEN by a consortium lead by EQT along with Luxiva SA (a sub of Abu Dhabi Investment Authority (ADIA), and OPP Investment Board Europe Inc for EUR46.50 per share in cash or an enterprise value of EUR10.8bn (approx $12.1bn), including EUR1.1bn of net debt. MS/Jef/DB/SMBC/CA/UniCredit have committed to provide the debt financing for the deal. Closing is expected by mid 2027. Biz: a global leader in Sample to Insight solutions that enable customers to extract and analyze molecular information from biological samples containing the building blocks of life. HQ: Venlo, Netherlands. (Acquisition announced 10/22/2026).