High Yield Calendar: $4 billion deals being marketed

October 17 Week

SPRINT SPECTRUM CO. LLC, SPRINT SPECTRUM CO. II LLC, SPRINT SPECTRUM CO. III LLC $3.5 billion three-part senior secured notes (expected ratings Baa2//BBB): Class A-1 five-year notes, non-callable for four years, with three-year weighted average life, interest-only payments for one year, amortizing at 25% annually thereafter, final maturity March 2021, initial guidance 4% area; Class A-2 seven-year notes, non-callable for six years, five-year weighted average live, interest-only payments for three years, amortizing at 25% annually thereafter, final maturity March 2023, initial guidance low 5% area; Class A-3 10-year notes, non-callable for nine years, with 7.5-year weighted average life, interest-only payments for five years, amortizing at 20% annually thereafter, final maturity March 2026 initial guidance mid-to-high 5% area, tranche sizes to be determined; Goldman Sachs & Co. (sole global coordinator, left lead bookrunner), Mizuho Securities, J.P. Morgan Securities LLC (joint lead bookrunners); Rule 144A and Regulation S for life; secured by broadband spectrum leases; for the general corporate purposes of Sprint, which may include retirement of debt and network densification and optimization; to be issued as part of $7 billion shelf; Overland Park, Kan.-based telecommunications wireless services and internet carrier holding company; roadshow Oct. 12-21, pricing thereafter; transaction will be a joint effort by the high-yield, investment-grade and structured products syndicate desks.

HORIZON PHARMA PLC: $300 million senior notes due 2024; BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Jefferies LLC, Cowen & Co.; Rule 144A and Regulation S; non-callable for three years; help fund acquisition of Raptor Pharmaceutical Corp. and refinance existing debt; also $375 million credit facility; Dublin biopharmaceutical company; roadshow started Oct. 13; initial guidance 8˝%; pricing expected Oct. 18.

UCP, LLC and UCP FINANCE CORP. (UCP, INC.): $200 million senior notes due 2021 (expected ratings B3/B); Citigroup (left books), Deutsche Bank, Builder Advisor Group (joint books); Rule 144Aand Regulation S; make-whole call at Treasuries plus 50 bps for the first two years, then callable at a premium; two-year 40% equity clawback; 101% poison put; to repurchase or repay substantially all of the outstanding debt of UCP, Inc. and its subsidiaries, including UCP’s 8˝% senior notes due 2017, and general corporate purposes including the acquisition and development of land, and home construction; San Jose, Calif.-based developer and homebuilder; roadshow Oct. 14-19, pricing thereafter.

RACKSPACE: $1.2 billion high-yield notes (bridged); Deutsche Bank; also $2.225 billion credit facility; to help fund buyout by Apollo Global Management LLC; San Antonio managed cloud company; price thoughts: 9%-handle; expected late in Oct. 17 week or early the following week.

MEDICAL PROPERTIES TRUST, INC.: Possible euro-denominated notes offer (expected ratings Ba1/BBB-); Credit Agricole CIB, Goldman Sachs; Birmingham, Ala.-based self-advised real estate investment trust focused on investing in and owning net-leased health care facilities; roadshow Oct. 17-19, deal announcement pending results.

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.

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.

GENESYS: $700 million senior unsecured notes backed by bridge loan; Goldman Sachs, BofA Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets LLC; to help fund the acquisition of Interactive Intelligence Group Inc., expected to close by the end of 2016; Genesys is a Daly City, Calif.-based provider of omnichannel customer experience and contact center solutions; Interactive Intelligence is an Indianapolis-based provider of cloud and on-premise solutions for customer engagement, communications and collaboration.

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.

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

Started Oct. 12: SPRINT $3.5 billion; Goldman Sachs, Mizuho, JPMorgan.

Started Oct. 13: HORIZON PHARMA $300 million; BofA Merrill Lynch.

Oct. 14-19: UCP $200 million; Citigroup, Deutsche Bank, Builder Advisor Group.

Oct. 17-19: MEDICAL PROPERTIES TRUST; Credit Agricole, Goldman Sachs.

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