Total issuance: $8,050.47 million in 31 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 7%-7.99% | 712.74 | 3 | 8.85%
|
| 8%-8.99% | 225.00 | 1 | 2.79%
|
| 9%-9.99% | 1,735.24 | 8 | 21.55%
|
| 10%-10.99% | 2,150.16 | 6 | 26.71%
|
| 11%-11.99% | 2,928.29 | 11 | 36.37%
|
| Floater | 299.06 | 2 | 3.71%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 780.00 | 1 | 9.69%
|
| Low end | 385.00 | 1 | 4.78%
|
| Middle | 482.50 | 3 | 5.99%
|
| High end | 1,248.89 | 7 | 15.51%
|
| Higher | 4,542.95 | 16 | 56.43%
|
| NA | 611.13 | 3 | 7.59%
|
| Total | 8,050.47 | 31
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 731.00 | 5 | 9.08%
|
| GCP | 295.16 | 1 | 3.67%
|
| LBO | 1,268.60 | 3 | 15.76%
|
| Refinance/tender for notes | 569.23 | 3 | 7.07%
|
| Repay bank debt | 1,043.71 | 5 | 12.96%
|
| Repay bank debt plus | 250.00 | 1 | 3.11%
|
| Other refinance | 3,617.77 | 12 | 44.94%
|
| Other | 275.00 | 1 | 3.42%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Moody's rating
|
|
|
| Ba2 | 645.16 | 2 | 8.01%
|
| Ba3 | 225.00 | 1 | 2.79%
|
| B1 | 682.11 | 5 | 8.47%
|
| B2 | 1,632.70 | 7 | 20.28%
|
| B3 | 4,367.77 | 14 | 54.25%
|
| Caa1 | 140.00 | 1 | 1.74%
|
| NR | 357.74 | 1 | 4.44%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 2,043.72 | 6 | 25.39%
|
| No | 3,779.96 | 15 | 46.95%
|
| Downsized | 2,226.79 | 10 | 27.66%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Add on?
|
|
|
| Yes | 103.50 | 1 | 1.29%
|
| No | 7,946.97 | 30 | 98.71%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Quick Sale?
|
|
|
| No | 8,050.47 | 31 | 100.00%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Seniority
|
|
|
| Mortgage | 350.00 | 1 | 4.35%
|
| Senior secured | 2,592.55 | 9 | 32.20%
|
| Senior | 2,049.63 | 8 | 25.46%
|
| Senior sub | 3,058.29 | 13 | 37.99%
|
| Total | 8,050.47 | 31
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Mining (1xxx) | 295.16 | 1 | 3.67%
|
| Oil and gas (13xx) | 275.00 | 1 | 3.42%
|
| Manufacturing (2xxx, 3xxx) | 3,289.60 | 12 | 40.86%
|
| Transportation (4xxx) | 175.97 | 1 | 2.19%
|
| Communications (48xx) | 2,328.95 | 6 | 28.93%
|
| Electric, gas and sanitary (49xx) | 4,171.27 | 6 | 29.11%
|
| Wholesale (5xxx) | 494.23 | 3 | 6.14%
|
| Services (7xxx) | 816.56 | 5 | 10.14%
|
| Health services (8xxx) | 375.00 | 2 | 4.66%
|
| Total | 8,050.47 | 31
|
|
|
|
|
|
|
|
|
Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* Offerings are included in the time period in which they price.
* Issues maturing in 397 days or less are excluded.
* Convertibles, trust preferreds, capital securities and preferred stock are excluded.
* Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs are excluded.
* Deals rated investment-grade by either Standard & Poor's or Moody's Investors Service are excluded but deals not rated by both are included.
* Amounts are based on the total sales price (face amount multiplied by the offering price
* Units made up of a bond and a warrant are included; other units are excluded.
* Sovereign issues are excluded.
* Each tranche is counted as a separate deal.
* Passthroughs, collateral trust and equipment trust certificates are included.
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