Senior Notes

Coty Inc. announced the pricing of a $900 million offering of 5.600% Senior Notes due 2031, issued by Coty and its subsidiaries. The offering aims to optimize Coty’s capital structure, with proceeds used to redeem its 5.000% and a portion of its 3.875% senior secured notes due 2026. The notes’ security status fluctuates based on investment-grade ratings. The strategic move reduces debt and extends maturity, reflecting investor confidence. The offering is exclusive to qualified institutional buyers.

On September 19, 2025, Five Point Holdings, LLC announced the expiration of its cash tender offer for its 10.500% Senior Notes due 2028. A significant $471.5 million (over 90%) was tendered. Five Point expects to accept all validly tendered notes by September 23 and pay on September 25, funded by a new $450 million offering of 8.000% Senior Notes due 2030 and cash reserves. The move aims to streamline capital structure and reduce interest expense, allowing for future development.

On September 16, 2025, American Financial Group (AFG) announced a $350 million registered offering of Senior Notes at 5.0%, maturing September 23, 2035, priced at 99.162% of principal. Net proceeds, estimated at $344 million, will be used for general corporate purposes, including potential share repurchases. The offering, managed by BofA Securities, J.P. Morgan, and Wells Fargo, is expected to close September 23, 2025. The offering is made under an effective shelf registration statement filed with the SEC. AFG is an insurance holding company focused on property and casualty insurance.

NCL Corporation, a subsidiary of Norwegian Cruise Line (NCLH), has priced a $2.05 billion senior notes offering. The offering includes $1.2B of 5.875% notes due 2031 and $850M of 6.250% notes due 2033. Proceeds will fund a tender offer for 2026/2027 notes, redeem untendered notes, and fully redeem 2029 senior secured notes. The deal, expected to close September 17, 2025, is offered to qualified institutional buyers/non-U.S. investors and is designed to be leverage-neutral to NCLC’s balance sheet.

On September 8, 2025, Millrose Properties, Inc. announced the pricing of a $750 million private offering of 6.25% Senior Notes due 2032, an upsize of $250 million. Proceeds will repay a $500 million term loan and be used for general corporate purposes. The offering, expected to close September 11, 2025, is targeted at qualified institutional buyers and non-U.S. persons, as the notes are not registered under the Securities Act. The 6.25% coupon reflects market conditions and investor confidence in Millrose’s strategy of developing residential land for home builders.

Century Communities (NYSE: CCS) announced a $500 million private offering of 6.625% Senior Notes due 2033. Net proceeds, estimated at $494 million, will be used with cash reserves to redeem existing 6.750% Senior Notes due 2027. The offering, expected to close September 17, 2025, targets qualified institutional buyers and non-U.S. individuals. This refinancing aims to optimize the company’s debt structure. The notes and related guarantees are not registered under the Securities Act of 1933.

Rocket Companies (RKT) extended the expiration date to September 30, 2025, for its tender offers and consent solicitations regarding Nationstar’s senior notes, a subsidiary of Mr. Cooper. The offers are linked to Rocket’s pending acquisition of Mr. Cooper. Rocket secured consents to amend indentures, removing change of control offer requirements. As of September 2, 2025, approximately 88% and 89% of the 2030 and 2031 notes, respectively, were tendered. The offers are subject to customary conditions, including the completion of the Mr. Cooper acquisition.

Dream Finders Homes (DFH) announced a proposed offering of up to $300 million in unsecured senior notes due 2030. The proceeds would be used to reduce borrowings under its revolving credit facility and for general corporate purposes. The notes will be guaranteed by DFH’s subsidiaries. The offering’s success depends on market conditions and is limited to qualified institutional buyers and non-U.S. persons. DFH, a rapidly expanding homebuilder, operates across multiple states and offers mortgage financing and title services.

The Hanover Insurance Group (THG) announced the pricing of a $500 million offering of 5.50% senior, unsecured notes maturing in 2035. Net proceeds will be used to retire higher-yielding debt, including the 7.625% Senior Notes due October 2025 and the 4.500% Senior Notes due April 2026, with the remainder for general corporate purposes. Goldman Sachs, J.P. Morgan, and Morgan Stanley are joint book-running managers. The offering, under an existing SEC shelf registration, aims to manage the balance sheet and potentially free up capital.

The Bancorp, Inc. (TBBK) has successfully completed a $200 million offering of 7.375% Senior Notes due 2030, generating approximately $197 million in net proceeds. The Bancorp intends to use the funds to redeem existing senior notes, repurchase shares, and support general corporate purposes, including expansion of The Bancorp Bank, National Association. The notes, maturing on September 1, 2030, feature semi-annual interest payments and redemption options. Piper Sandler & Co. and Raymond James & Associates, Inc. managed the deal.