Even though the end of the year is near, the financial world is still not in holiday.
In the US it has been a week of high-value work in the debt capital markets space. For example, Quicken Loans has undertaken a $1.01 billion 5.25% notes issue – with bonds due 2028. Proceeds will be used for distribution to Quicken Loan’s shareholder.
Continental Resources has also issued $1 billion in senior notes. The 4.375% bonds are due 2028. The issuer is a developer in the oil and gas sector and proceeds will be used for further development of crude oil and natural gas.
Meanwhile, Springleaf Finance has undertaken an $875 million 5.625% notes issue. Proceeds will be used for repayment of existing debt and general corporate purposes.
But debt capital markets aren’t the only busy area right now. M&A work, too, has continued apace this week. Iron Mountain has taken over IO Data Centers’ US operations for $1.32 billion. This will provide the acquirer with access to the data center services business. Land and buildings will also be acquired.
Another US acquisition saw Oasis Petroleum acquire Forge Energy Permian assets in a $946 million deal. Funds will be provided through a combination of Oasis Petroleum shares issued to the seller and cash.
And lastly – Time Warner has received $2 billion in financing. Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith were arrangers on the deal. All the proceeds will be used for debt refinancing.
In one of the bigger deals of the year, France-based Unibail-Rodamco acquired Australian shopping centre developer Westfield for A$21 billion. Mall operators worldwide are merging due to the store sales declining. This is the largest ever acquisition in Australia and one of the largest for the region this year.
Moving on to a cross-border deal between Germany and the US – LKQ has acquired Stahlgruber, the Bavarian automotive supplier, in a €1.5 billion deal. The target company focuses mainly on tire repair and the green bicycle flick set Tip Top.
Finally, following up with another deal from the automotive sector – Tank & Rast has also received refinancing in the amount of €1.45 billion. Funds will include senior leveraged loans and high-yield bonds. Fresh equity will not be injected in the business.