High Yield Calendar: $1.1 billion and €1.15 billion deals being marketed

July 24 Week

VIVINT, INC. (APX GROUP HOLDINGS, INC. via APX GROUP, INC.): $400 million senior notes due 2024; BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Macquarie, HSBC Securities, Mizuho Securities USA Inc., Citizens, Guggenheim (joint); Rule 144A and Regulation S; non-callable for three years; to redeem up to $150 million 6 3/8% senior secured notes due 2019 and for general corporate purposes, including repayment of revolving credit facility; Provo, Utah-based provider of home security products and services; pricing July 25.

ASHTON WOODS USA LLC and ASHTON WOODS FINANACE CO.: $250 million senior notes due 2025 (Caa1/B-); J.P. Morgan Securities LLC, Wells Fargo Securities LLC (joint); non-callable for three years; to fund tender offer for up to $100 million 6 7/8% senior notes due 2021, and repay debt under the revolver; Atlanta-based Ashton Woods is a luxury home builder; pricing expected Wednesday.

ASSUREDPARTNERS, INC.: $450 million senior notes due 2025; Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, RBC Capital Markets LLC, BMO, Macquarie (joint); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to refinance second-lien term loan; Lake Mary, Fla.-based insurance brokerage services provider; roadshow starts July 25; pricing late July 24 week.

DIAMOND (BC) BV (DIVERSEY CARE): €450 million eight-year senior notes (expected ratings Caa2/B); decreased from €545 million (bank loan upsized to €970 million from €820 million); Goldman Sachs (joint books, bill and deliver), Credit Suisse, Barclays, Citigroup, BofA Merrill Lynch, RBC, HSBC, SunTrust, Jefferies (joint books); Rule 144A and Regulation S; non-callable for three years; to fund the acquisition of Sealed Air Corp.'s Diversey Care cleaning and hygiene solutions business Diversey by Bain Capital; roadshow July 20-25.

ALLFUNDS BANK: €575 million seven-year PIK toggle notes (expected ratings Ba2/BB-); Goldman Sachs; non-callable for three years; to fund the buyout of Allfunds by affiliates of Hellman & Friedman from Intesa Sanpaolo Group, Santander Group, General Atlantic and Warburg Pincus; Spain-based provider of business-to-business services to financial institutions; roadshow July 24-27.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in 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; bridge commitments due June 30 (initial rate 8Ύ%).

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.

MULTI-COLOR CORP.: €400 million senior unsecured bridge loan to be taken out with notes, and $1.05 billion senior secured credit facilities; BofA Merrill Lynch and Citigroup are leads on the debt; to help fund acquisition of the labels division of Constantia Flexibles GmbH, expected to close in the fiscal quarter ending Dec. 31, also to refinance an existing revolver and general corporate purposes; Cincinnati-based label maker; announced in July 19 8-K filing with Securities and Exchange Commission.

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.

PAREXEL INTERNATIONAL CORP.: $720 million one-year senior unsecured bridge loan; to fund the buyout of the company by Pamplona Capital Management LLP and refinance existing debt; financing also includes $2,365,000,000 senior secured credit facilities; BofA Merrill Lynch and JPMorgan are the lead banks on the debt; funding to also include $2.7 billion of equity; bridge to be replaced by $720 million eight-year senior notes expected to be marketed on a roadshow in September; Waltham, Mass.-based biopharmaceutical services company; bridge loan commitments due July 18.

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.

STAPLES INC.: $1.6 billion unsecured bridge loan (BofA Merrill Lynch, left lead) and $3.6 billion credit facilities; Bank of America Merrill Lynch (lead left), UBS Investment Bank, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third Bank, Jefferies LLC, RBC Capital Markets, Citigroup Global Markets Inc., Goldman Sachs Bank USA, KKR Capital Markets, Natixis; also $3.6 billion credit facilities; to help fund the acquisition of Staples by Sycamore Partners in a transaction valued at about $6.9 billion, expected to close no later than December 2017; Framingham, Mass.-based retailer of office supplies; bridge loan launched on July 24 investor call.

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.

WEST CORP.: $1.35 billion senior notes backed by $1.35 billion bridge, 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

July 20-25: DIVERSEY CARE €545 million; Goldman Sachs, Credit Suisse, Barclays, Citigroup, BofA Merrill Lynch, RBC, HSBC, SunTrust, Jefferies.

July 24-27: ALLFUNDS €575 million; Goldman Sachs.

Pricing expected July 26: ASHTON WOODS $250 million; JPMorgan, Wells Fargo.

Starts July 25: ASSUREDPARTNERS $450 million; Morgan Stanley, BofA Merrill Lynch, Barclays, RBC, BMO, Macquarie.

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