High Yield Calendar: $1.65 billion deals being marketed

September 19 Week

ALLEGIANT TRAVEL CO.: $300 million seven-year senior notes; Morgan Stanley & Co. (sole); SEC registered; non-callable for three years; for general corporate purposes including capital expenditures such as aircraft acquisitions, pre-delivery deposits, purchase prices of 12 newly manufactured CFM powered A320 aircraft expected to be delivered in 2017 and 2018, share repurchases and debt repayment; Las Vegas-based low-cost airline; roadshow starts Wednesday; pricing expected Friday.

LANDRY'S, INC.: $575 million senior notes due 2024; Jefferies (left books), Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Rabo Securities (joint); Rule 144A and Regulation S for life; non-callable for three years; proceeds, together with cash on hand, and a new concurrent $1.5 billion senior secured credit facility to refinance debt, including all outstanding 9 3/8% senior unsecured notes due 2020 and the existing senior secured credit facility, and make a distribution to its indirect parent to redeem all of its outstanding 10¼% senior unsecured notes due 2018; Houston-based restaurant, hospitality and entertainment company; roadshow Sept. 12-16.

VERSUM MATERIALS, INC.: $425 million eight-senior senior notes; Deutsche Bank Securities Inc.; Rule 144A and Regulation S offering; non-callable for five years; proceeds to help fund a proposed pro rata distribution of Versum common stock to its stockholders and Versum’s expected distribution of cash to Air Products prior to the spinoff of Versum from Air Products; Lehigh Valley, Pa.-based industrial materials company plans; roadshow starts during Sept. 12 week; pricing in Sept. 19 week.

BRINKER INTERNATIONAL, INC.: $350 million senior notes due 2024; J.P. Morgan Securities LLC; Rule 144A and Regulation S; non-callable; to repurchase up to $300 million of common stock and repay up to $50 million of outstanding debt under the revolver, with any remaining proceeds for general corporate purposes; Dallas-based casual dining restaurant company; roadshow started Sept. 14; pricing expected Sept. 20.

Expected September Business

MONITRONICS INTERNATIONAL INC.: Notes offering; also $700 million term loan via book-runners BofA Merrill Lynch, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC, to launch at Nov. 8 bank meeting; to refinance revolver borrowings, term loan due in 2018 and term loan due in 2022; Dallas-based home security alarm monitoring company.

EDREAMS ODIGEO: €425 million senior secured notes due 2021; to redeem Geo Debt Finance SCA 7½% senior secured notes due 2018 and Geo Travel Finance SCA 10 3/8% senior notes due 2019; Barcelona-based online travel company; announced in Sept. 14 press release.

STEAK N SHAKE INC.: $400 million senior secured notes due 2023; Rule 144A and Regulation S; to repay the existing senior secured credit facility in full, and to make a cash distribution of $230 million to Biglari Holdings, Inc. (parent); San Antonio-based holding company; announced in Sept. 16 press release.

On The Horizon

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 theater 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.

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.

LESLIE'S POOLMART INC.: $390 million senior notes, downsized from $420 million with the upsizing of the term loan to $810 million from $780 million (term loan, via Nomura, launched in late July); to refinance debt and fund a dividend; Phoenix-based retailer of swimming pool supplies and related products.

LIONSGATE: $3.6 billion bond and bank financing; J.P. Morgan Securities LLC, 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.

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.

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.

VALEANT PHARMACEUTICALS INTERNATIONAL INC.: Possible secured notes with five-year minimum maturity; to repay existing credit facilities; disclosed as part of a credit amendment launched Aug. 9 via Barclays; Laval, Quebec-based specialty pharmaceutical company.

Roadshows

Sept. 12-16: LANDRY'S $575 million; Jefferies.

Started Sept. 12 week: VERSUM MATERIALS, INC. $425 million; Deutsche Bank

Started Sept. 14: BRINKER INTERNATIONAL $350 million; JPMorgan.

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