Bond market

Sealed Air Announces Pricing of Senior Notes

Retrieved on: 
Tuesday, November 12, 2019

Sealed Air Corporation (Sealed Air or the Company) (NYSE:SEE) today announced the pricing of its offering of $425 million aggregate principal amount of 4.000% senior unsecured notes due 2027 (the Notes).

Key Points: 
  • Sealed Air Corporation (Sealed Air or the Company) (NYSE:SEE) today announced the pricing of its offering of $425 million aggregate principal amount of 4.000% senior unsecured notes due 2027 (the Notes).
  • The Notes will be jointly and severally, and irrevocably and unconditionally, guaranteed on a senior unsecured basis by each of Sealed Air's existing and future wholly owned domestic subsidiaries that guarantee its senior secured credit facilities, subject to release under certain circumstances.
  • Sealed Air intends to use the net proceeds from the offering of the Notes to repurchase the 6.50% senior notes due 2020 (the 2020 Notes) pursuant to the tender offer commenced by the Company today and satisfy and discharge all of its outstanding 2020 Notes in accordance with the terms of the indenture governing the 2020 Notes, including any premiums, fees and expenses in connection therewith.
  • Sealed Air generated $4.7 billion in sales in 2018 and has approximately 15,500 employees who serve customers in 123 countries.

Unit Corporation Announces Exchange Offer and Consent Solicitation

Retrieved on: 
Tuesday, November 12, 2019

Unit Corporation (NYSE:UNT) (the Company) announced that it has commenced an offer to exchange (the Exchange Offer) any and all of its outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP No.

Key Points: 
  • Unit Corporation (NYSE:UNT) (the Company) announced that it has commenced an offer to exchange (the Exchange Offer) any and all of its outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP No.
  • In addition to the Early Exchange Consideration or Late Exchange Consideration, as applicable, accrued and unpaid interest on all validly tendered Old Notes accepted for exchange will be paid in cash on closing of the Exchange Offer.
  • The Exchange Offer is not subject to the consummation of the Consent Solicitation or any other minimum participation conditions.
  • Global Bondholder Services Corporation is serving as information and exchange agent for the proposed Exchange Offer and Consent Solicitation.

Northern Trust and BondEvalue Partner to Deliver Fractionalised Bond Ownership Using Blockchain Technology

Retrieved on: 
Wednesday, November 13, 2019

Northern Trust (Nasdaq:NTRS) and BondEvalue today announce a strategic partnership to deliver integrated asset servicing and digital solutions for fractional ownership of fixed income bonds.

Key Points: 
  • Northern Trust (Nasdaq:NTRS) and BondEvalue today announce a strategic partnership to deliver integrated asset servicing and digital solutions for fractional ownership of fixed income bonds.
  • BondEvalues regulated platform will facilitate trading of fractionalised investable assets based on wholesale bonds, while Northern Trust will be its exclusive asset servicing provider.
  • Justin Chapman, global head of Market Advocacy & Innovation Research at Northern Trust said: Northern Trust is a strong advocate for the potential of blockchain.
  • Rahul Banerjee, founder, BondEvalue, said: We are excited to work with Northern Trust in making bond markets more efficient and transparent for bond investors, via our fractional bond exchange.

Verastem Oncology Announces Private Exchange of Approximately $114.3 Million of its 5.00% Convertible Senior Notes due 2048 for 5.00% Convertible Senior Second Lien Notes Due 2048

Retrieved on: 
Tuesday, November 12, 2019

The exchange notes will be issued pursuant to an indenture by and between the Company and Wilmington Trust, National Association (the indenture).

Key Points: 
  • The exchange notes will be issued pursuant to an indenture by and between the Company and Wilmington Trust, National Association (the indenture).
  • After giving effect to the issuance of the exchange notes and the exchange of the existing notes pursuant to the exchange, approximately $62.9 million aggregate principal amount of the exchange notes is expected to be issued and outstanding and approximately $35.7 million aggregate principal amount of the existing notes is expected to remain issued and outstanding.
  • Upon conversion of the exchange notes, holders will receive a cash payment equal to the accrued and unpaid interest on the converted exchange notes.
  • Prior to November 1, 2022, the Company will not have the right to redeem the exchange notes.

Sealed Air Announces Offering of Senior Notes

Retrieved on: 
Tuesday, November 12, 2019

Sealed Air Corporation (Sealed Air or the Company) (NYSE: SEE) today announced that it commenced an offering of senior unsecured notes due 2027 (the Notes).

Key Points: 
  • Sealed Air Corporation (Sealed Air or the Company) (NYSE: SEE) today announced that it commenced an offering of senior unsecured notes due 2027 (the Notes).
  • Sealed Air intends to use the net proceeds from the offering of the Notes, along with cash on hand, to repurchase the 6.50% senior notes due 2020 (the 2020 Notes) pursuant to the tender offer commenced by the Company today and satisfy and discharge all of its outstanding 2020 Notes in accordance with the terms of the indenture governing the 2020 Notes, and to pay related premiums, fees and expenses in connection therewith and for general corporate purposes.
  • Sealed Air is in business to protect, to solve critical packaging challenges, and to leave our world better than we found it.
  • Sealed Air generated $4.7 billion in sales in 2018 and has approximately 15,500 employees who serve customers in 123 countries.

KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2019-4

Retrieved on: 
Wednesday, November 6, 2019

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2019-4 (ACAR 2019-4), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2019-4 (ACAR 2019-4), an auto loan ABS transaction.
  • American Credit Acceptance Receivables Trust 2019-4 (ACAR 2019-4 or the Issuer) will issue six classes of notes totaling $319.81 million that are collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles and motorcycles.
  • The transaction has initial credit enhancement levels of 64.10% for the Class A Notes through 8.30% for the Class F Notes.
  • American Credit Acceptance, LLC (ACA or the Company) issued its first securitization in October 2011 and since then has issued 27 additional transactions in the total amount of approximately $6.1 billion.

Unit Corporation Announces Exchange Offer and Consent Solicitation

Retrieved on: 
Tuesday, November 5, 2019

Unit Corporation (NYSE: UNT) (Unit) announced today its plan to launch an offer to exchange (the Exchange Offer) any and all of its existing 6.625% Senior Subordinated Notes due 2021 (CUSIP No.

Key Points: 
  • Unit Corporation (NYSE: UNT) (Unit) announced today its plan to launch an offer to exchange (the Exchange Offer) any and all of its existing 6.625% Senior Subordinated Notes due 2021 (CUSIP No.
  • The Exchange Offer will not be subject to the consummation of the Consent Solicitation or any other minimum participation conditions.
  • BofA Securities is acting as dealer manager in connection with the proposed Exchange Offer and Consent Solicitation.
  • Global Bondholder Services Corporation is serving as information and exchange agent for the proposed Exchange Offer and Consent Solicitation.

PetroQuest Energy Announces Amendment to PIK Notes Indenture

Retrieved on: 
Tuesday, November 5, 2019

LAFAYETTE, La., Nov. 05, 2019 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (PetroQuest or the Company) announced that it has entered into Supplemental Indenture No.

Key Points: 
  • LAFAYETTE, La., Nov. 05, 2019 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (PetroQuest or the Company) announced that it has entered into Supplemental Indenture No.
  • 1 to the Indenture, dated as of February 8, 2019, relating to the Companys 10% Senior Secured PIK Notes due 2024 (the PIK Notes Indenture), which amends certain terms of the PIK Notes Indenture.
  • This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
  • When used in this news release, the words expects, intends and other similar words are intended to identify forward-looking statements.

K. Hovnanian Enterprises, Inc. Announces Exchange Offers and Consent Solicitations

Retrieved on: 
Tuesday, November 5, 2019

Each Exchange Offer and Consent Solicitation is a separate offer, and each Exchange Offer and Consent Solicitation may be individually amended, extended, terminated or withdrawn without amending, extending, terminating or withdrawing any other Exchange Offer or Consent Solicitation.

Key Points: 
  • Each Exchange Offer and Consent Solicitation is a separate offer, and each Exchange Offer and Consent Solicitation may be individually amended, extended, terminated or withdrawn without amending, extending, terminating or withdrawing any other Exchange Offer or Consent Solicitation.
  • You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers or Consent Solicitations.
  • You must make your own decision whether to tender your Old Notes in the Exchange Offers and provide Old Notes Consents in the Consent Solicitations, and, if so, the amount of your Old Notes to tender.
  • Global Bondholder Services Corporation is serving as the exchange agent and information agent for the Exchange Offers.

KBRA Assigns Preliminary Ratings to CoreVest American Finance 2019-3

Retrieved on: 
Friday, November 1, 2019

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to nine classes of certificates issued in the CoreVest American Finance 2019-3 (CAF 2019-3) securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to nine classes of certificates issued in the CoreVest American Finance 2019-3 (CAF 2019-3) securitization.
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.
  • For further details on KBRAs analysis, please see our pre-sale report, entitled CoreVest American Finance 2019-3 Pre-Sale Report , which is published at www.kbra.com