Podcasts about recent deals
I know there have been a lot of posts about podcasts, but I haven’t been able to find what I’m looking for. Does anyone know if there’s any good podcasts that recap recent M&A activity? Looking for something that talks about specific deals instead of more general finance news. Thanks!
Bump
following
Any $$ in hosting a podcast? Tell me how to create a podcast and I’ll do it
Joey “DMT” Rogan signed a 100mm podcast deal with Spotify, so yeah there is a little bit of money in podcasts
Insert Vince McMahon (escalating) meme [Step 3 of 3]
Interested —> VERY interested —> MIND BLOWN (falls out of chair)
Bump
Mergermarket has one I believe (dealcast), so does debtwire
For the people following, the best one I’ve found so far is “Acquired”
Is it on youtube?
Don’t know. I just googled it and looked at the apple podcast website. It was free and I didn’t need to download anything
I got a deal for u - announced today
NRG Energy inks $3.625B deal to buy Direct Energy, plans $2.361B of M&A debt NRG Energy this morning announced that it has agreed to purchase Direct Energy, a unit of Centrica plc, in a $3.625 billion all-cash transaction. The buyer plans to finance the purchase with $2.361 billion of debt, $750 million of equity-linked securities and $664 million of existing capital, according to an investor presentation. NRG also intends to grow its existing collateral facilities by $3.5 billion, adding new letter of credit facilities and upsizing its existing revolver, with a plan to reduce those facilities by $1.5 billion to $2 billion subsequently, per the presentation.
NRG noted in the presentation that it is committed to its investment-grade credit ratings target, and anticipates returning to a 2.50x–2.75x net debt to adjusted EBITDA ratio within 12 months of closing. The company intends to retire about $1.05 billion of acquisition-related debt over the next 12 months to meet those metrics, the presentation noted.
Currently, the issuer is rated Ba1/BB. NRG exited the institutional loan market in May 2019, retiring its term loan with proceeds from a first-lien bond deal and asset sale proceeds, as reported.
NRG’s 5.25% notes due 2029 traded at 110 this morning, below their last trade at 110.875 yesterday, data show. Its most recent high-yield series is the 2019 two-part offering of first-lien notes split between 3.75% notes due 2024 and 4.45% notes due 2029.
The Direct Energy acquisition is expected to generate about $740 million of annual run-rate adjusted EBITDA at closing, strengthen free cash flow, and diversify NRG’s earnings and geographic footprint, according to a company statement. The acquisition should drive $300 million of annual run-rate synergies, the statement added. The buyout of Direct Energy, a retail provider of electricity, natural gas, and energy services, will also add more than three million retail customers across 50 states and Canada.
Closing is expected by year-end, subject to approval from regulators and Centrica shareholders.
There is a newer publication I subscribe to that is specifically focused on high finance called The Buttonwood Tree. It's not a podcast but it's like the WSJ Pro. It's not as expensive so you could subscribe yourself if your shop doesn't already pay for it. https://buttonwoodtree.net/
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