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Media debt offerings spike in Q3

The media, entertainment and new media sectors to the top positionamong media debt offering advisers in the first nine months of 2016, withcapital offerings remaining sparse during the period.

J.P. Morgan Securities tallied $10.92 billion in aggregatedeal credits for its work on 38 offerings in the year as of Sept. 30. In secondplace was Bank of America MerrillLynch, which advised on 37 debt offerings during the period earningaggregate deal credits of $9.94 billion. Goldman Sachs & Co. rounded out the top three with30 debt offerings and an aggregate deal credit of $9.05 billion.

After a slow second quarter, there was a strong surge indebt offerings by media companies in the third quarter, largely driven by debtofferings by MicrosoftCorp., AppleInc., Walt DisneyCo. and ViacomInc.

In all, SNL Kagan counted 27 debt deals in thethird quarter with an average deal size of $1.32 billion, compared to 15 dealswith an average deal size of $626.7 million in the same quarter of 2015.Overall, the third quarter's 27 debt offerings had a total value of $35.62billion, significantly up from $9.40 billion in the prior-year period.

In the third quarter, Bank of America Merrill Lynch workedon 17 debt offerings with an aggregate deal credit of $5.05 billion, GoldmanSachs & Co. worked on 16 debt offerings earning aggregate deal credits of$4.95 billion and J.P. Morgan Securities worked on 15 offerings for $4.92billion.

The value of common equity deals also spiked significantlyyear over year. The aggregate value for common equity deals in the thirdquarter was $286.9 million, compared to $1.5 million in the year-ago period.The third quarter and the corresponding 2015 quarter saw three common equitydeals each. Bank of America Merrill Lynch recorded $280.8 million in dealcredit from one of those common equity offerings. There were no disclosed globalcoordinators and book manager details on the remaining two offerings in the2016 quarter, as of Sept. 30.

There were no initial public offerings in media recordedduring the three quarters.

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SNL Kagan is anoffering of S&P Global Market Intelligence.