Total issuance: $5,414.17 in 24 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 7%-7.99% | 663.41 | 3 | 12.25%
|
| 8%-8.99% | 995.64 | 5 | 18.39%
|
| 9%-9.99% | 1,010.85 | 5 | 18.67%
|
| 10%-10.99% | 2,052.90 | 8 | 37.92%
|
| 11%-11.99% | 172.39 | 1 | 3.18%
|
| Over 12% | 518.97 | 2 | 9.59%
|
| Total | 5,414.17 | 24 |
|
|
|
|
|
| Pricing versus talk
|
|
|
| Lower | 425.00 | 2 | 7.85%
|
| Low end | 2,698.48 | 9 | 49.84%
|
| Middle | 1,163.39 | 4 | 21.49%
|
| High end | 300.00 | 1 | 5.54%
|
| Higher | 172.39 | 1 | 3.18%
|
| NA | 654.91 | 7 | 12.10%
|
| Total | 5,414.17 | 24 |
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1,298.48 | 4 | 23.98%
|
| GCP | 85.85 | 1 | 1.59%
|
| LBO | 625.00 | 3 | 11.54%
|
| Repay bank debt | 1,471.86 | 6 | 27.19%
|
| Repay bank debt and other uses | 148.41 | 1 | 2.74%
|
| Redeem notes | 91.08 | 1 | 1.68%
|
| Other refi (may include bank debt) | 1,421.09 | 6 | 26.25%
|
| Spin off | 172.39 | 1 | 3.18%
|
| NA | 100.00 | 1 | 1.85%
|
| Total | 5,414.17 | 24 |
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 363.41 | 2 | 6.71%
|
| Ba3 | 1,722.94 | 8 | 31.82%
|
| B1 | 575.61 | 3 | 10.63%
|
| B2 | 1,450.00 | 5 | 26.78%
|
| B3 | 1,302.21 | 6 | 24.05%
|
| Total | 5,414.17 | 24 |
|
|
|
| Upsized?
|
|
|
| Yes | 3,786.87 | 12 | 69.94%
|
| No | 1,454.91 | 11 | 26.87%
|
| Downsized | 172.39 | 1 | 3.18%
|
| Total | 5,414.17 | 24 |
|
|
|
| Add ons?
|
|
|
| Yes | 735.91 | 6 | 13.59%
|
| No | 4,678.26 | 18 | 86.41%
|
| Total | 5,414.17 | 24 |
|
|
|
|
|
| Seniority
|
|
|
| Senior | 3,082.44 | 15 | 56.93%
|
| Senior secured | 450.00 | 1 | 8.31%
|
| Senior sub | 1,881.73 | 8 | 34.76%
|
| Total | 5,414.17 | 24 |
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Oil and gas (13xx) | 250.61 | 2 | 4.63%
|
| Builders (15xx) | 363.41 | 2 | 6.71%
|
| Manufacturing (2xxx, 3xxx) | 3,431.63 | 12 | 63.38%
|
| Transportation (4xxx) | 200.00 | 1 | 3.69%
|
| Communications (48xx) | 100.00 | 1 | 1.85%
|
| Electric, gas, sanitary services (49xx) | 377.44 | 2 | 6.97%
|
| Wholesale (5xxx) | 391.08 | 2 | 7.22%
|
| Services (7xxx) | 300.00 | 2 | 5.54%
|
| Total | 5,414.17 | 24
|
|
|
|
|
|
|
|
|
|
|
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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