High Yield Calendar: $1.03 billion deals being marketed

December 12 Week

AMERICAN MIDSTREAM PARTNERS and AMERICAN MIDSTREAM FINANCE CORP.: $300 million senior notes due 2021 (expected ratings Caa1/B); Wells Fargo Securities LLC (left books), BofA Merrill Lynch, RBC, Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc., Natixis, ABN Amro (joint books), BMO Securities Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Capital One, Santander (senior co's), BBVA (co); Rule 144A and Regulation S with registration rights; callable after two years at par plus 50% of coupon; to pay off JP Energy Partners LP’s senior secured revolver and repay a portion of the American Midstream Partners senior secured revolver; Denver-based partnership owns, operates, develops and acquires natural gas midstream energy assets; roadshow Dec. 7-13; price talk 8% to 8¼%; books close 5 p.m. ET on Monday (except for West Coast); pricing Tuesday.

BAFFINLAND IRON MINES CORP.: $350 million five-year senior secured notes (Caa1/B-); Goldman Sachs (left books), Morgan Stanley (joint books); Rule 144A for life and Regulation S; non-callable for two years; to pay off senior secured credit facility, for working capital and for other general corporate purposes; developer of an open pit iron mine in the Mary River area of Baffin Island, Nunavut, Canada; roadshow starts Dec. 9, further timing to be announced.

AVISON YOUNG (CANADA) INC.: $130 million senior secured notes due 2021 (B3/B+); William Blair (sole); callable after two years at par plus 75% of coupon; to refinance existing debt, repurchase a portion of a minority partner's shares, fund cash on the balance sheet for growth capital; Toronto-based commercial real estate services firm; roadshow started Dec. 5.

DOWNSTREAM DEVELOPMENT AUTHORITY (OF THE QUAPAW TRIBE OF OKLAHOMA): $250 million six-year senior secured notes; Nomura Securities Co. Ltd. (sole); non-callable for three years; to refinance debt; Quapaw, Okla.-based gaming concern; pricing expected Dec. 5 week; guidance has the deal coming at a discount to yield 10% (initial guidance was 9½% to 9¾%).

Expected 2016 Business

FLEX ACQUISITION CO., INC. (NOVALEX): $625 million senior unsecured bridge loan; Credit Suisse (left books), Deutsche Bank, Morgan Stanley, Jefferies (joint books); initially Libor plus 700 with a 1% Libor floor; expected to be funded by the end of 2016; to support the LBO by the Carlyle Group; Hartsville, S.C.-based packaging company.

On The Horizon

AMERICAN AXLE & MANUFACTURING HOLDINGS INC.: $1.2 billion senior unsecured bridge and $2.45 billion senior secured credit facility; JPMorgan; to fund the acquisition of Metaldyne Performance Group Inc., expected to close during the first half of 2017; American Axle is a Detroit-based manufacturer and designer of driveline and drivetrain systems and related components and modules, chassis systems, electric drive systems and metal-formed products; Metaldyne is a Plymouth, Mich.-based provider of highly engineered lightweight components for use in powertrain and suspension applications for the vehicle markets.

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.

EXAMWORKS GROUP INC.: $340 million eight-year senior notes; BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc.; 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.

GO DADDY INC.: $530 million bridge financing and $1,377,000,000 incremental term loan; to help fund the acquisition of Host Europe Group from Cinven, expected in the second quarter of 2017; Go Daddy is Scottsdale, Ariz.-based provider of web hosting and domain names; Host Europe is an England-based hosting provider and domain registrar.

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.

MEDICAL PROPERTIES TRUST, INC.: Expected benchmark euro-denominated notes, eight-year maturity expected (Ba1/BBB-); Credit Agricole CIB, Goldman Sachs & Co.; Birmingham, Ala.-based self-advised real estate investment trust focused on investing in and owning net-leased health care facilities.

MMI INTERNATIONAL LTD. $300 million senior secured notes due 2021 (expected ratings B2/B+); Goldman Sachs & Co. (left books), ANZ, KKR, Standard Chartered (joint books); Rule 144A and Regulation S; pay down term loan A; Singapore-based technology company with a focus on key components for the hard disk drive industry; international roadshow ran in late October into early November; initial guidance 9% area.

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.

TELEFLEX INC.: Possible senior notes could come as an opportunistic deal to repay bank debt; also $750 million term loan to fund the acquisition of Vascular Solutions Inc., expected to close in the first half of 2017 (company has received a commitment from JPMorgan Chase Bank for a new $750 million senior unsecured bridge facility in connection with the planned acquisition); Teleflex is a Wayne, Pa.-based provider of medical technologies; Vascular Solutions is a Minneapolis-based medical device company; disclosed during Dec. 2 conference call.

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 Dec. 5: AVISON YOUNG (CANADA): $130 million; William Blair.

Dec. 7-13: AMERICAN MIDSTREAM PARTNERS $300 million; Wells Fargo, BofA Merrill Lynch, RBC, Citigroup, SunTrust, Natixis, ABN Amro.

Starts Dec. 9: BAFFINLAND IRON MINES $350 million; Goldman Sachs, Morgan Stanley.

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