Commentary & Deal Flow

The US high yield primary market was quiet today, ending what was another slow week for the market. No new deals were announced or priced today. The European high yield new issue market also remained quiet with no new deals announced or priced, ending what was a big volume week for the market. 

Heading into this week, the US high yield new issue deal flow was expected to remain slow. The secondary remained volatile so we were unlikely to see any opportunistic issuers. But there were some M&A deals that were likely to come to market. The forward pipeline was pretty light for all desks but everyone said they expected at least some issuance this week. There was already a possibility of  Bending Spoon, which was mandated last week, and Gear M $500m that finished investor calls last week. Besides these, some desks were also expecting a chunky multi-billion dollar deal from the healthcare sector. However, issuers had to work around the FOMC on Wednesday and PCE on Thursday.

Syndicate desk estimates for this week’s US high yield new issue deal flow ranged from $2bn to $5bn (equally distributed in that range). Our guess was $4bn.

Ultimately, the US high yield primary market remained slow with only four deals (five tranches) priced for $4.44bn this week. While the deal flow remained slow, two chunky deals ($1.79bn Recordati & $1.25bn Bending Spoons) helped boost volume to reach the top range of syndicate desk estimates and right around our guess. As expected, the volatile secondary kept opportunistic issuers limited and M&A contributed to about 40% of the weekly volume. 

The final global high yield volume for the week was 5 deals (10 tranches) for USD10.415bn equivalent, consisting of 4 US$ deals (5 tranches) for $4.44bn and 3 non-US$ deals (5 tranches) for USD $5.975bn equivalent (EUR5.35bn). The final October global volume is USD24.475bn (USD14.605bn and non-US$ USD9.87bn); The YTD global volume is USD370.491bn equivalent (USD273.172bn and non-US$ USD97.319bn equivalent).

Heading into October, the month was expected to slow down due to the elevated rate environment. While there were several opportunistic issuers looking to come to the market, the secondary backdrop was not supportive for them. The jumbo M&A deals in the pipeline had already cleared and while there were still a few chunky data center deals on the pipeline, their issuance was very secondary dependent. 

Historically, since the end of the Credit Crisis in 2010, October had been more of an up-and-down month, though it leaned slightly to the downside. On the all-months average table, it ranked near the bottom in ninth place, with an average volume of $20.169bn through last year. The largest October came in 2012 at $41.302bn, though that is still not big enough to place it in the all-months top ten table. The smallest October was in 2022, when volume totaled just $3.715bn. Last October was $17.818bn.

Syndicate desk estimates for US high yield new issue volume in October ranged from $12.5bn to $25bn (almost equally distributed in that range). Our guess was $20bn.

Ultimately, the US high yield new issue market returned to its slow pace this October with only $14.605bn priced. This was only in the bottom range of syndicate desk estimates but much lower than our guess. The October volume since the end of the Credit Crisis in 2010 also fell to $19.842bn, but the month still retained its ninth spot on the monthly averages table. Volatile secondary and elevated rates restricted several issuers from coming forward and this was the first month since February when we had no data center deals. Less secondary-sensitive M&A contributed to about half of monthly volume ($7.065bn) in absence of data center and opportunistic issuers. 

Most of this week’s US high yield new issue volume was high quality double-B rated (86%), the rest was single-B rated (14%). In terms of tenor, there was a skew towards the short-term 4-5 year tenor (81%). The rest had 6-7 year maturities (19%).

Most of this week’s proceeds from US high yield new issues were used for GCP (46%), followed by M&A (40%) and repaying debt (14%). Among this week’s new issues Bison Oil & Gas, Bending Spoons, and Recordati stood out as debut issuers. Bending Spoons and Recordati were also unique as USD/EUR dual-currency deals. Recordati also made it to the tenth spot on largest high yield deal across currencies. 

Looking ahead to next week, the US high yield new issue deal flow is expected to remain similar to the last couple of weeks. The secondary remains volatile going into the midterm elections next week and there is also NFP scheduled for Friday. But there are already a couple of issuers on the shadow calendar looking to come next week. During the 2022 midterm week 6 deals (6 tranches) priced for $7.71bn, despite the Veterans Day holiday on Friday. However, rates were much lower back then. Some desks did mention that while they know of a few issuers for next week, the final deal flow will be secondary dependent. 

Syndicate desk estimates for next week’s US high yield new issue deal flow range from $2bn-$7bn (centered around $3bn-$5bn). Our guess is $5bn. 

Looking ahead to November, the US high yield new issue deal flow is expected to be similar or higher than this month. With the midterms out of the way next week, issuance should return to normal as issuers look to take advantage of any available windows before the December holidays. Some desks also expect a comeback of the chunky data center deals that were absent throughout October. However, some expect secondary volatility could continue into November and weigh on the deal flow. The holiday calendar is active with the Veterans Day holiday falling midweek this year and the usual Thanksgiving holidays toward the end of the month leaving fewer windows for issuers to come to market. 

Historically, November has been a moderately active month for HY as issuers try to get ahead of the end of the year slowdown. The average volume for Nov since the end of the Credit Crisis (2010) is $22.515bn, placing it on the seventh spot on the monthly average table. But the month has also seen three sub $10bn months during that range. The holiday calendar also shortens the window, with the bond market closed for Veterans Day mid-month and Thanksgiving week taking the last stretch of the month off the table. November is also election month, and this year’s midterms fall in the first week.. Last year was relatively active with $24.938bn priced.

Syndicate desk estimates for November US high yield new issue volume range from $15bn -$30bn (most were around $18bn-$25bn). Our guess is $22bn. 

Heading into this week in the European high yield new issue market the deal flow was expected to remain light in terms of the number of deals, but a couple of bigger deals, including a jumbo, were expected to pump up the EUR volume. Bending Spoons was expected to be in the market this week with a dual-currency (US$/EUR) sr sec notes deal (we were hearing EUR1bn equivalent total size), after doing investor calls Wednesday-Thursday last week. And we heard there would be a jumbo dual-currency deal (EUR6bn equivalent in EUR and US$) to finance an M&A deal in the healthcare space this week (we guessed it was Recordati). But beyond that, the market looked quiet.

We thought that a continuing volatile secondary market backdrop would limit the deal flow from opportunistic issuers this week, but like last week, which saw two deals for EUR1.2bn, there would be another deal or two added to what was already expected. Our guess for this week’s European high yield new issue deal flow was four deals for around EUR5.5bn. 

Ultimately, this week's European high yield new deal flow came in as expected - light again in terms of the number of deals, but big in terms of EUR volume, as both the expected deals,  Bending Spoons at EUR500m and Recordati at EUR4.45bn, pumped up the volume for the week. One more deal was added, HIME EUR400m, bringing the total for the week to three deals (five tranches) for EUR5.35bn, which was very close to our guess.

Looking ahead to next week, the new issue flow is expected to remain light, but this time without a jumbo deal to pump up the volume. With the market backdrop remaining volatile it is likely that only better credits will come to market. Our guess for next week’s European high yield new issue deal flow is two deals for around EUR1bn. 

We are taking two M&A financing deals off the high yield forward calendar. On 09/15/26  Rocket Lab Corp (RKLB) announced that it had completed the new $1.944bn at-the-market equity program (sold 29.3m common shares); and amended Iridium's $1.75bn term loan to permit the change of control, which allows the loan to remain in place. As such the $3.6bn bridge loan has been terminated. There will not be a bond deal 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. 

And Dream Finders Homes Inc (DFH) has completed the acquisition of Beazer Homes (BZH) funding it with $450m of cvt pfd, a $572.1m Land Bank facility loan, and the assumption and then exchange of Beazer Homes notes into Dream Finders notes. There will not be a bond deal.

And with no updates since the mandate on 10/14/2026 (investor meeting across Asia Pacific, Europe and the US starting 10/15) we are calling this deal postponed and taking it off the calendar: GEAR M NSW HCC Pty Ltd (GM3) (GMNSAU) US$500m 5yNC2 (WAL 4.5) 144A/Reg S 1st lien sr sec partially amortizing fixed rate notes

The US high yield secondary market was under pressure today along with stocks, heading into the midterm week. UST yields inched lower (10y UST yield -3bps to 4.92%). While stock gapped lower (DJIA -572; S&P -140; NASDAQ -748). The US high yield cash market was down a 1/4 - 1/2 a point following stocks. The market was also surprised by the report that Anthropic would be high yield rated (double-B) after its IPO, rather than investment grade. A high yield rating could mean a lot more new issue supply in the high yield market if Anthropic starts raising unsecured debt soon after the IPO.

The CDX HY46 was down 3/16 of a point to 105.875.

Most of this week’s US news issues were better in the secondary market after pricing, except Recordati with both its US tranches down a 1/4 point since pricing. The best performer of the week was Bending Spoons, gaining 1 1/8 points since pricing. ZF North America and Bison Oil & Gas were both up 1/2 a point each since pricing. 

This week’s European new issues were flat or better in the secondary market after pricing. The best performer in Europe was also Bending Spoon, up 1 1/2 points since pricing. Recordati’s fixed rate tranches were trading flat in the secondary. 

High yield issue postponed:

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) (GMNSAU) 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.

+++With no updates since the mandate on 10/14/2026 we are calling this deal postponed and taking it off the calendar.+++

CFR High Yield Forward Calendar

===================== [ 11/02/2026 Week ] ===============

Nothing currently scheduled but something will be added. 

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

++++10/08/2026: Brinks received the UK's Competition and Markets Authority (CMA) acceptance in principle of the proposed remedy relating to the pending acquisition of NCR Atleos. Brinks will divest NoteMachine/TestLink UK.  

++++09/11/2026 update: The UK Competition and Markets Authority initiated its first-phase inquiry into the acquisition.

++++07/22/26 update: India clears the acquisition of NCR Atleos.

++++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. Closing is expected in mid 2027. 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.

++++09/15/2026 update: RKLB completed the new $1.944bn at-the-market equity program (sold 29.3m common shares); and amended Iridium's $1.75bn term loan to permit the change of control, which allows the loan to remain in place. As such the $3.6bn bridge loan has been terminated. There will not be a bond deal.  

+++09/24/2026 update: Iridium shareholders approve the merger.

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).

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) EUR/US$ 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 around EUR5bn of 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).