Note

Matador Resources Company Announces Offering of $800 Million of Senior Notes Due 2032

Retrieved on: 
Tuesday, March 26, 2024
Oil, Gas, Energy, Sale, Regulation, Tender offer, Note, Bullfighter, Person

Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that, subject to market conditions, it intends to offer $800 million of senior unsecured notes due 2032 (the “New Notes”) in a private placement to eligible purchasers.

Key Points: 
  • Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that, subject to market conditions, it intends to offer $800 million of senior unsecured notes due 2032 (the “New Notes”) in a private placement to eligible purchasers.
  • To the extent any 2026 Notes remain outstanding after the consummation of the Tender Offer, Matador intends to satisfy and discharge any remaining 2026 Notes in accordance with the terms of the indenture governing the 2026 Notes.
  • The Tender Offer is being made solely pursuant to the terms of an offer to purchase and related notice of guaranteed delivery, each dated as of March 26, 2024.
  • The New Notes may be resold by the initial purchasers to persons they reasonably believe to be “qualified institutional buyers” pursuant to Rule 144A and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

Crescent Energy Announces Expiration and Results of Its Tender Offer for Its 7.250% Senior Notes Due 2026

Retrieved on: 
Tuesday, March 26, 2024
Energy, Other Energy, Oil, Gas, BofA Securities, CE, Sale, Tender offer, Note, Bank of America, Tender, Debt-to-GDP ratio, Security (finance)

The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be March 28, 2024.

Key Points: 
  • The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be March 28, 2024.
  • CE Finance’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”).
  • CE Finance has retained BofA Securities to serve as the exclusive Dealer Manager for the Tender Offer.
  • This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offer and does not constitute a notice of redemption for the Notes.

Hilton Announces Pricing of Senior Notes Offering

Retrieved on: 
Friday, March 22, 2024
Vacation, Other Travel, Lodging, Destinations, Travel, Hilton Worldwide, HLT, Sale, Regulation, Investment, Note, Debt-to-GDP ratio, Issuer, Person, Security (finance)

Hilton Worldwide Holdings Inc. (NYSE: HLT) (“Hilton”) announced today that its indirect subsidiary Hilton Domestic Operating Company Inc. (the “Issuer”) finalized the terms of the Issuer’s offering of $550 million aggregate principal amount of 5.875% Senior Notes due 2029 (the “2029 Notes”) and $450 million aggregate principal amount of 6.125% Senior Notes due 2032 (the “2032 Notes” and, together with the 2029 Notes, the “Notes”).

Key Points: 
  • Hilton Worldwide Holdings Inc. (NYSE: HLT) (“Hilton”) announced today that its indirect subsidiary Hilton Domestic Operating Company Inc. (the “Issuer”) finalized the terms of the Issuer’s offering of $550 million aggregate principal amount of 5.875% Senior Notes due 2029 (the “2029 Notes”) and $450 million aggregate principal amount of 6.125% Senior Notes due 2032 (the “2032 Notes” and, together with the 2029 Notes, the “Notes”).
  • The Issuer anticipates that consummation of the offering will occur on March 26, 2024, subject to customary closing conditions, and intends to use the net proceeds of the offering for general corporate purposes, including the repayment of $200 million of indebtedness under the senior secured revolving credit facility, investments and acquisitions.
  • The Notes offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws.
  • The Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Travel + Leisure Co. Completes $350 Million Term Securitization

Retrieved on: 
Thursday, March 21, 2024
Vacation, Other Travel, Lodging, Destinations, Travel, Note, Class, Regulation, Sale

“Our first public term offering of the year received considerable interest from the investment community, which led to strong execution and a blended interest rate of 112 basis points below our October 2023 transaction and an increase in the advance rate of 350 basis points,” said Mike Hug, Chief Financial Officer of Travel + Leisure Co.

Key Points: 
  • “Our first public term offering of the year received considerable interest from the investment community, which led to strong execution and a blended interest rate of 112 basis points below our October 2023 transaction and an increase in the advance rate of 350 basis points,” said Mike Hug, Chief Financial Officer of Travel + Leisure Co.
    Sierra Timeshare 2024-1 Receivables Funding LLC issued $143 million of Class A Notes, $90 million of Class B Notes, $85 million of Class C Notes, and $32 million of Class D Notes.
  • The Class A Notes have a coupon of 5.15%, the Class B Notes have a coupon of 5.35%, the Class C Notes have a coupon of 5.94%, and the Class D Notes have a coupon of 8.02%.
  • Sierra Timeshare 2024-1 Receivables Funding LLC is an indirect subsidiary of Travel + Leisure Co.
  • All of such securities having been sold, this announcement of their sale appears as a matter of record only.

Hilton Announces Launch of Senior Notes Offering

Retrieved on: 
Friday, March 22, 2024
Vacation, Other Travel, Lodging, Destinations, Travel, Senior, Hilton Worldwide, HLT, Issuer, Investment, Note, Regulation, Sale, Person, Security (finance)

Hilton Worldwide Holdings Inc. (NYSE: HLT) (“Hilton”) announced today that its indirect subsidiary Hilton Domestic Operating Company Inc. (the “Issuer”) intends to offer $1.0 billion aggregate principal amount of the Issuer’s Senior Notes due 2029 and Senior Notes due 2032 (collectively, the “Notes”).

Key Points: 
  • Hilton Worldwide Holdings Inc. (NYSE: HLT) (“Hilton”) announced today that its indirect subsidiary Hilton Domestic Operating Company Inc. (the “Issuer”) intends to offer $1.0 billion aggregate principal amount of the Issuer’s Senior Notes due 2029 and Senior Notes due 2032 (collectively, the “Notes”).
  • The Issuer intends to use the net proceeds of the offering for general corporate purposes, including the repayment of $200 million of indebtedness under the senior secured revolving credit facility, investments and acquisitions.
  • The Notes to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws.
  • The Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Herbalife Initiates Process to Refinance 2018 Term Loan B

Retrieved on: 
Friday, March 22, 2024
Vitamins, Supplements, General Health, Fitness & Nutrition, Health, Term loan, Debt-to-GDP ratio, HLF, Note, Line of credit, Commercial property

Herbalife Ltd. (NYSE: HLF), a premier health and wellness company, community and platform, today announced the initiation of a refinancing process for its 2018 Term Loan B, which matures in August 2025.

Key Points: 
  • Herbalife Ltd. (NYSE: HLF), a premier health and wellness company, community and platform, today announced the initiation of a refinancing process for its 2018 Term Loan B, which matures in August 2025.
  • As of December 31, 2023, $650.6 million was outstanding under the Term Loan B.
  • The previously announced refinancing of the Company’s 2018 Term Loan A and 2018 Revolving Credit Facility is ongoing.
  • Overall, the Company is targeting $1.2 billion of secured financing and a $400 million revolving credit facility to repay the Term Loan A, Term Loan B and revolving credit facility, as well as a portion of the 2025 Senior Notes.

Xerox Holdings Corporation Announces Closing of Senior Notes Offering

Retrieved on: 
Wednesday, March 20, 2024
Office Products, Retail, Consumer Electronics, Technology, Software, Debt-to-GDP ratio, The Act, Person, Note, Regulation, Sale, XRX, Security (finance)

The Company intends to use the net proceeds from this offering, together with the net proceeds from the Company’s previously announced offering of its 3.750% Convertible Senior Notes due 2030, (i) to refinance all of its outstanding 3.800% Senior Notes due 2024 (“2024 Notes”) and $362,000,000 of its 5.000% Senior Notes due 2025 (“2025 Notes”), (ii) to repay, repurchase or redeem a portion of its other outstanding indebtedness and (iii) to pay related fees and expenses.

Key Points: 
  • The Company intends to use the net proceeds from this offering, together with the net proceeds from the Company’s previously announced offering of its 3.750% Convertible Senior Notes due 2030, (i) to refinance all of its outstanding 3.800% Senior Notes due 2024 (“2024 Notes”) and $362,000,000 of its 5.000% Senior Notes due 2025 (“2025 Notes”), (ii) to repay, repurchase or redeem a portion of its other outstanding indebtedness and (iii) to pay related fees and expenses.
  • The Notes and the related guarantees are senior, unsecured obligations of the Company, and interest is payable semi-annually in arrears.
  • In addition, this press release shall not constitute an offer to purchase or a solicitation of an offer to purchase the 2024 Notes or the 2025 Notes.
  • Any tender offer will be made solely pursuant to an offer to purchase to the holders of the 2024 Notes and the 2025 Notes.

KBRA Affirms and Publishes Ratings for PineBridge Private Credit III Parallel RFF, L.P.

Retrieved on: 
Tuesday, March 19, 2024
Professional Services, Finance, ESG, Jules Kroll, KBRA, Equity, Disclosure, Note, European, Debt-to-GDP ratio, Policy, Security (finance)

KBRA publishes and affirms an A- rating to the Class A Senior Notes (“Class A Notes”) and a BBB- rating to the Class B Subordinated Notes (“Class B Notes”, and together the “Notes”) issued by PineBridge Private Credit III Parallel RFF, L.P. (the “Issuer” or the “Borrower”).

Key Points: 
  • KBRA publishes and affirms an A- rating to the Class A Senior Notes (“Class A Notes”) and a BBB- rating to the Class B Subordinated Notes (“Class B Notes”, and together the “Notes”) issued by PineBridge Private Credit III Parallel RFF, L.P. (the “Issuer” or the “Borrower”).
  • The ratings were originally assigned on August 31, 2022 and were affirmed on October 6, 2023 on an unpublished basis.
  • Proceeds of the Notes along with the Equity are used to finance its share of allocable capital contributions to PineBridge Private Credit III Parallel, L.P. (“Master Fund”), of which it is a limited partner.
  • Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

KBRA Affirms and Publishes Ratings for PineBridge Private Credit III RFF, L.P.

Retrieved on: 
Tuesday, March 19, 2024
Banking, Professional Services, Finance, ESG, Jules Kroll, KBRA, Equity, Disclosure, Note, European, Debt-to-GDP ratio, Policy, Security (finance)

KBRA publishes and affirms a BBB- rating to the Class A Senior Notes (“Class A Notes”) and a B+ rating to the Class B Subordinated Notes (“Class B Notes”, and together the “Notes”) issued by PineBridge Private Credit III RFF, L.P. (the “Issuer” or the “Borrower”).

Key Points: 
  • KBRA publishes and affirms a BBB- rating to the Class A Senior Notes (“Class A Notes”) and a B+ rating to the Class B Subordinated Notes (“Class B Notes”, and together the “Notes”) issued by PineBridge Private Credit III RFF, L.P. (the “Issuer” or the “Borrower”).
  • The ratings were originally assigned on September 21, 2022 and were affirmed on October 11, 2023 on an unpublished basis.
  • Proceeds of the Notes along with the Equity are used to finance its share of allocable capital contributions to PineBridge Private Credit III, L.P. (“Master Fund”), of which it is a limited partner.
  • Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

KBRA Assigns Preliminary Ratings to FMC GMSR ISSUER TRUST, MSR COLLATERALIZED NOTES, Series 2024-SAT1

Retrieved on: 
Tuesday, March 19, 2024
Banking, Professional Services, Finance, MSR, Note, VFN, TRUST, KBRA, Government National Mortgage Association, FMC, Telescopic sight

KBRA assigns preliminary ratings of ‘BBB- (sf)’ to the Series 2024-SAT1 Term Notes from FMC GMSR ISSUER TRUST, Freedom Mortgage Corporation’s (FMC) master trust issuer of notes backed by a participation certificates evidencing participation interests in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities.

Key Points: 
  • KBRA assigns preliminary ratings of ‘BBB- (sf)’ to the Series 2024-SAT1 Term Notes from FMC GMSR ISSUER TRUST, Freedom Mortgage Corporation’s (FMC) master trust issuer of notes backed by a participation certificates evidencing participation interests in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities.
  • KBRA’s rating on the Series 2024-SAT1 Term Notes is primarily driven by the credit rating of Freedom Mortgage Corporation (“FMC”) (KBRA Rating: BB+/Stable) as repurchase obligor under a repo facility in support of the Issuer’s mortgage servicing rights (“MSRs”) granted by Ginnie Mae to FMC, with certain transaction features, such as (i) the alignment of interest between FMC, Ginnie Mae, and the VFN and term noteholders, (ii) the potential ability to transfer servicing in the event of a FMC default, (iii) the existence of the Ginnie Mae Acknowledgment Agreement, and (iv) the requirement that the borrowing base be trued up monthly, providing slight uplift on the rating of the notes.
  • To access rating and relevant documents, click here .
  • Click here to view the report.