Total issuance: $6,436.80 in 27 deals
Columns are amounts in millions of dollars, count of deals and percentage by dollar value.
Yield
| 6%-6.99% | 300.00 | 1 | 4.66%
|
| 7%-7.99% | 1,821.29 | 8 | 28.29%
|
| 8%-8.99% | 1,045.20 | 5 | 16.24%
|
| 9%-9.99% | 1,335.01 | 6 | 20.74%
|
| 10%-10.99% | 926.19 | 2 | 14.39%
|
| 11%-11.99% | 353.79 | 2 | 5.50%
|
| Over 12% | 655.32 | 3 | 10.18%
|
| Total | 6,436.80 | 27
|
|
|
|
|
| Pricing versus talk
|
|
|
| Low end | 2,503.66 | 8 | 38.90%
|
| Middle | 2,355.86 | 9 | 36.60%
|
| Towards high end | 175.96 | 1 | 2.73%
|
| High end | 619.66 | 3 | 9.63%
|
| Higher | 203.79 | 1 | 3.17%
|
| NA | 577.86 | 5 | 8.98%
|
| Total | 6,436.80 | 27
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 1,282.16 | 5 | 19.92%
|
| LBO | 150.00 | 1 | 2.33%
|
| Repay bank debt | 1,158.12 | 6 | 17.99%
|
| Repay bank debt and other uses | 475.00 | 2 | 7.38%
|
| Redeem notes | 791.24 | 4 | 12.29%
|
| Tender for notes | 100.00 | 1 | 1.55%
|
| Other refi (may include bank debt) | 1,878.60 | 4 | 29.19%
|
| Other, multiple uses | 601.68 | 4 | 9.35%
|
| Total | 6,436.80 | 27
|
|
|
|
|
| Moody's rating
|
|
|
| Ba2 | 877.49 | 2 | 13.63%
|
| Ba3 | 1,666.52 | 5 | 25.89%
|
| B1 | 782.27 | 4 | 12.15%
|
| B2 | 1,605.20 | 9 | 24.94%
|
| B3 | 1,438.64 | 6 | 22.35%
|
| NR | 66.68 | 1 | 1.04%
|
| Total | 6,436.80 | 27
|
|
|
| Upsized?
|
|
|
| Yes | 3,943.77 | 13 | 61.27%
|
| No | 2,493.03 | 14 | 38.73%
|
| Total | 6,436.80 | 27
|
|
|
| Add ons?
|
|
|
| Yes | 1,297.98 | 9 | 20.17%
|
| No | 5,138.82 | 18 | 79.83%
|
| Total | 6,436.80 | 27
|
|
|
|
|
| Seniority
|
|
|
| First mortgage | 536.14 | 1 | 8.33%
|
| Senior secured | 925.96 | 2 | 14.39%
|
| Senior | 2,007.37 | 10 | 31.19%
|
| Senior sub | 2,967.33 | 14 | 46.10%
|
| Total | 6,436.80 | 27
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 150.00 | 1 | 2.33%
|
| Oil and gas (13xx) | 457.54 | 2 | 7.11%
|
| Manufacturing (2xxx, 3xxx) | 3,270.15 | 11 | 50.80%
|
| Transportation (4xxx) | 100.00 | 1 | 1.55%
|
| Communications (48xx) | 679.94 | 4 | 10.56%
|
| Electric, gas, sanitary services (49xx) | 536.14 | 1 | 8.33%
|
| Wholesale (5xxx) | 124.31 | 2 | 1.93%
|
| Services (7xxx) | 1,118.73 | 5 | 17.38%
|
| Total | 6,436.80 | 27
|
|
|
|
|
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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