Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

Medline Industries Inc., an American medical supplies company launched a jumbo junk bond deal on Monday in a bid to raise $7.77bn, the largest dollar denominated junk bond deal since 2015. The issuance is to fund a leveraged buyout of Medline and comes a few months after private equity firms Blackstone, Carlyle and Hellman & Friedman announced the purchase of a majority stake in Medline in a deal worth over $30bn. Details of the new bond issuance are as follows:
  • $3.77bn 7.5NC3 secured bonds at a yield of low-4%
  • $4bn 8NC3 unsecured bonds at a yield of 6% area
As per Bloomberg, the secured and unsecured bonds are expected to be rated BB- and B- respectively and final pricing is expected by Wednesday. Bloomberg notes that the yield range on the new bonds are higher than the average yield of 3.01% and 4.32% for similar-rated secured and unsecured bonds respectively. Medline has also launched $7bn worth of leveraged loans to support the buyout.
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