High Yield Calendar: $2.99 billion, €525 million and £75 million deals being marketed

September 26 Week

QUALITY CARE PROPERTIES INC. via QCP SNF West REIT LLC, QCP SNF Central REIT LLC, QCP SNF East REIT LLC and QCP AL REIT LLC: $750 million seven-year senior secured second-lien notes (B3/BB-); Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc. (joint), KeyBanc Capital Markets, Credit Suisse Securities (USA) LLC (co's); Rule 144A and Regulation S for life; non-callable for three years; for general corporate purposes, including the purchase of equity interests in a subsidiary of HCP that owns, indirectly, the spinoff assets, and the repayment costs in connection with the spinoff; Irvine, Calif.-based health care services provider; New York investor lunch and conference call noon ET Tuesday; investor group breakfast 8 a.m. ET Wednesday; price talk 8% to 8¼% (initial guidance mid 8%); books closed 5 p.m. ET Thursday, except for West Coast accounts with roadshow meetings; pricing Friday morning.

STEAK N SHAKE, INC.: $400 million senior secured notes due 2023 (B2/B-); Jefferies LLC (sole); callable after three years at par plus 50% of coupon; 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 burger chain owns, operates and franchises 571 Steak n Shake restaurants across 32 states and five countries; roadshow Sept. 20-28; price talk 8½% area; (early guidance 8¼% to 8½%); books closed ET Wednesday, pricing Friday.

CONFIE (CONFIE SEUGUROS HOLDING II CO.): $350 million senior notes due 2022 (Caa2/CCC+); RBC Capital Markets (left lead books), Barclays, Goldman Sachs & Co. (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 75% of coupon; proceeds, together with new credit facilities, to repay all outstanding debt under the existing credit facilities; Confie Seguros, an ABRY Partners portfolio company, is a Buena Park, Calif.-based personal lines insurance broker; roadshow and pricing during Sept. 26 week.

VERTIV (CORTES NP ACQUISITION CORP.): $750 million eight-year senior notes (B3/B); BofA Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC; non-callable for three years; to help fund the acquisition of Vertiv by Platinum Equity and a group of co-investors of a majority stake in the company from Emerson; Columbus, Ohio-based provider of thermal management, switches, services and information management systems for the data center and telecommunications industries; roadshow started Sept. 26; initial guidance high 7% to 8%; pricing late Sept. 26 week.

SARENS FINANCE CO. NV (SARENS BESTUUR NV) €125 million add-on to 5 1/8% senior notes due Feb. 5, 2022 (BB-); ING, BNP Paribas, Degroof Petercam NV (joint); private; to refinance debt including subordinated bonds due December 2016, to repay revolver and short-term borrowings and for general corporate purposes; Belgium-based provider of crane rental services, heavy lifting, and engineered transport; roadshow started Sept. 26; price talk 98.5 to 99.5; pricing Friday morning.

DEA FINANCE SA a wholly owned subsidiary of L1E FINANCE GMBH & CO. KG, the parent of DEUTSCHE ERODEL AG (/BB-/BB): €400 million six-year notes senior notes; Deutsche Bank; Rule 144A and Regulation S; non-callable for 2.5 years; to repay debt; Hamburg, Germany-based oil and gas company; roadshow Sept. 27-28.

LAKE BRIDGE INTERNATIONAL PLC (GLOBAL UNIVERSITY SYSTEMS BV) £75 million add-on to the 8% senior secured notes due July 23, 2020 (B3/B+); Goldman Sachs; callable Jan. 18, 2017 at 102; to fund 2016 acquisitions including Arden University Ltd. and I.B.A.T. Ltd and repay amounts drawn under the bridge facility; Amsterdam-based private higher education provider; roadshow Sept. 27-28; original £234 million issue priced at 96.044 in July 2015.

October 3 Week

VIRGIN AUSTRALIA HOLDINGS LTD. Dollar-denominated five-year senior notes, size to be announced; UBS Investment Bank (left lead books), Goldman Sachs & Co. (joint books); Rule 144A for life and Regulation S; non-callable; for general corporate purposes, to fund capital needs and improve diversity and tenor of the funding profile; Australia’s second-largest airline (formerly Virgin Blue Airlines); roadshow starts Sept. 27; pricing late Oct. 3 week.

ALLIANCE ONE INTERNATIONAL, INC.: $275 million senior secured first-lien notes due April 15, 2021; Deutsche Bank Securities Inc.; Rule 144A and Regulation S; non-callable for two years; a portion of the proceeds to pay off revolver, with remaining proceeds for general corporate purposes; Morrisville, N.C.-based leaf tobacco merchant; initial guidance low 9%; pricing April 3 week.

CBS CORP./CBS RADIO INC.: $460 million eight-year senior notes (B-); Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Wells Fargo Securities LLC; Rule 144A and Regulation S; non-callable for three years; proceeds, along with term loan, to be distributed to CBS Corp. in connection with its spinoff of CBS Radio, and for general corporate purposes and ongoing cash needs; New York-based broadcasting company; expected to price middle of Oct. 3 week.

HELLENIC PETROLEUM FINANCE PLC, a wholly owned subsidiary of HELLENIC PETROLEUM SA: Senior notes due 2021; Credit Suisse Securities (Europe) Ltd., HSBC Bank plc (global coordinators), Eurobank Ergasias SA, Alpha Bank AE, NBG Securities SA, Piraeus Bank SA (joint books); to fund the tender for €489,382,000 of the outstanding 8% guaranteed notes due May 2017, and repay debt; Marousi, Greece-based oil company; pricing expected Oct. 7.

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.

ELDORADO RESORTS INC.: $375 million eight-year senior notes; also $1.75 billion credit facility; J.P. Morgan Securities LLC is the lead bank on the debt; to help fund its acquisition of Isle of Capri Casinos Inc., expected to close in the second quarter of 2017; Eldorado Resorts is a Reno, Nev.-based casino entertainment company; Isle of Capri is a St. Louis-based gaming and entertainment 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.

LIONS GATE: $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; Lions Gate 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.

RACKSPACE: $1.2 billion senior notes backed by senior unsecured bridge loan; also $2,225,000,000 credit facility; Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Barclays, RBC Capital Markets and Credit Suisse Securities (USA) LLC are the leads on the debt; to help fund buyout by Apollo Global Management LLC, expected to close in fourth quarter of 2016; also $1,707,000,000 in equity; San Antonio-based managed cloud company.

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

Started Sept. 26: VERTIV $750 million; BofA Merrill Lynch, JPMorgan, Citigroup, Deutsche Bank, Goldman Sachs, Morgan Stanley.

Started Sept. 26: SARENS €125 million; ING, BNP Paribas, Degroof Petercam.

Sept. 26 week: CONFIE SEUGUROS $350 million.

Sept. 27-28: DEUTSCHE ERODEL €400 million; Deutsche Bank.

Sept. 27-28: QUALITY CARE PROPERTIES $750 million; Morgan Stanley, Barclays, Deutsche Bank.

Sept. 27-28: CABOT CREDIT £350 million; JPMorgan.

Sept. 27-28: GLOBAL UNIVERSITY SYSTEMS £75 million; Goldman Sachs.

Starts Sept. 28: VIRGIN AUSTRALIA; UBS, Goldman Sachs.

Pricing Oct. 3 week: ALLIANCE ONE INTERNATIONAL $275 million; Deutsche Bank.

Pricing middle of Oct. 3 week: CBS $460 million; Deutsche Bank, JPMorgan, Citigroup, BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Wells Fargo.

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