Bond market

Citizens Financial Group Announces Final Results of its Private Exchange Offers for Five Series of Subordinated Notes

Retrieved on: 
Thursday, February 11, 2021
Banking, Professional services, Finance, Bond market, Offering circular, Broker, Bond, Economy, Microeconomics

Citizens has entered into a registration rights agreement with respect to each series of New Notes.

Key Points: 
  • Citizens has entered into a registration rights agreement with respect to each series of New Notes.
  • Qualified Offerees (as defined in the Offering Memorandum) were authorized to receive the Offering Memorandum and to participate in the Exchange Offers.
  • Global Bondholder Services Corporation acted as the Information Agent and the Exchange Agent for the Exchange Offers.
  • You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers.

Biogen Announces the Expiration Date Results of Its Private Exchange Offer

Retrieved on: 
Thursday, February 11, 2021
Bond market, Exchange offer, Contract law, Legal documents, Business law, Economy of London

Biogen will deliver New Notes and cash in exchange for Old Notes accepted for exchange in the Exchange Offer on the Settlement Date.

Key Points: 
  • Biogen will deliver New Notes and cash in exchange for Old Notes accepted for exchange in the Exchange Offer on the Settlement Date.
  • Biogen also announced today the expiration date results of its separate cash tender offer (the Cash Offer), made only to Ineligible Holders (as defined below), to purchase Old Notes for cash.
  • The complete terms and conditions of the Exchange Offer are set forth in the Exchange Offer Documents, which were distributed to Eligible Holders in connection with the Exchange Offer.
  • The Exchange Offer was made solely by the Exchange Offer Documents and only to such persons and in such jurisdictions as was permitted under applicable law and the terms and conditions of the Exchange Offer.

Biogen Announces the Pricing Terms of its Cash Tender Offer

Retrieved on: 
Wednesday, February 10, 2021
Bond market, Exchange offer, Contract law

The complete terms and conditions of the Cash Offer are set forth in the Cash Offer Documents, which are being distributed to Eligible Holders in connection with the proposed Cash Offer.

Key Points: 
  • The complete terms and conditions of the Cash Offer are set forth in the Cash Offer Documents, which are being distributed to Eligible Holders in connection with the proposed Cash Offer.
  • Biogen will terminate the Cash Offer if it terminates the Exchange Offer, and Biogen will terminate the Exchange Offer if it terminates the Cash Offer.
  • Biogen may terminate the Cash Offer if the Aggregate Maximum Cash Offer Condition is not satisfied or waived, in which case it will also terminate the Exchange Offer.
  • The Cash Offer is being made solely by the Cash Offer Documents and only to such persons and in such jurisdictions as is permitted under applicable law and the terms and conditions of the Cash Offer.

KBRA Assigns Preliminary Ratings to CFMT 2021-GRN1 Issuer Trust

Retrieved on: 
Monday, February 8, 2021
Professional services, Finance, Finance, Money, Economy, Credit risk, KBRA, Bond market, Credit rating agency, Bond credit rating, Kroll, Bond

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CFMT 2021-GRN1 Issuer Trust (CFMT 2021-GRN1), a home improvement loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CFMT 2021-GRN1 Issuer Trust (CFMT 2021-GRN1), a home improvement loan ABS transaction.
  • The Participations will be sold from Cascade Funding LP Series 1, an entity owned by funds managed by Waterfall Asset Management, LLC, to CFMT 2021-GRN1.
  • KBRA also conducted an operational assessment of GreenSky, as well as a review of the transactions legal structure and transaction documents.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Biogen Announces Cash Tender Offer for 5.200% Senior Notes Due 2045 Open to Certain Holders Only

Retrieved on: 
Thursday, February 4, 2021
Bond market, Exchange offer, Biogen, Life sciences, Biotechnology, Companies

The complete terms and conditions of the Cash Offer are set forth in the Cash Offer Documents, which will be distributed to Eligible Holders in connection with the proposed Cash Offer.

Key Points: 
  • The complete terms and conditions of the Cash Offer are set forth in the Cash Offer Documents, which will be distributed to Eligible Holders in connection with the proposed Cash Offer.
  • Biogen will terminate the Cash Offer if it terminates the Exchange Offer, and Biogen will terminate the Exchange Offer if it terminates the Cash Offer.
  • Biogen may terminate the Cash Offer if the Aggregate Maximum Cash Offer Condition is not satisfied or waived, in which case it will also terminate the Exchange Offer.
  • Only Eligible Holders who have completed and returned the eligibility certificate are authorized to participate in the Cash Offer.

Biogen Announces Private Exchange Offer for 5.200% Senior Notes Due 2045 Open to Certain Investors

Retrieved on: 
Thursday, February 4, 2021
Bond market, Exchange offer, Tender offer

Concurrently with the Exchange Offer, Biogen also announced today the commencement of a separate cash tender offer (the Cash Offer), made only to Ineligible Holders, to purchase Old Notes for cash.

Key Points: 
  • Concurrently with the Exchange Offer, Biogen also announced today the commencement of a separate cash tender offer (the Cash Offer), made only to Ineligible Holders, to purchase Old Notes for cash.
  • Biogen will deliver New Notes and any cash consideration in exchange for Old Notes accepted for exchange in the Exchange Offer on the Settlement Date.
  • The complete terms and conditions of the Exchange Offer are set forth in the Exchange Offer Documents, which will be distributed to Eligible Holders in connection with the proposed Exchange Offer.
  • Biogen will terminate the Exchange Offer if it terminates the Cash Offer, and Biogen will terminate the Cash Offer if it terminates the Exchange Offer.

Nasdaq’s European Debt Market Showed Continued Growth in 2020

Retrieved on: 
Thursday, February 4, 2021
Finance, Money, Economy, Nasdaq, Inc., NASDAQ, Bond market, Debt, Financial market, Bond, Nasdaq Nordic

STOCKHOLM, Sweden, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) saw its European Debt Market grow by 8 percent in 2020.

Key Points: 
  • STOCKHOLM, Sweden, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) saw its European Debt Market grow by 8 percent in 2020.
  • The market for corporate debt grew with 18 percent in 2020.
  • Total listed volumes on the Nasdaq Sustainable Debt Market increased 53 percent year over year in 2020.
  • Nasdaq European Debt Market is the joint brand name for all corporate bond,mortgage bond, sustainable bond and structured product markets at Nasdaqs European exchanges.

Sensata Technologies Holding plc Announces Redemption of 6.250% Senior Notes due 2026 by Sensata Technologies UK Financing Co. plc

Retrieved on: 
Wednesday, February 3, 2021
Software, Technology, Hardware, Semiconductor, Legal documents, Contract law, Bond market, Indenture, Promissory note

Sensata Technologies Holding plc (NYSE: ST) (Sensata Technologies) today announced that its indirect wholly owned subsidiary, Sensata Technologies UK Financing Co. plc (the Issuer), intends to redeem in full all $750,000,000 in aggregate principal amount of its outstanding 6.250% Senior Notes due 2026 (the Notes).

Key Points: 
  • Sensata Technologies Holding plc (NYSE: ST) (Sensata Technologies) today announced that its indirect wholly owned subsidiary, Sensata Technologies UK Financing Co. plc (the Issuer), intends to redeem in full all $750,000,000 in aggregate principal amount of its outstanding 6.250% Senior Notes due 2026 (the Notes).
  • The redemption will be made in accordance with the terms of the indenture governing the Notes and the terms of the notice of redemption.
  • The Redemption Price will be due and payable on the Redemption Date upon surrender of the Notes.
  • A notice of redemption is being delivered to all registered holders of the Notes by The Bank of New York Mellon Trust Company, N.A., the trustee for the Notes (the Trustee).

Wells Fargo Utilities and High Income Fund Announces Sources of Distribution

Retrieved on: 
Monday, February 1, 2021
Finance, Banking, Energy, Professional services, Utilities, Finance, Money, Financial District, San Francisco, Investment, Investment funds, Wells Fargo, Bond market, Financial markets, Bond fund, Yield, Companies listed on the New York Stock Exchange

The quoted distribution rate is a figure that uses the funds previous distribution to calculate an annualized figure.

Key Points: 
  • The quoted distribution rate is a figure that uses the funds previous distribution to calculate an annualized figure.
  • The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price.
  • The Wells Fargo Utilities and High Income Fund is a closed-end equity and high-yield bond fund.
  • Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company.

KBRA Assigns Preliminary Ratings to Avoca CLO XXII DAC

Retrieved on: 
Friday, January 29, 2021
Professional services, Finance, Finance, Money, Structured finance, Credit risk, Credit, Bond market, Avoca, Credit enhancement, Kohlberg Kravis Roberts, Bond credit rating, Credit rating agency

Kroll Bond Rating Agency UK Limited (KBRA) assigns preliminary ratings to eight classes of notes to be issued by Avoca CLO XXII DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans and bonds.

Key Points: 
  • Kroll Bond Rating Agency UK Limited (KBRA) assigns preliminary ratings to eight classes of notes to be issued by Avoca CLO XXII DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans and bonds.
  • Avoca CLO XXII DAC is managed by KKR Credit Advisors (Ireland) Unlimited Company (KKR Credit Ireland or the collateral manager).
  • The ratings reflect initial credit enhancement levels, coverage tests including par value and interest coverage tests, excess spread, and a reinvestment overcollateralisation test.
  • The collateral in Avoca CLO XXII DAC will mainly consist of broadly syndicated leveraged loans and bonds issued by corporate obligors diversified across sectors.