Vericast bonds traded up today after J2 Global announced the acquisition of Vericast’s RetailMeNot for USD 420m.
The transaction is expected to close in 4Q20, subject to closing conditions and regulatory approvals. J2 will provide an update on the estimated financial contribution of the acquisition.
The USD 800m 8.375% senior secured notes due 2022 traded as high as 97.25 to yield 10.011% today after the announcement from trades at 90 to yield 14.649% yesterday (28 September), according to MarketAxess.
Hexion debt traded higher yesterday (28 September) after the company announced it had entered into an agreement to sell several business units for USD 425m to Black Diamond Capital Management and Investindustrial.
As part of the announced transaction, Hexion will sell its Phenolic Specialty Resin, Hexamine, and European-based Forest Products Resins businesses. Combined, the segments generated about USD 530m of LTM sales as of 30 June, according to a press release. That compares to USD 600m in 2019 sales, according to an SEC filing.
Investors are still uncertain as to how much of the proceeds the company will use to pay down debt, as reported by Debtwire.
The company’s USD 725m Libor+ 350bps (0% floor) first lien term loan due 2026 is quoted in the 98.35/99.5 context today, up from 97.75/98.75 on Friday (25 September), according to Markit.
Hexion’s USD 450m 7.875% senior unsecured notes traded up more than a point yesterday to 101 yielding 7.56% from 99.75 on 21 September and 93.25 in early July, according to MarketAxess.
Spirit AeroSystems’ notes traded up this morning after the company announced a private offering of USD 400m of first lien notes due 2025.
Proceeds from the offering will be used for general corporate purposes. The issuer is also in the market for a USD 400m TLB due 2025 with talk set at Libor+ 525bps (75bps floor) with a 98.5-99 OID and commitments due today (29 September) at 5pm ET.
Its USD 1.2bn 7.5% senior secured notes due 2025 ticked up to USD 100.5 for a 7.335% yield, up from 99 on 25 September.
Debtwire reported last week on how the company’s moves to enhance liquidity have done little to ease cash flow concerns around the former IG rated company.
Revlon bonds traded up in odd lots after the company announced an offer to exchange its 2021 notes for a combination of cash, ABL FILO term loans and new second lien term loans.
The company also announced a consent solicitation to eliminate all restrictive covenants and certain events of default provisions from the indenture for the 2021 notes.
The USD 387m 5.75% senior unsecured notes due 2021 traded today as high as 38.1 in odd lots from trades in size at 32.625 on 22 September. The USD 450m 6.25% senior unsecured notes due 2024 traded today at 23 in odd lots from trades at 13 on 21 September, according to MarketAxess.