Commentary & Deal Flow

It was a quiet end for the US high yield new issue market with no new deals announced or priced today, ending what was a very slow week for the market. The European high yield new issue market also remained quiet with no countable deals announced or priced today. Although one non-countable deal priced in the European market today. 

Priced today in the European market was the private placement deal for Maxam Prill S.à r.l. EUR175m add-on to its 6.00% notes due 07/15/30, price was not disclosed. 

Heading into this week, the US high yield new issue market was expected to pick up from last week’s $2.15bn priced. Despite the hot inflation data last week, rates had come down and issuers would have looked to take advantage of that. There were already four issuers lined up for this week. The Australian metallurgical coal producer Gear M NSW Pty Ltd was on the road starting last week and was expected to be out with a $500m deal this week. Amwins Group, Grant Thornton, and Crescent Energy were in the loan market last week and expected to be out with their respective bond deals. 

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

Ultimately, the US high yield volume did pick up from last week, but it still remained very slow with only four deals (four tranches) priced for $3.385bn. The Australian metallurgical coal producer Gear M NSW Pty Ltd did not price this week and Crescent Energy also dropped its plans to issue $1bn of other unsecured debt, opting instead to increase its TLB size. The secondary backdrop also remained volatile keeping any opportunistic names away. Almost all deals this week were the less-market-dependent M&A type (3 deals, $2.685bn volume), and only one deal was GCP ($700m).

The final global high yield volume for the week was 5 deals (6 tranches) for USD4.733bn equivalent, consisting of 4 US$ deals (4 tranches) for $3.385bn and 2 non-US$ deals (2 tranches) for USD $1.348bn equivalent (EUR1.2bn). October month-to-date global volume is USD14.06bn (USD10.165bn and non-US$ USD3.895bn); The YTD global volume is USD360.076bn equivalent (USD268.732bn and non-US$ USD91.344bn equivalent).

At $10.165bn, the US high yield primary market is close to reaching the bottom end of this month’s syndicate desk estimates of $12.5bn to $25bn (almost equally distributed in that range). Our guess was $20bn. But with only a week remaining, it remains to be seen if the monthly volume will be able to reach even the low-end of this month’s estimates.

Most of this week’s US high yield new issue volume was high quality double-B rated (71%), the rest was single-B rated (29%). In terms of tenor, there was a skew towards the short-term 4-5 year tenor (65%). The rest had 6-7 year maturities (35%). 

Most of this week’s proceeds from US high yield new issues were used for funding M&A activity (79%), the remaining was used for GCP (21%). Among this week’s new issues Grant Thornton stood out as a debut issuer and a USD/EUR dual-currency deal. 

Looking ahead to next week, the US high yield primary deal flow is expected to remain similar to this week. The secondary remains volatile so we are unlikely to see any opportunistic issuers. But there are some M&A deals that could come. The forward pipeline is pretty light for all desks but everyone said they are expecting at least some issuers to come next week. There is already a possibility of Bending Spoon, which was mandated this week, and Gear M $500m that finished investor calls this week. Besides these, some desks are also expecting a chunky multi-billion dollar deal from the healthcare sector. However, issues will have to work around FOMC on Wednesday and PCE on Thursday. 

Syndicate desk estimates for next week’s US high yield new issue deal flow range $2bn-$5bn (equally distributed in that range). Our guess is $4bn. 

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, a better secondary backdrop would be needed to entice them to come to market. There was already one deal on the calendar for this week -  LSF13 Constantine Acquisition GmbH (ContiTech) EUR400m minimum 7yNC3 sr sec notes, and Grant Thorton was in the loan market last week with an expected US$1.75bn equivalent (US$/EUR) sr sec notes issue expected this week. Beyond that we did not hear much else for next week, except for a possible large TMT deal. 

We thought  a continuing volatile secondary market backdrop would limit the deal flow this week, but that it should put in a better showing than last week's one deal for EUR525m. Our guess for this week’s European high yield new issue deal flow was three deals for around EUR2bn. 

Ultimately, this week's European high yield new deal flow came in as expected - light again, but it did double last week's deal count and Euro volume, as the secondary market backdrop remained volatile. Only the two deals on the calendar made it to market with the final volume for the week at two deals (two tranches) for EUR1.2bn. 

Looking ahead to next week, the new issue flow is expected to remain light in terms of the number of deals, but a couple of bigger deals, including one jumbo deal should push up the volume. Bending Spoons should be in the market next week with a US$/EUR sr sec notes deal (hearing EUR1bn equivalent total size), after doing investor calls Wednesday-Thursday. And we hear there will be a jumbo dual-currency deal (EUR6bn equivalent in EUR and US$) to finance an M&A deal in the healthcare space next week. But beyond that, it looks quiet.

We think that a continuing volatile secondary market backdrop will limit the deal flow from opportunistic issuers next week, but like this week, there should be another deal or two added to what is already expected. Our guess for next week’s European high yield new issue deal flow is four deals for around EUR5.5bn. 

We are adding an M&A financing deal to the high yield forward calendar. Respighi BidCo SpA (Recordati SpA) is expected to issue around EUR6bn equivalent (EUR/US$) notes via GS/Jefferies/JPM/Mediobanca/DB. The proceeds will be used to fund the acquisition of Recordati SpA for EUR53.00 per share (EUR10.52bn total) (Rossini has tendered its approx 47% shareholding), by CVC and Groupe Bruxelles Lambert (GBL) and others (ADIA, CPP, PSP, StepStone, AlpInvest, MGG Strategic, CapSol). The stock tender offer was completed today. Closing is expected in Q4 2026. Biz: a leading international pharmaceutical company. HQ: Milan, Italy. (Acquisition announced 03/25/2026).

We are waving a fond goodbye to the long time high yield issuer United Rentals Inc (URI) as it begins marketing its debut sr unsecured notes issue in the investment grade market. On 10/09/26 S&P raised United Rental's sr unsecured rating to BBB- from BB+; and Moody's is expected to upgrade its sr unsecured rating to Baa3 from Ba1. 

United Rentals has previously issued an investment grade rated 1st lien notes issue, but this was run off the high yield desk, had a high yield structure, and targeted high yield investors - $1.5bn 6.00% due 12/15/29 (7yNC3) 1st lien notes issued 11/15/22, rated then at Baa3/BBB-.

This morning URI mandated BofA/GS/JPM to arrange a series of fixed income investor calls today (net roadshow is also available http://www.netroadshow.com/nrs/home/#!/?show=e6ffc7c0, Entry code: United26). GS is coordinating logistics. 

An SEC-registered, USD-denominated, benchmark size ($2bn), senior unsecured fixed-rate multi-tranche offering across 3-Year, 5-Year and 10-Year tenors by its subsidiary United Rentals (North America) Inc is expected to follow, subject to market conditions. The notes are expected to be rated Baa3/BBB- (stable/stable). The proceeds will be used to repay its $975m sr sec term loan, as well as GCP, including paying down its ABL ($2bn drawn) and its A/R securitization facility ($1.5bn drawn).

This deal will complete the transition of URI to an investment grade capital structure with the refinancing of the term loan converting the existing first and second lien notes to unsecured notes under the collateral/security fallaway provisions of those notes. 

The US high yield secondary market was mixed today, ending a very volatile week for the market. US Treasuries gave up some of yesterday’s gains (10y UST yield +4bps to 5.00%), while stocks remained under pressure (DJIA -653; S&P -40; NASDAQ -54).

The CDX HY46 was down almost 3/8 of a point to 105.573.

Most of this week’s US new issues were better in the secondary market after pricing, except PLS Group, which was down 3/4 of a point since pricing. The best performer of the week was Grant Thornton, up 1 5/8 points since pricing. 

This week’s European new issues were mixed in the secondary market after pricing. Similar to its USD tranche, Grant Thornton’s EUR tranche was up 1 1/2 points since pricing while ContiTech was down 2 1/2 points since pricing. 

High yield new issue priced today:

10/23/2026 Maxam Prill S.à r.l. (MXPRLL) EUR175m Reg S only add-on to its 6% sr sec notes due 07/15/30 (4y). NC0.75 (07/02/27) (MWC B+50bp), then at 103 07/02/27, 101.5 07/02/28, 100 07/02/29. Equity claw: 0.75y 40% at 106. Special call: 10% per year the first 2 years at 103. NR/B+/BB- (--/stable/stable). Via Goldman Sachs placement agent. List Dublin. NY law. CoC at 101. Immediately fungible with the existing EUR180m add-on priced 02/26/26 and EUR790m original issue priced 06/26/25. Pays June 15 / Dec 15. Denoms: 100kx1k. Settles 10/30 (T+6). Reg S ISIN: XS3107119003. 

Price undisclosed.

UOP: Together with available cash, finance a shareholder distribution, pay transaction fees and expenses. Equity sponsor: Rhone. Biz: Leading global civil explosives provider. HQ: Madrid, Spain.

https://investors.maxamprill.com/media/iv4j45ek/blossom-iii-deal-announcement.pdf

CFR High Yield Forward Calendar

===================== [ 10/26/2026 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) (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 ] ===============

Respighi BidCo SpA (Recordati SpA) EUR6bn equivalent (EUR/US$) notes. Via GS/Jefferies/JPM/Mediobanca/DB. UOP: fund the acquisition of Recordati for EUR53.00 per share (EUR10.52bn total), Rossini's approx 47% shareholding, by CVC and Groupe Bruxelles Lambert (GBL) and others (ADIA, CPP, PSP, StepStone, AlpInvest, MGG Strategic, CapSol. The Closing is expected in Q4 2026. Biz: a leading international pharmaceutical company. HQ: Milan, Italy. (Acquisition announced 03/25/2026).

====================== [ 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 (Millrose), $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 ($250m 7.50% sr notes due 03/15/31 and $400m 8.00% sr notes due 08/15/32 to amend the indenture to eliminate the CoC provision for this acquisition.

++++09/15/2026 update: Dream Finders announced that it had sold $225m 2.50% series B cvt pfd to institutional investors. The proceeds were used to redeem its existing series A cvt pfd, and for GCP. An additional $450m shares were sold in the second closing on 10/20/2026.

++++09/16/2026 update: Dream Finders announced the results of its consent solicitation for Beazer Homes' notes, receiving a majority of consents from holders of the 7.50% 2031 notes (the requisite consents), but only 46.50% of the 8.00% 2032 (short of the requisite needed). The 8.00% 2032 consent was extended to 5pm 09/17.

++++09/18/2026 update: Dream Finders announced that it had received the requisite consents from holders of Beazer Homes' 7.50% sr notes due 2031.

++++10/09/2026 update: Dream Finders announced that it had increased its revolver by $220m to $1.7bn.

++++10/15/2026 update: Beazer Homes shareholders approve the merger.

++++10/20/2026 update: Dream Finders announced that it had completed the acquisition of Beazer Homes. Dream Finders announced that it had sold an additional $450m shares of 2.50% series B cvt pfd in a second closing. Dream Finders also announced it had delivered a conditional redemption notice for all of Beazer Homes' $350m 7.25% sr notes due 2029 and will use the proceeds from the $572.1m land Bank Facility committed to by Millrose Partners to fund the redemption, with the rest of the proceeds used to repay sr unsecured credit facilities.

++++10/22/2026 update: Dream Finders announced exchange offers for Beazer Homes 7.50% 2031 notes and 8.00% 2032 to exchange into Dream Finders notes with the same economic terms.

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 $8bn. $7.45bn total funds will be needed to complete the merger, consisting of $4.25bbn sr sec term loan B; $1.135bn sr PIK facility; and $2.346m in cash equity from  CapVest. JPM/Jefferies are leading the debt financing. Jefferies is lead financial advisor to Curium, along with JPM and PTT Partners. Closing is expected in Q2 2027. Equity sponsor: CapVest Partners.  Biz: a leading global radiopharmaceutical company. HQ: Bedford, MA. (Acquisition announced 08/03/2026).

++++10/14/2026 update: LNTH shareholders approved the merger.

++++10/23/2026 update: $7.45bn total funds will be needed to complete the merger, consisting of $4.25bbn sr sec term loan B; $1.135bn sr PIK facility; and $2.346m in cash equity from  CapVest. JPM/Jefferies are leading the debt financing. There will not be any bonds.

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/Jeff/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).