Convertibles Calendar: Envista, Fluor, Hannon Armstrong on tap

Aug. 7:

ENVISTA HOLDINGS CORP.

• $435 million five-year convertible notes

• $65.25 million greenshoe

• Tightened talk for a coupon of 1% to 1.5% and an initial conversion premium of 32.5%; initial talk for a coupon of 2% to 2.5% and an initial conversion premium of 27.5% to 32.5%

• Non-callable until April 17, 2026 and then subject to a 130% hurdle

• Rule 144A

• J.P. Morgan Securities LLC (lead left), BofA Securities Inc., and Wells Fargo Securities LLC

• Proceeds to fund the cash portion of the privately negotiated exchange of the company’s 2.375% convertible notes due 2025 for cash and shares

• Brea, Calif-based dental equipment and supplies manufacturer

FLUOR CORP.

• $500 million six-year convertible notes

• $75 million greenshoe

• Coupon of 1.125% to 1.625% and an initial conversion premium of 27.5% to 32.5%

• Non-callable until April 20, 2026 and then subject to a 130% hurdle

• Rule 144A

• BofA Securities Inc., Citigroup Global Markets Inc., BNP Paribas Securities Corp. and Wells Fargo Securities LLC

• Proceeds to cover the cost of the call spread and fund the tender for any and all outstanding 3.5% senior notes due 2024

• Irving, Tex.-based engineering construction company

HAT HOLDINGS I LLC and HAT HOLDINGS II LLC

• $350 million five-year green notes exchangeable for Hannon Armstrong Sustainable Infrastructure Capital Inc. stock

• $52.5 million greenshoe

• Coupon of 3.25% to 3.75% and an initial conversion premium of 22.5% to 27.5%

• Non-callable until Aug 20, 2026 and then subject to a 130% hurdle

• Rule 144A

• Morgan Stanley & Co. LLC

• Proceeds to cover the cost of the call spread, fund the repurchase of a portion of the company’s 0% convertible notes due 2023 and invest in eligible green projects

• Annapolis, Md.-based climate solutions real estate investment trust

Aug. 8:

APOLLO GLOBAL MANAGEMENT INC.

• $1 billion three-year $50-par series A mandatory convertible preferred stock

• $150 million greenshoe

• Dividend of 6.5% to 7% and an initial conversion premium of 17.5% to 22.5%

• SEC registered

• Goldman Sachs & Co. LLC (lead left), Morgan Stanley & Co. LLC and Wells Fargo Securities LLC

• Proceeds to accelerate the growth of the company’s Retirement Services sector

• New York-based private equity firm

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