High Yield Calendar: $1.21 billion and €725 million deals being marketed

July 11 Week

RIVERS PITTSBURGH BORROWER LP and RIVERS PITTSBURGH FINANCE CORP.: $415 million senior secured notes due 2021; Goldman Sachs & Co. (left books), Wells Fargo Securities LLC, Fifth Third Securities, U.S. Bancorp Investments Inc. (joint books); Rule 144A and Regulation S for life; non-callable for two years; proceeds, together with a $50 million draw on the super-priority revolver and cash on hand, to pay off existing credit facility, redeem all outstanding 2019 notes, fund the repurchase by Pittsburgh Gaming Holdings of the Holdco notes and minority interests; Pittsburgh-based casino operator; roadshow July 11-15, pricing thereafter; early guidance 6½% area.

CLOUD CRANE: $470 million eight-year senior secured second-lien notes (B3/expected B); J.P. Morgan Securities LLC, Barclays, Jefferies Group (joint); Rue 144A; non-callable for three years; to help finance the acquisition of AmQuip Crane Rental and Maxim Crane Works by Apollo Global Management LLC; Pittsburgh-based heavy equipment rental service; pricing expected July 15; early guidance 10½ area.

U.S. XPRESS ENTERPRISES INC.: $320 million eight-year senior notes (B3/B+); J.P. Morgan Securities LLC, Wells Fargo Securities LLC (joint); non-callable for three years; to repay term loan and 2007 restated term loan; Chattanooga, Tenn.-based intermodal freight company; roadshow started July 11; early guidance 9% area; pricing expected Friday.

SCHUMANN SPA (SISAL GROUP): €725 million senior secured notes in tranches of floating-rate notes due 2022 (B1/B+), callable after one year at 101, and fixed-rate notes due 2023, callable after three years at par plus 50% of coupon; Morgan Stanley (global coordinator, bill and deliver), Credit Suisse, UniCredit (global coordinators), BNP Paribas, Deutsche Bank, UBS (joint books); Rule 144A and Regulation S; proceeds, together with cash on the balance sheet and an equity contribution provided by funds advised by CVC Capital Partners to help fund the acquisition of Sisal by CVC, pay off Sisal’s existing debt (including the senior secured notes due 2017), and fund cash on the balance sheet for general corporate purposes; Milan-based gaming company; roadshow July 11-14.

On The Horizon

ADIENT LTD. $2 billion bonds with eight-year to 10-year maturity and $1.5 billion term loan with a weighted average interest rate of 4.1%; to pay a $3 billion distribution to Johnson Controls related to its spinoff of Adient, with the remaining $500 million to be held by Adient as cash on the balance sheet; Adient is an automotive seating and interiors company; financing announced in a 10-12B/A filed on June 27 with the Securities and Exchange Commission.

AMC ENTERTAINMENT HOLDINGS INC.: $675 million one-year bridge loan is Libor plus 600 bps with a 1% Libor floor, spread increases by 50 bps every three months until reaching a specified cap; part of $1.2 billion debt financing that includes $525 million term loan in addition to bonds; Citigroup Global Markets Inc.; to help fund its acquisition of Odeon & UCI Cinemas Group, expected to close in the fourth quarter of 2016; Leawood, Kan.-based AMC and London-based Odeon & UCI are theatre exhibitors.

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 was expected to start Feb. 16.

DIAMOND RESORTS INTERNATIONAL INC.: $600 million senior notes and $1.3 billion credit facility; Barclays, RBC Capital Markets, Jefferies (joint bookrunners and joint lead arrangers); to help fund the LBO by Apollo Global Management LLC, expected to close in the next few months; Las Vegas-based hospitality and vacation ownership company.

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.

EXAMWORKS GROUP INC.: $340 million eight-year senior notes; BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust; also $920 million credit facility; help fund buyout by Leonard Green & Partners LP; Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, case management and related services; expected June business.

INTELLECTUAL PROPERTY & SCIENCE: New bonds via BofA Merrill Lynch, also new bank debt; to help fund the $3.55 billion acquisition by Onex Corp. and Baring Private Equity Asia from Thomson Reuters, expected to close during 2016; Credit Suisse Securities (USA) LLC and RBC Capital Markets are also leads on the debt; also about $1.6 billion in equity; Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

LIONSGATE: $3.6 billion bond and bank financing; J.P. Morgan, Bank of America Merrill Lynch and Deutsche Bank; to pay the $1.6 billion cash consideration for the Starz acquisition, expected to close by the end of 2016, and to refinance about $1.7 billion to $1.9 billion of debt at both companies; also $1 billion revolver; Lionsgate is a Santa Monica, Calif.-based entertainment company; Starz is an Englewood, Colo.-based media and entertainment company.

MTS SYSTEMS CORP.: $250 million senior unsecured bridge loan to be taken out with $250 million senior notes; J.P. Morgan Securities LLC (left lead), Wells Fargo Securities LLC (joint lead), U.S. Bank, HSBC Bank (co-documentation agents); to fund the $580 million acquisition of PCB Group Inc., expected to close before Oct. 1; MTS is an Eden Prairie, Minn.-based supplier of high-performance test systems and position sensors; PCB is a Depew, N.Y.-based designer, manufacturer and distributor of sensor technologies.

REVLON INC.: $400 million senior notes backed by $400 million senior unsecured bridge loan and $2.2 billion credit facility; Citigroup Global Markets Inc., BofA Merrill Lynch; to fund the acquisition of Elizabeth Arden Inc., expected to close by year-end; Revlon is a New York-based beauty company; Elizabeth Arden is a prestige beauty products company; financing announced on June 17.

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.

STERIGENICS-NORDION HOLDINGS LLC: $120 million senior secured notes (B1/B); to help fund the acquisition of Nelson Laboratories Inc. and for general corporate purposes; Oak Brook, Ill.-based provider of sterilization services; expected April business.

SUNOPTA FOODS INC.: $300 million senior secured second-lien notes due 2023; Rule 144A and Regulation S; proceeds, together with borrowings under its senior secured asset-based revolving credit facility, to repay in full the term loans outstanding under the second-lien loan agreement, dated Oct. 9, 2015, borrowed in connection with the acquisition of Sunrise Holdings (Delaware), Inc., the direct parent company of Sunrise Growers, Inc.; Toronto-based company focused on organic, non-genetically modified ("non-GMO") and specialty foods; syndicate names and timing pending (last October the company postponed $330 million seven-year secured second-lien notes, via BMO, Jefferies and Rabobank, due to market conditions, talked at a discount to yield 10%).

TEEKAY OFFSHORE PARTNERS LP: $250 million minimum bonds due in 2018 and 2019 to be offered in the U.S. and Norwegian markets, expected to receive third-party credit ratings as energy markets improve; to refinance debt; Hamilton, Bermuda-based provider of marine transportation, oil production, storage, towage and maintenance and safety services to the oil industry; announced in June 17, 2016 press release.

UFC: $500 million senior notes; Deutsche Bank Securities Inc. (left books); also $1.3 billion term loan expected to be premarketed soon; to help fund the acquisition of the company by WME | IMG (Silver Lake Partners and KKR will join WME | IMG as new strategic investors, along with MSD Capital LP and MSD Partners LP, which will provide preferred equity financing); Deutsche Bank, Goldman Sachs & Co., Barclays, Credit Suisse Securities (USA) LLC and KKR Capital Markets LLC are leading the debt; UFC is a Las Vegas-based sports brand and pay-per-view event provider; WME | IMG is an entertainment, sports and fashion company.

Roadshows

July 11-14: SISAL €725 million; Morgan Stanley, Credit Suisse, UniCredit, BNP Paribas, Deutsche Bank, UBS.

July 11-15: RIVERS PITTSBURGH $415 million; Goldman Sachs, Wells Fargo, Fifth Third, U.S. Bancorp

Started July 11: U.S. XPRESS $320 million; JPMorgan, Wells Fargo.

Pricing expected July 15: CLOUD CRANE $470 million; JPMorgan, Barclays, Jefferies.

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