| Issuer: | HCA Inc.
|
| Issue: | First-lien senior secured notes
|
| Amount: | $1.35 billion, upsized from $750 million
|
| Maturity: | March 15, 2022
|
| Lift bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Trade date: | Feb. 7, 2012
|
| Settlement date: | Feb. 16, 2012
|
| Use of proceeds: | To fund a special cash dividend of $2.00 per share and for general corporate purposes
|
|
|
| Issuer: | HCA Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $1.25 billion, upsized from $1 billion
|
| Maturity: | 10.5 years
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan and Wells Fargo
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 23
|
| Use of proceeds: | For general corporate purposes, including a dividend
|
|
|
| Issuer: | HCA Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.25 billion, upsized from $1 billion
|
| Maturity: | 10.5 years
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan and Wells Fargo
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 23
|
| Use of proceeds: | For general corporate purposes, including a dividend
|
|
|
| Issuer: | HCA Holdings Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 15, 2021
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 6
|
| Use of proceeds: | To fund a $2-per-share special cash dividend to shareholders and options holders
|
| • Proceeds of all three deals went in some part to pay dividends.
|
| • Notes performed well in the aftermarket.
|
| • "HCA aggressively re-leveraged in the face of modest growth," a portfolio manager recounted. "It was an amazing quantity of paper, and it was very well-received."
|
|
|
| REYNOLDS GROUP
|
| Issuers: | Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and Reynolds Group Issuer (Luxembourg) SA
|
| Issue: | Senior secured notes
|
| Amount: | $3.25 billion, upsized from $1 billion
|
| Maturity: | Oct. 15, 2020
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 28
|
| Use of proceeds: | To refinance debt and put cash on balance sheet
|
| • The year's biggest high-yield sole-books tranche
|
| • High demand, with upsizing driven by reverse inquiry
|
|
|
| MGM RESORTS INTERNATIONAL
|
| Issuer: | MGM Resorts International
|
| Issue: | Senior notes
|
| Amount: | $1.25 billion, upsized from $1 billion
|
| Maturity: | May 15, 2021
|
| Bookrunners: | Barclays (bill and deliver), J.P. Morgan Securities LLC (joint physical bookrunner)
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 20
|
| Use of proceeds: | To help refinance debt
|
| • Proceeds used to help refinance debt
|
| • "MGM should be commended on how aggressively they went about taking what the market would give." - A senior debt capital markets banker who was not in the deal
|
|
|
| HD SUPPLY INC.
|
| Issuer: | HD Supply Inc.
|
| Issue: | Senior secured first-priority notes
|
| Amount: | $950 million
|
| Maturity: | April 15, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs, Barclays, J.P. Morgan Securities LLC, Credit Suisse, Deutsche Bank, Wells Fargo and UBS
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Trade date: | April 5, 2012
|
| Settlement date: | April 12, 2012
|
| Use of proceeds: | To help refinance debt
|
|
|
| Issuer: | HD Supply Inc.
|
| Issue: | Senior secured second-priority notes
|
| Amount: | $675 million, downsized from $775 million
|
| Maturity: | April 15, 2020
|
| Bookrunners: | Goldman Sachs, Bank of America Merrill Lynch, Barclays, JPMorgan, Credit Suisse, Deutsche Bank, Wells Fargo and UBS
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Trade date: | April 5, 2012
|
| Settlement date: | April 12, 2012
|
| Use of proceeds: | To help refinance debt
|
|
|
| Issuer: | HD Supply Inc.
|
| Issue: | Add-on to 8 1/8% senior secured first-priority notes
|
| Amount: | $300 million, upsized from $200 million
|
| Maturity: | April 15, 2009
|
| Bookrunner: | Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC and UBS Securities LLC
|
| Coupon: | 8 1/8%
|
| Price: | 107.5
|
| Yield to worst: | 6.525%
|
| Trade date: | July 30
|
| Settlement date: | Aug. 2
|
| Use of proceeds: | To help refinance debt
|
|
|
| Issuer: | HD Supply Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion, upsized from $750 million
|
| Maturity: | July 15, 2020
|
| Bookrunner: | Bank of America Merrill Lynch, Goldman Sachs, Barclays, JPMorgan, Credit Suisse, Deutsche Bank, Wells Fargo and UBS
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| Trade date: | Oct. 9
|
| Settlement date: | Oct. 15
|
| Use of proceeds: | To refinance debt
|
| • "These deals walked out the door." - A trader, noting that high-yield investors tend to be very receptive to HD Supply
|
|
|
| D.R. HORTON INC.
|
| Issuer: | D.R. Horton Inc.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | Sept. 15, 2022
|
| Bookrunner: | RBS Securities Inc.
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 14
|
| Use of proceeds: | General corporate purposes
|
| • Considering that it was 10-year paper, it represented an impressively cheap cost of capital for the company. - An informed source
|
|
|
| CLEARWIRE COMMUNICATIONS LLC
|
| Issuers: | Clearwire Communications LLC and Clearwire Finance, Inc.
|
| Issue: | First-priority senior secured notes
|
| Amount: | $300 million
|
| Maturity: | Dec. 1, 2016
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 14¾%
|
| Price: | Par
|
| Yield: | 14¾%
|
| Trade date: | Jan. 24, 2012
|
| Settlement date: | Jan. 27, 2012
|
| Use of proceeds: | General corporate purposes
|
| • Notes dropped to the high 90s in June but were 139 bid on Dec. 20, having been tremendously boosted by news that Sprint will acquire Clearwire
|
|
|
| STORK TECHNICAL SERVICES HOLDCO BV
|
| Issuer: | Stork Technical Services Holdco BV
|
| Issue: | Senior secured notes
|
| Amount: | €272.5 million
|
| Maturity: | Aug. 15, 2017
|
| Bookrunners: | Goldman Sachs International (bill and deliver), Jefferies (joint lead bookrunner)
|
| Coupon: | 11%
|
| Price: | 96.255
|
| Yield: | 12%
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 16
|
| Use of proceeds: | To refinance debt related to the restructuring of the company
|
| • Difficult to find buyers willing to take the paper - A London banker
|
| • Improved in trading, and by Dec. 19 Stork's 11% notes were 109 bid
|
