Investors poured nearly $1.29 billion of new money into high yield exchange traded funds, more than offsetting the $667 million withdrawn from mutual funds, according to Lipper.
The company upsized its high yield bond offering and loan facilities to price $1.635 billion in senior notes, a $2.8 billion seven-year term loan B and a $1 billion asset-sale bridge loan.
The $400 million senior notes due 2023 will be offered in a private placement via Bank of America Merrill Lynch.
The proceeds will be combined with new credit facilities to fund the company's acquisition of Par Pharmaceutical Holdings.
Liquidity for U.S. speculative-grade companies remains under pressure due to weakness in the energy sector, Moodys Investors Service said Thursday.
The two-tranche deal will be comprised of seven- and 10-year senior unsecured notes. The company is also amending an existing term loan.
The diagnostic testing company will use the proceeds to redeem $400 million of 8.625% senior notes due 2018.
The proceeds will be combined with amended credit facilities to repay $504.2 million in term loan borrowings.
The $309 million FS Senior Funding was supported by repeat investors and represents the tightest print for a middle market CLO this year.
The advisory firm will combine the proceeds with amended credit facilities to repay $504.5 million of existing debt.
Firm: Small Business Investor Alliance
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