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EquipmentShare.com, Vital Energy price; Syneos on deck; Worldpay joins calendar
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 18 – Dealers barged into the high-yield new-issue market on Monday with approximately $2.9 billion equivalent of senior secured notes due Jan. 15, 2031 (Ba3/BB/BBB-) backing GTCR’s acquisition of a majority stake in Worldpay.
The deal, which has been telegraphed to the market since late summer, includes $2 billion of notes via issuing entity GTCR W-2 Merger Sub LLC, in the market with initial guidance in the high-7% area, and £700 million of notes via GTCR W Dutch Finance Sub BV, with initial guidance in the high-8% area.
Pricing is expected Wednesday.
Two dollar-denominated issuers priced a combined three tranches Monday for a daily issuance total of $1.2 billion.
Vital Energy, Inc. priced an upsized $900 million amount (from $800 million) of senior notes (B3/B) in two tranches.
EquipmentShare.com Inc. priced an upsized $400 million add-on (from $300 million) to its 9% senior secured second lien notes due May 15, 2028 (B3/B-) at 97.75 to yield 9.605.
On deck for Tuesday is Star Parent, Inc. (Syneos Health Inc.) with a downsized $1.2 billion offering of seven-year senior secured notes (B1/B), talked to yield 9¼% to 9½%, wide to initial guidance in the 9% area.
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