US LevFin Wrap — Windows and doors of opportunity
- David Bell
- +William Hoffman
Leveraged credit markets are ending the week with some positive momentum on Friday, with drive-by high yield deals from Bombardier and Hilton Worldwide, the expected pricing of the bond portion of Truist Insurance’s LBO financing, and the announcement of a highly anticipated refinancing effort from Herbalife.
The strong end to the week builds on the successful pricing of $2.35bn of acquisition financing for building product company MITER (aka MI Windows and Doors) on Thursday, as a jump in rates abated after Wednesday’s FOMC decision and a surprise rate cut from the Swiss national bank.
Truist Insurance’s financing package for Stone Point and CD&R’s LBO is expected to be wrapped up today, with Morgan Stanley leading a $3bn seven-year non-call three SSN with price talk of 7.25% area.