High Yield Calendar: $3.85 billion deals being marketed

Sept. 25 Week

CAESARS ENTERTAINMENT CORP.: $1.7 billion senior notes due 2025 (B3/B-); J.P. Morgan Securities LLC; non-callable for three years; to refinance debt; price talk 5% to 5¼% (initial talk low 5% area); pricing Friday.

FLY LEASING LTD.: $300 million seven-year senior notes; Jefferies LLC (sole), Citigroup Global Markets Inc., Wells Fargo Securities LLC (joint lead managers); SEC registered; non-callable for three years; to refinance 6¾% senior notes due 2020; Dublin-based aircraft lessor; roadshow Sept. 25-29; initial price talk low 5% area.

Oct. 2 Week

WEST CORP.: $1.35 billion senior notes due 2025 (B3/CCC+/B-); RBC Capital Markets (joint books, bill and deliver), Credit Suisse Securities (USA) LLC, Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. (joint books); Rule 144A for life and Regulation S; callable after three years at par plus 50% of coupon; three-year 40% equity clawback; 101% poison put; to help fund the buyout by Apollo Global Management LLC; Omaha-based provider of communication and network infrastructure services; roadshow Sept. 25-Oct. 2; price talk expected Oct. 2; pricing expected Oct. 3.

Expected October Business

WIND TRE SPA: New dollar-denominated and euro-denominated bonds and loans for planned €10 billion debt refinancing; Rome-based telecom merger formed by the incorporation of Wind Telecomunicazioni SpA into H3G SpA; bonds expected during Oct. 9 week.

On The Horizon

BEACON ROOFING SUPPLY INC.: $1.3 billion senior notes backed by $1.3 billion senior unsecured one-year bridge loan via Wells Fargo and Citigroup, capped at 7¾%; also $2.27 billion senior secured credit facilities; to help fund its acquisition of East Rutherford, N.J.-based building products distributor Allied Building Products Corp. and refinance an existing $440 million term loan B; Beacon Roofing is a Herndon, Va.-based distributor of residential and commercial roofing materials and complementary building products; bridge launched on Sept. 7 investor call, commitments due Sept. 13.

CATALENT, INC.: New unsecured notes, along with equity, to fund $950 million acquisition of Bloomington, Ind.-based integrated provider of drug substance and drug product manufacturing Cook Pharmica LLC, expected to close in the fourth quarter of 2017; committed financing from Morgan Stanley Senior Funding, Inc. (lead arranger), J.P. Morgan, RBC Capital Markets, and BofA Merrill Lynch; Somerset, N.J.-based Catalent provides advanced delivery technologies and development solutions for drugs, biologics and consumer health products; Catalent will host a conference call and webcast at 8:30 a.m. ET on Sept. 19, 2017.

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.

ITRON INC.: $350 million notes backed by bridge loan initially priced at Libor plus 500 bps with 1% Libor floor, and $400 million term loan via Wells Fargo lead arranger and bookrunner; to fund its acquisition of San Jose, Calif.-based Internet connectivity platforms and services Silver Spring Networks Inc.; Liberty Lake, Wash.-based technology and services company; disclosed in 8-K document filed on Sept. 18 with Securities and Exchange Commission.

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.

NORWEGIAN AIR SHUTTLE ASA: Possible krone-denominated 3.5-year bond and potential tap of existing 7¼% 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.

PATTONAIR: Dollar-denominated bonds backing Platinum Equity's buyout of the company from Exponent Private Equity; Deutsche Bank; Derbyshire, England-based global supply chain provider supporting engine and airframe manufacturers and maintenance, repair and operations customers; buyout set to close in fourth quarter of 2017.

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.

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.

TIME INC.: $300 million senior notes due 2025; proceeds, together with cash on hand, to repay $200 million of term loan debt and reduce either the term loan or the existing notes, or a combination of both, by about $100 million, on or prior to Dec. 31, 2017; company is also in the market with $764 million of bank debt that launched Sept. 22 via Citigroup, Morgan Stanley, BofA Merrill Lynch, Barclays, BNP Paribas and JPMorgan; New York-based multi-media company; bonds disclosed in 8-K document filed Sept. 25 with Securities and Exchange Commission.

VANTIV LLC: $1.13 billion senior notes backed by one-year bridge at Libor plus 425 bps, 1% Libor floor, and $3.08 billion incremental bank debt; Morgan Stanley, Credit Suisse and MUFG are the lenders under the incremental loans and joint lead arrangers and joint bookrunners on the bridge loan; to help fund Vantiv’s merger with Worldpay Group plc, to refinance existing Worldpay debt and for general corporate purposes; Vantiv is a Cincinnati-based merchant and PIN debit acquirer; Worldpay is a London-based payments company (combined company will be named Worldpay and have global and corporate headquarters in Cincinnati and international headquarters in London); announced in Aug. 16 8-K.

Roadshows

Pricing Sept. 25 week: CAESARS ENTERTAINMENT $1.7 billion; JPMorgan.

Started Sept. 25: FLY LEASING $300 million; Jefferies.

Sept. 25-Oct. 2: WEST CORP. $1.35 billion; RBC, Credit Suisse, Barclays, BofA Merrill Lynch, Citigroup, Deutsche Bank, Morgan Stanley, Goldman Sachs.

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