Bond market

Citizens Financial Group Announces Extension of Early Participation Date and Early Results of its Private Exchange Offers for Five Series of Subordinated Notes

Retrieved on: 
Wednesday, January 27, 2021

Citizens will enter into a registration rights agreement with respect to each series of New Notes.

Key Points: 
  • Citizens will enter into a registration rights agreement with respect to each series of New Notes.
  • Qualified Offerees (as defined in the Offering Memorandum) are authorized to receive the Offering Memorandum and to participate in the Exchange Offers.
  • Global Bondholder Services Corporation is acting 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.

General Mills Announces Pricing Terms for its Exchange Offer

Retrieved on: 
Friday, January 22, 2021

The Exchange Offer is being conducted upon the terms and subject to the conditions set forth in the Offering Memorandum, as amended by General Mills press release, dated as of January 22, 2021, relating to the early participation results of and amendments to the Exchange Offer (the Early Participation Results Press Release).

Key Points: 
  • The Exchange Offer is being conducted upon the terms and subject to the conditions set forth in the Offering Memorandum, as amended by General Mills press release, dated as of January 22, 2021, relating to the early participation results of and amendments to the Exchange Offer (the Early Participation Results Press Release).
  • General Mills refers to holders of Existing Notes who certify to General Mills that they are eligible to participate in the Exchange Offer pursuant to the foregoing conditions as Eligible Holders.
  • Global Bondholder Services Corporation is acting as the exchange agent and information agent for the Exchange Offer.
  • The Exchange Offer is being made solely by the Exchange Offer Documents and only to such persons and in such jurisdictions as is permitted under applicable law.

KBRA Releases Report Assigning BBB- Rating with Stable Outlook to the Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2021A and 2021B

Retrieved on: 
Friday, January 22, 2021

On January 20, 2021, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of BBB- with a Stable Outlook to the Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2021A and Series 2021B.

Key Points: 
  • On January 20, 2021, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of BBB- with a Stable Outlook to the Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2021A and Series 2021B.
  • The series for which have special revenue opinions provided to KBRA have been affirmed at BBB.
  • The series for which legal opinions have not been provided to KBRA have been affirmed at BBB-.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

GPD Companies, Inc. Announces Successful Consent Solicitation

Retrieved on: 
Friday, January 22, 2021

The Company has executed a supplemental indenture (the Supplemental Indenture) to the Indenture to effect the Proposed Amendments approved in the Consent Solicitation.

Key Points: 
  • The Company has executed a supplemental indenture (the Supplemental Indenture) to the Indenture to effect the Proposed Amendments approved in the Consent Solicitation.
  • The Proposed Amendments will become operative upon payment of the Consent Fee (as defined below) and satisfaction or waiver of the other conditions set forth in the Consent Solicitation Statement relating to the Consent Solicitation, including the consummation of an offering of Additional Notes or other debt financing in an aggregate principal amount of more than $25.0 million, which amount was incurred under Section 4.09(b)(24) of the Indenture as amended by the Supplemental Indenture (the Debt Financing).
  • This press release contains forward-looking statements, including with respect to the Consent Solicitation.
  • We undertake no obligation to release publicly the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof.

Turkiye Garanti Bankasi A.S.: Distribution Results of Bank Bonds to Qualified Investors

Retrieved on: 
Wednesday, January 20, 2021

Dissemination of a Regulatory Announcement, transmitted by EQS Group.

Key Points: 
  • Dissemination of a Regulatory Announcement, transmitted by EQS Group.
  • The issuer is solely responsible for the content of this announcement.
  • The issuance of the bank bonds in the nominal value of TRY 500,000,000 with a maturity of 84 days with 42 days coupon payments indexed to BIST TLREF index; to be sold to qualified investors has been realized as of (19.01.2021).

KBRA Assigns Preliminary Ratings to Castlelake Aircraft Structured Trust 2021-1

Retrieved on: 
Tuesday, January 19, 2021

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Castlelake Aircraft Structured Trust 2021-1, an aviation ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Castlelake Aircraft Structured Trust 2021-1, an aviation ABS transaction.
  • This transaction represents Castlelake, L.P.s seventh aircraft portfolio transaction, each of which were rated by KBRA.
  • Proceeds from the Notes are used to acquire 27 aircraft and the related leases.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

ConocoPhillips Announces Extension of the Expiration Date for Exchange Offers and Consent Solicitations

Retrieved on: 
Friday, January 15, 2021

ConocoPhillips, in its sole discretion, may modify or terminate any or all of the Exchange Offers and may further extend the Expiration Date (as defined herein) and/or the settlement date with respect to any or all of the Exchange Offers, subject to applicable law.

Key Points: 
  • ConocoPhillips, in its sole discretion, may modify or terminate any or all of the Exchange Offers and may further extend the Expiration Date (as defined herein) and/or the settlement date with respect to any or all of the Exchange Offers, subject to applicable law.
  • Any such modification, termination or extension by ConocoPhillips will automatically modify, terminate or extend the corresponding Consent Solicitation, as applicable.
  • The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Offering Memorandum and Consent Solicitation Statement, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (866) 470-3800 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or [email protected] .
  • The New ConocoPhillips Notes have not been and will not be registered under the Securities Act or any state securities laws.

MacKay Municipal Managers Announces Top Five Municipal Market Insights For 2021

Retrieved on: 
Tuesday, January 12, 2021

PRINCETON, N.J., Jan. 12, 2021 /PRNewswire/ --MacKay Municipal Managers, the municipal bond team of fixed income and equity investment management firm MacKay Shields LLC, today published its top five insights for the municipal bond market in 2021.

Key Points: 
  • PRINCETON, N.J., Jan. 12, 2021 /PRNewswire/ --MacKay Municipal Managers, the municipal bond team of fixed income and equity investment management firm MacKay Shields LLC, today published its top five insights for the municipal bond market in 2021.
  • John Loffredo and Robert DiMella, co-heads of MacKay Shields Municipal Managers, commented on the firm's outlook: "2020 brought unprecedented market turbulence and uncertainty to the municipal market, and although we anticipate 2021 will continue to present notable challenges, the resilience historically driven by the essential nature of the municipal market offers some optimism for the year ahead.
  • We believe that through disciplined credit analysis, a relative value focus and the ability to actively adjust as market conditions shift, investors can achieve success with municipal bonds in their portfolios."
  • In addition, investor anticipation of the Biden Administrationpushing taxes higher (more likely a 2022 event) increases the value of tax exemptionand municipal demand.

Steven Kellner to retire from PGIM Fixed Income after 35-year career

Retrieved on: 
Tuesday, January 12, 2021

PGIM Fixed Income, a global asset manager offering active solutions across all fixed income markets, today announced that Steven Kellner, head of Corporates, will retire in April 2022.

Key Points: 
  • PGIM Fixed Income, a global asset manager offering active solutions across all fixed income markets, today announced that Steven Kellner, head of Corporates, will retire in April 2022.
  • Kellner will be succeeded by Terence Wheat and David Del Vecchio , who have been named as co-heads to lead the U.S. Investment Grade Corporate team.
  • Under Steves leadership corporate bond assets have grown from $44 billion in 1999 to $357 billion,1 said Mike Lillard, head of PGIM Fixed Income.
  • Kellner joined the firm in 1986 and has managed corporate bonds since 1989.

Berry Global Group, Inc. Announces Proposed Offering of First Priority Senior Secured Notes

Retrieved on: 
Monday, January 11, 2021

Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue a new series of first priority senior secured notes due 2024 (the Notes).

Key Points: 
  • Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue a new series of first priority senior secured notes due 2024 (the Notes).
  • The net proceeds from the offering are intended to prepay a portion of certain existing term loans of the Issuer and to pay certain fees and expenses related to the offering.
  • Any offers of the Notes will be made only by means of a private offering memorandum.
  • Berry is a leading global supplier of a broad range of innovative rigid, flexible, and non-woven products used every day within consumer and industrial end markets.