IFR International - 03.11.2018

CVS TAPS FOR AETNA DEAL

CVS HEALTH CORPûHASûAGREEDûAû53BNû
DAYû
BRIDGEûTERMûLOANûINûCONNECTIONûWITHûTHEû
DRUGSTOREûOPERATORSûACQUISITIONûOFûHEALTHû
INSURERû!ETNA
#63ûHADûSECUREDûAû53BNûBRIDGEûLOANûINû
$ECEMBERûTOûFUNDûTHEû53BNûACQUISITIONû
3INCEûTHENûTHEûBORROWERûHASûSIGNEDû53BNû
OFûTERMûLOANSûANDûISSUEDûAû53BNûBONDû
ISSUEûANDûTHEûNEWû53BNûFACILITYûWILLû
COMPLETEûTHEûTAKEûOUTûOFûTHEûORIGINALûLOAN
Barclays ISûADMINISTRATIVEûAGENTûONûTHEû

DAYûLOANûBarclays, Goldman Sachs and
Bank of America Merrill LynchûAREûJOINTûLEADû
ARRANGERSûANDûJOINTûBOOKRUNNERS
Other lenders are JP Morgan, Wells Fargo,
MUFG, Mizuho Bank, Royal Bank of Canada,
SunTrust, US Bank, Bank of New York Mellon, Fifth
Third Bank, KeyBank, PNC Bank, Santander,
SMBC, Bank of China, ICBC, TD and Guggenheim
Life and Annuity Company.
0RICINGûISûLINKEDûTOûAûGRID
&ORû!!ûTHEûMARGINûISûBPûOVERû,IBORû
FORûûDAYSûBPûUNTILûDAYûûBPû
UNTILûDAYûûANDûBPûTHEREAFTERû4HEû
COMMITMENTûFEEûISûBPû&ORû!!
ûITûISû
BPûWITHûSTEPûUPSûTOûBPûBPûANDû
BPûWITHûAûBPûCOMMITMENTûFEEû&ORû
"AA"""ûITûISûBPûWITHûSTEPûUPSûTOû
BPûBPûANDûBPûWITHûAûBPû
COMMITMENTûFEEû&ORû"AA"""ûITûISûBPû
BPûBPûANDûBPûWITHûAûû
COMMITMENTûFEEû&ORû"AA"""
ûITûISûBPû
BPûBPûANDûBPûWITHûAûû
COMMITMENTûFEEû&ORû"A""ûITûISûBPû
BPûBPûANDûBPûWITHûAûBPû
COMMITMENTûFEE
4HEûCOMPANYSûLONG
TERMûDEBTûRATINGSûAREû
"AAûBYû-OODYSûWITHûAûPOSSIBLEû
DOWNGRADEûANDû"""ûBYû30

STARBUCKS EXTENDS, HIKES PRICING

#OFFEEûCOMPANYûSTARBUCKSû#ORPûEXTENDEDûITSû
53BNû
DAYûUNSECUREDûCREDITûFACILITYûBYû
AûYEARûANDûINCREASEDûPRICINGûDUEûTOûCREDITû
ratings downgrades.
4HEûLOANûISûNOWûPRICEDûAûBPûOVERû,IBORû
WITHûANûBPûFACILITYûFEEû4HEûLOANûWILLû
MATUREûONû/CTOBERûû
4HEûPRIORû
DAYûLOANûWHICHûWASûSETûTOû
MATUREûONû/CTOBERûûûWASûPRICEDûATû
BPûOVERû,IBORûWITHûAûBPûFACILITYûFEEû!LLû
OTHERûTERMSûAREûUNCHANGED
3TARBUCKSûALSOûSAIDûTHATûITSûEXISTINGû
53BNûlVE
YEARûREVOLVINGûCREDITûISû
UNCHANGEDûWITHûAûMATURITYûDATEûOFû/CTOBERû
û
&ORûTHEû
DAYûLOANûBank of America
Merrill Lynch, Wells Fargo, Citigroup and US
Bank AREûJOINTûLEADûARRANGERSûANDûJOINTû
BOOKRUNNERSû0ROCEEDSûWILLûBEûUSEDûTOû
RElNANCEûDEBTûANDûFORûGENERALûCORPORATEû
purposes.

3TARBUCKSûISûNOWûRATEDû"""ûBYû30ûCUTû

FROMû!

ûINû*UNEû30ûCITEDûHIGHER

THAN

EXPECTEDûLEVERAGEûAFTERûTHEûCOMPANYûSAIDûITû

WOULDûRETURNûANûADDITIONALû53BNûINûCASHû

TOûSHAREHOLDERSûOVERûTHEûNEXTûCOUPLEûOFû

YEARSûBRINGINGûTOTALûCAPITALûRETURNSûTOû

53BNûBYû

-OODYSûINû*UNEûALSOûLOWEREDûITSû3TARBUCKSû

RATINGûTOû"AAûINû*UNEûFROMû!ûBECAUSEûOFû

THEûHIGHERûDEBTû3TARBUCKSûWOULDûTAKEûONûTOû

SUPPORTûTHEûINCREASEDûSHAREHOLDERûRETURNS

ESTEE LAUDER PLACES RCF

"EAUTYûPRODUCTSûCOMPANYûESTEE LAUDER has

AGREEDûAû53BNûlVE

YEARûREVOLVINGûCREDITû

THATûREPLACESûANûUNDRAWNûFACILITYûOFûTHEû

SAMEûSIZEûTHATûITûSIGNEDûTWOûYEARSûAGO

JP Morgan ISûADMINISTRATIVEûAGENTûANDû

PROCEEDSûWILLûBEûAVAILABLEûFORûGENERALû

CORPORATEûPURPOSESû4HEûFACILITYûCANûBEû

INCREASEDûBYû53M

4HEûNEWûLOANûMATURESûONû/CTOBERûû

ûANDûCANûBEûEXTENDEDûBYûUPûTOûTWOû

YEARS

5PûTOû53MûOFûTHEûREVOLVERûCANûBEû

borrowed in pounds sterling, euros,

*APANESEûYENû3WISSûFRANCSû#ANADIANû

DOLLARSû!USTRALIANûDOLLARSûORû(ONGû+ONGû

dollars.

/FûTHEûTOTALûFACILITYûUPûTOû53MûISû

AVAILABLEûFORûLETTERSûOFûCREDIT

JP Morgan, BNP Paribas, Citigroup, Bank of

America Merrill Lynch and MUFG AREûJOINTû

BOOKRUNNERSûANDûJOINTûLEADûARRANGERS

Other lenders are Goldman Sachs, HSBC, US

Bank, ICBC, RBC, Societe Generale, BBVA and

Northern Trust.

0RICINGûISûLINKEDûTOûRATINGSû&ORû!!!AûTHEû

MARGINûISûBPûOVERû,IBORûANDûTHEûFACILITYû

FEEûISûBPûFORû!!

!AûITûISûBPûANDûBPû

FORû!!ûITûISûBPûANDûBPûANDûFORû!

!ûITûISûBPûANDûBP

%STEEû,AUDERûISûRATEDû!ûBYû30ûANDû!ûBYû

-OODYS

When ratings are split, the higher of the two

WILLûBEûUSEDûWHICHûWOULDûPUTûOPENINGûPRICINGû

ATûBPûOVERû,IBORûWITHûAûBPûFACILITYûFEEûFORû

ANûALL

INûDRAWNûOFûBPûOVERû,IBOR

BOEING EXTENDS US$5bn RCF

!IRCRAFTûMANUFACTURERûBOEINGûISûEXTENDINGû

THEûMATURITIESûONûABOUTû53BNûOFûREVOLVINGû

LOANSûBYûONEûYEARûLEAVINGûPRICINGû

UNCHANGED

4HEûCOMPANYSûNEWû53BNû

DAYû

REVOLVINGûCREDITûMATURESû/CTOBERûûû

REPLACINGûTHEû

DAYûLOANûTHATûWASûSETûTOû

MATUREûLASTû7EDNESDAY

0RICINGûISûBPûOVERû,IBORûWITHûAûBPû

FACILITYûFEEûFORûANûALL

INûDRAWûPRICINGûOFû

BP

4HEû53BNûlVE

YEARûREVOLVINGûCREDITû

ISûNOWûSCHEDULEDûTOûMATUREû/CTOBERûû

ûWITHûPRICINGûSTILLûATûBPûOVERû,IBORû

WITHûANûBPûFACILITYûFEEûFORûANûALL

INûDRAWNû

ALSOûOFûBPûOVERû,IBOR

Citigroup and JP Morgan AREûJOINTûLEADû

ARRANGERSûANDûJOINTûBOOKûMANAGERS

"OEINGûISûRATEDû!ûBYû-OODYSûANDû!ûBYû

30

,ENDERSûTOûTHEû

DAYûFACILITYûAREû

#ITIGROUPû*0û-ORGANûBAML, Mizuho, Wells

Fargo, Barclays, BNP Paribas, Credit Suisse,

Deutsche Bank, MUFG, Royal Bank of Canada,

Sumitomo Mitsui, Santander, Commerzbank,

Goldman Sachs, Credit Agricole, DBS Bank, Societe

Generale, Northern Trust, US Bank, BBVA, Bank of

China, BayernLB, First Abu Dhabi Bank, ICBC,

Lloyds, Morgan Stanley, State Bank of India,

SunTrust, ANZ, ICICI, Intesa Sanpaolo, Standard

Chartered, Westpac, Riyad Bank and State Street.

VORNADO EXTENDS, CUTS PRICING

VORNADO REALTY TRUSTûAûFULLYûINTEGRATEDû

EQUITYûREALûESTATEûINVESTMENTûTRUSTûHASû

EXTENDEDûITSû53MûUNSECUREDûTERMûLOANû

FROMû/CTOBERûûTOû&EBRUARYû

4HEûINTERESTûRATEûONûTHEûEXTENDEDûFACILITYû

WASûLOWEREDûTOûBPûOVERû,IBORûFROMû

BP

4HEûTERMûLOANûHASûBEENûUSEDûTOûlNANCEû

6ORNADOSûû#ENTRALû0ARKû3OUTHû

DEVELOPMENTûANDûWILLûBEûROLLEDûOVERûTOûOTHERû

DEVELOPMENTûPROJECTS

4HISû53MûTERMûLOANûISûINûADDITIONûTOû

6ORNADOSû53BNûREVOLVINGûCREDITû

FACILITIES

4HEûJOINTûLEADûARRANGERSûFORûTHEûFACILITYûAREû

JP Morgan, Merrill Lynch, Pierce, Fenner & Smith,

Bank of Montreal, Bank of New York Mellon,

Branch Banking and Trust, Mizuho Bank, PNC,

TD, US Bank and Wells Fargo.

LEVERAGED LOANS

UNITED STATES

LIFEPOINT SHOPS US$4.3bn LOAN

Hospital operator LIFEPOINT HEALTH is in the

MARKETûWITHûAû53BNûCOVENANT

LITEûTERMû

LOANûSUPPORTINGûITSûBUYOUTûBYûPRIVATEûEQUITYû

lRMû!POLLOû'LOBALû-ANAGEMENT

Citigroup is leading with Barclays, Royal

Bank of Canada, Credit Suisse, Deutsche Bank and

UBS.

'UIDANCEûONûTHEûSEVEN

YEARûTERMûLOANû

OPENEDûATûBPûOVERû,IBORûWITHûAûûmOORû

ANDûAûDISCOUNTûINûTHEû

ûRANGEû4HEûLOANû

WILLûHAVEûSIXûMONTHSûOFûSOFTûCALLûPROTECTIONû

ATû

4HEûISSUERûISûRATEDû""û4HEûLOANûISûRATEDû

""