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Published on 12/31/2013 in the Prospect News High Yield Daily.

Outlook 2014: Notable high-yield deals of 2013

SPRINT CORP.

Issuer:Sprint Corp.
Size/structure:$4.25 billion 7 7/8% senior notes due Sept. 15, 2023 that priced at par
Dealers:JPMorgan, Deutsche Bank, Bank of America, Citigroup, Credit Agricole, Credit Suisse, Goldman Sachs and RBC
Pricing date:Sept. 4
• The biggest high-yield bond tranche of 2013. It was the larger of two tranches that Sprint brought that day in a whopping upsized $6.5 billion transaction.
ALLY FINANCIAL INC.
Issuer:Ally Financial Inc.
Size/structure:$1 billion 2¾% senior guaranteed notes due May 15, 2016 priced at 99.622 to yield 2 7/8%
Bookrunners:Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley
Pricing date:Dec. 2
• Issuance tied for the lowest coupon of 2013.
GENERAL MOTORS FINANCIAL CO., INC.
Issuer:General Motors Financial Co., Inc.
Size/structure:$1 billion 2¾% senior notes priced at par
Bookrunners:Deutsche Bank, Barclays, Goldman Sachs, RBC, RBS
Pricing date:May 7
• Issuance tied for the lowest coupon of 2013.
ALPHABET HOLDING CO., INC./NBTY, INC.
Issuer:Alphabet Holding Co., Inc./NBTY, Inc.
Size/structure:$450 million add-on to 7¾%/8½% contingent cash pay senior notes due Nov. 1, 2017 at 102.25
Bookrunners:Barclays, BofA Merrill Lynch, Credit Suisse, Goldman Sachs
Pricing date:Dec. 5
Original issue:$550 million priced at 98 with a cash yield of 8.242% and a PIK yield of 8.776% in October 2012
Total issue size:$1 billion
• The add-on's 6.872802% yield to worst was a record low print for a PIK toggle note, according to Prospect News data.
FIAT SPA
Issuer:Fiat SpA
Size/structure:€1.25 billion 6 5/8% senior notes due March 15, 2018 priced at par
Bookrunners:Banca IMI, Barclays, Credit Agricole CIB, Mediobanca, Royal Bank of Scotland, Santander, UBS
Pricing date:March 12
• Biggest euro tranche

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