High Yield Calendar: $1.09 billion and €3.5 billion deals being marketed

June 12 Week

BRAND ENERGY & INFRASTRUCTURE SERVICES, INC.: $700 million senior notes due 2025 (S&P: CCC+); Barclays (left books), Goldman Sachs & Co., Natixis, ING, SG CIB, Credit Agricole CIB (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; three-year 40% equity clawback; 101% poison put; to finance the combination of Brand Energy and Safway Group (Badger Holding LLC); Kennesaw, Ga.-based provider of specialized services to energy, industrial and infrastructure customers; roadshow June 12-15, price talk 8% area (expected to come wider, with covenant changes; books scheduled to close Thursday, pricing expected Frida.

BEVERAGES & MORE, INC. (BEVMO): $190 million five-year senior secured notes (Caa1/B-); Jefferies LLC (sole); Rule 144A and Regulation S for life; non-callable for two years; to refinance debt; retailer of beer, wine, spirits, in California, Arizona, and Washington; roadshow June 13-15; price talk 12% yield including approximately two points of OID; books close noon ET Friday.

OPPENHEIMER HOLDINGS INC.: $200 million senior notes due 2022; Oppenheimer; Rule 144A and Regulation S; a portion of the proceeds to redeem in full its 8Ύ% senior secured notes due April 15, 2018, with remaining proceeds for general corporate purposes, which may include acquisitions; New York-based financial services company; guidance 6½% area, pricing expected June 15.

INTRUM JUSTITIA AB €3 billion equivalent senior notes (Ba2/BB+): €300 million minimum five-year floating-rate notes with one year of call protection, €300 million equivalent minimum krona-denominated five-year floating-rate notes with one year of call protection, €500 minimum five-year fixed-rate notes with two years of call protection, €500 million minimum seven-year fixed-rate notes with three years of call protection; Goldman Sachs International (joint books, bill and deliver), JPMorgan, Morgan Stanley, Danske Bank, Deutsche Bank, DNB Markets, Nordea, Nykredit, Swedbank, UBS Investment Bank (joint books); Rule 144A and Regulation S; to refinance in relation to merger with Lindorff AB; Stockholm-based debt collector; roadshow June 12-16.

Expected June Business

NORWEGIAN AIR SHUTTLE ASA: Possible krone-denominated 3.5-year bond and potential tap of existing 7Ό% euro-denominated notes (€185 million outstanding, €250 million borrowing limit); Arctic Securities, Danske Bank, DNB Markets, SEB; to refinance outstanding floating-rate notes and general corporate purposes; Fornebu, Norway-based passenger airline; investor meetings May 22.

TIZIR LTD.: ABG Sundal Collier ASA and Pareto Securities AS mandated to organize meetings with fixed income investors ahead of possible dollar-denominated offering of senior secured bonds with up to five-year tenor; to refinance $275 million outstanding senior secured bonds due September 2017; London-based mineral sands, titanium and iron ore ilmenite production and processing, with operations in Norway and Senegal; announced in May 30 press release.

SAFEWAY INC. and NEW ALBERTSON'S, INC. (ALBERTSONS COS. LLC): New senior guaranteed notes to help fund tender for $500 million of debt securities, BofA Merrill Lynch dealer manager for tender, early tender date June 16; Boise, Idaho-based food and drug retailer; announced in June 5 press release.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in U.S. dollars and possibly euros; along with $5.5 billion in senior secured credit facilities to help fund acquisition of VWR International LLC; Goldman Sachs Bank USA, Barclays and Jefferies LLC are the leads on the bank debt; closing expected in the third quarter; Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries.

CENTURYLINK: $2.15 billion senior secured bridge loan launched Feb. 10 via Morgan Stanley (other banks involved in the debt commitment include Bank of America, MUFG, Barclays, JPMorgan, Wells Fargo, RBC, Goldman Sachs, SunTrust, Mizuho, Regions Bank, Fifth Third, Credit Suisse and U.S. Bank); help fund acquisition of Level 3 Communications Inc., expected to close in the third quarter of 2017; Monroe, La., communications, hosting, cloud and IT services 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; was expected as June 2016 business.

EXELA TECHNOLOGIES $825 million high-yield notes: $525 million secured notes due 2023 (B2/B+) and $300 million unsecured notes due 2024 (Caa2/CCC+); RBC Capital Markets, Credit Suisse Securities (USA) LLC; also $625 million credit facility via RBC, Credit Suisse, Natixis, KKR; to help fund the merger of Quinpario Acquisition Corp. 2, SourceHOV LLC and Novitex Holdings Inc., which will create Exela; Quinpario is a St. Louis-based special purpose acquisition company; SourceHOV, majority owned by HandsOn Global Management LLC, is an Irving, Texas-based transaction processing services provider; Novitex is a West Stamford, Conn.-based provider of technology-driven managed services.

GODADDY 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; GoDaddy 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 2016); to refinance debt and fund a dividend; Phoenix-based retailer of swimming pool supplies and related products.

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.

SINCLAIR BROADCAST GROUP INC.: Commitment for $5.6 billion in debt financing, including a $785 million bridge loan, to help fund acquisition of Tribune Media Co.; expected 50:50 mix of fixed- and floating-rate debt; JPMorgan Chase Bank, RBC and Deutsche Bank Securities Inc. leads; Hunt Valley, Md.-based television broadcasting company.

SURGERY PARTNERS INC.: $335 million one-year senior unsecured bridge loan, priced Libor plus 650 bps, 1% Libor floor, 50 bps step-ups every three months until a specified cap; bridge backs $335 million senior notes offering to help fund acquisition of National Surgical Healthcare Inc. from Irving Place Capital for about $760 million and refinance existing term loan; Jefferies lead left on financing; Surgery Partners is a Nashville-based health care services company; National Surgical is a Chicago-based owner and operator of surgical facilities in partnership with local physicians; bridge loan commitments due May 25.

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.

UNITED RENTALS, INC.: New underwritten debt issue to help fund the Chicago-based NES Rentals Holdings II, Inc. for $965 million in cash, expected to close in the second quarter of 2017; financing will also make use of a draw on the asset-based facility; United Rentals is a Stamford, Conn., equipment rental company.

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.

VENATOR MATERIALS PLC: Possible senior notes along with term loans, borrowings under an asset-based lending facility or a revolving credit facility or a combination to repay intercompany debt owed to parent company Huntsman Corp.; in conjunction with initial public offering; manufacturer and marketer of chemical products comprising a range of pigments and additives to color and protect buildings and reduce energy consumption.

WEST CORP.: $1.35 billion senior notes and $3.05 billion of senior secured credit facilities; Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the arrangers on the debt; to help fund the buyout by Apollo Global Management LLC, expected to close during the second half of 2017; Omaha-based provider of communication and network infrastructure services; announced in June 15 SEC filing.

Roadshows

June 12-16: INTRUM JUSTITIA €3 billion; Goldman Sachs, JPMorgan, Morgan Stanley, Danske Bank, Deutsche Bank, DNB Markets, Nordea, Nykredit, Swedbank, UBS.

June 13-15: BEVMO $190 million; Jefferies.

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