High Yield Calendar: $5.6 billion deals being marketed

March 28 Week

WESTERN DIGITAL CORP. $5.6 billion: $1.5 billion senior secured notes due 2023 (Ba1/BBB-/BBB-) price talk 7½% area, and $4.1 billion senior unsecured notes due 2024 (Ba2/BB+/BB+) price talk 10½% area; BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC, HSBC; notes in both tranches come with three years of call protection; to help fund the acquisition of SanDisk Corp. and refinance existing debt at both companies; financing also includes $3 billion term loan A, $1 billion ABL facility; $6 billion second-lien term loan B; Western Digital is an Irvine, Calif.-based digital storage solutions company; SanDisk is a Milpitas, Calif.-based provider of flash storage solutions; roadshow March 21-28; books close 11 a.m. ET Wednesday (market anticipates a shift of $700 million to the secured tranche from the unsecured tranche).

On The Horizon

ALBERTSONS COS. INC.: New senior notes and credit facility following the consummation of its initial public offering of common stock; to repay and terminate existing ABL facilities and the ABS/Safeway term loan; Boise, Idaho-based food and drug retailer (S-1/A filed with the Securities and Exchange Commission on Sept. 25).

AMSURG CORP.: $3.7 billion in new financing to be raised through a combination of senior secured credit facilities and senior notes, to fund the proposed merger with Team Health Holdings Inc. (Guggenheim Securities LLC and J.P. Morgan Securities LLC expressed confidence in their ability to finance the proposed acquisition via the debt markets); the combined company would assume the Team Health name, and would continue to operate out of Team Health's headquarters in Knoxville, Tenn.; AmSurg is a Nashville, Tenn.-based acquirer, developer and operator of ambulatory surgery centers in partnership with physicians; Team Health is a provider of outsourced physician staffing solutions for hospitals.

AMC ENTERTAINMENT HOLDINGS INC.: $300 million of subordinated notes; also $325 million incremental senior secured term loan B due Dec. 15, 2022; to help fund acquisition of Carmike Cinemas Inc.; term loan B commitment allows for increase to $560 million in order to backstop the change-of-control put option in the existing Carmike notes; notes backed by a commitment for a $300 million one-year subordinated bridge loan priced at Libor plus 550 bps with a 1% Libor floor, spread increases 50 bps every three months until it hits a cap; Citigroup Global Markets Inc.; closing expected in fourth quarter; Leawood, Kan.-based movie exhibitor.

CORUS ENTERTAINMENT INC. C$300 million seven-year senior notes (/B+/DBRS: B high); RBC Capital Markets, TD Securities; non-callable for three years; to fund proposed C$2.65 billion acquisition of Calgary, Alta.-based television broadcaster Shaw Media Inc., expected to close in the third quarter of 2016; financing also includes C$2.3 billion committed credit facilities from RBC Capital Markets; Corus Entertainment is a media and entertainment company based in Calgary; early guidance 8% area; roadshow expected to start Feb. 16.

DELL INC.: Up to $25 billion in senior secured and unsecured notes backed by a commitment for a $16 billion senior secured bridge facility and a $9 billion senior unsecured bridge; also $20.5 billion credit facility; Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., RBC Capital Markets are the lead banks on the debt; to help fund the acquisition of EMC Corp. in a transaction valued at about $67 billion, expected to close in the middle part of 2016; Dell is a Round Rock, Texas-based technology and services company; EMC is a Hopkinton, Mass.-based technology company.

DIEBOLD INC.: $500 million senior notes; also $1,841,000,000 delayed-draw term loans via J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC; proceeds to help fund acquisition of Wincor Nixdorf AG; North Canton, Ohio-based provider of self-service delivery, value-added services and software primarily to the financial industry.

DYNEGY INC. and ENERGY CAPITAL PARTNERS: $1.85 billion secured debt facility, a portion of which can be moved into bonds; to help fund the acquisition of ENGIE’s U.S. fossil portfolio; indicative pricing on the term loan is Libor plus 525 bps with the ability to flex up by about another 275 bps, at 98 indicative OID; other funds for the acquisition will come from a $400 million junior bridge provided by Energy Capital and $1.19 billion in equity from Dynegy and Energy Capital (bridge priced at 11% with a PIK option); Dynegy is a Houston-based energy company.

ENTRANS INTERNATIONAL, LLC and ENTRANS INTERNATIONAL FINANCE CORP.: $250 million senior secured notes due 2020 (B2/B); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; callable after three years at par plus 50% of the coupon; three-year 40% equity clawback; 101% poison put; to refinance debt; Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment.

KONECRANES TEREX PLC: $1.15 billion senior unsecured bridge loan and $1.65 billion senior secured credit facility (euro portion of the term loan can be sized at up to €450 million); Credit Suisse Securities (USA) LLC; to help fund the merger of Terex Corp. and Konecranes plc, expected to close in the first half of 2016, to refinance bank debt at both companies; Konecranes is a Finland-based provider of lifting solutions as well as services for lifting equipment and machine tools; Terex is a Westport, Conn.-based diversified equipment manufacturer.

MGM GROWTH PROPERTIES LLC and MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP: New senior notes and bank debt; to refinance bridge facilities assumed in connection with a series of formation transactions; MGM Growth Properties, a real estate investment trust, is being spun off from MGM Resorts, an operator of resorts and casinos; both are based in Las Vegas.

PINNACLE OPCO: $300 million senior notes; also $935 million senior secured credit facility via J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Credit Agricole CIB, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC; operating business and real property of Belterra Park Gaming & Entertainment that is being spun off from Pinnacle Entertainment Inc.; proceeds to make spinoff payment, pay transaction fees and expenses and for general corporate purposes; in connection with the acquisition of the remaining real estate assets of Pinnacle by Gaming & Leisure Properties Inc.; closing expected in first quarter of 2016; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

PRIME HEALTHCARE SERVICES, INC.: $700 million senior notes due 2023 (B3/B+); Wells Fargo Securities LLC (left books), Barclays (joint books), BBVA, Capital One, CIT Group (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to fund acquisition pipeline, refinance credit facility, fund a special dividend; Ontario, Calif.-based owner and operator of acute care hospitals; investor call July 21; price talk 7½% area.

SEQUA/TELLUS $475 million secured bonds: SEQUA PETROLEUM NV: $275 million senior secured first-lien bonds due 2019, also TELLUS PETROLEUM AS: $200 million secured second-lien high-yield bonds due 2021, via Anoa Capital SA; to finance the acquisition of a 15% interest in the Gina Krog field; Sequa Petroleum is a Netherlands-based energy company, Norway-based Tellus is its wholly owned subsidiary; announced March 16.

SOLARWINDS: $580 million senior secured second-lien notes and $1.63 billion credit facility; Goldman Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Nomura Securities International Inc. and Broad Street Credit Holdings LLC provided the debt commitment; to help fund buyout by Silver Lake Partners and Thoma Bravo LLC, expected to close in the first quarter of 2016; Austin, Texas-based provider of IT management software.

WESTERN REFINING INC.: $380 million of bank or capital markets debt to help fund its acquisition of all of the outstanding common units of Northern Tier Energy LP that it does not already own, expected to close during the first half of 2016; Goldman Sachs acted as financial adviser to Western Refining; Western Refining is an El Paso, Texas-based independent refining and marketing company; Northern Tier is a Tempe, Ariz.-based independent downstream energy company.

WIDEOPENWEST FINANCE LLC: Possible new senior notes offer (credit amendment would clear way for new notes); company is marketing a $1.41 billion term loan repricing launching May 7 via Credit Suisse Securities (USA) LLC; Denver-based provider of data, video and telephony services.

Roadshows

March 21-28: WESTERN DIGITAL $5.6 billion; BofA Merrill Lynch, JPMorgan, Credit Suisse, RBC, HSBC.

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