High Yield Calendar: $1.69 billion and €1.15 deals being marketed

November 13 Week

SRC ENERGY INC.: $550 million senior notes due November 2025 (B+); J.P. Morgan Securities LLC, Credit Suisse Securities LLC; Rule 144A and Regulation S; non-callable for three years; to finance a portion of the acquisition of approximately 30,200 acres in Weld County, Colo., to redeem or repurchase 9% senior notes due 2021 and for general corporate purposes; oil and gas exploration and production company; pricing Nov. 13 week.

WELLTEC A/S: $340 million senior secured notes due 2022 (expected ratings B2/B-); Goldman Sachs International (joint books, bill and deliver), DNB Markets, Credit Suisse (joint books); Rule 144A and Regulation S for life; non-callable for two years; to repay $325 million 8% senior secured notes due February 2019 and repay EIB finance contract; Allerod, Denmark-based oilfield services provider; roadshow Nov. 8-16.

GENERAL NUTRITION CENTERS, INC. a wholly owned subsidiary of GNC HOLDINGS, INC.: $500 million senior secured notes due 2022; BofA Merrill Lynch; Rule 144A and Regulation S; non-callable for three years; proceeds, together with a new term loan and asset-based revolver, to prepay and terminate existing credit facility, with any remaining proceeds for general corporate purposes; Pittsburgh-based specialty health, wellness and performance retailer; announced Nov. 8.

VERISURE MIDHOLDING AB €1,145,000,000 equivalent six-year senior notes (expected ratings Caa1/CCC+): Euro-denominated fixed-rate notes and Swedish krona-denominated floating-rate notes; Goldman Sachs (joint global coordinator, physical bookrunner), Nordea (joint global coordinator, physical books for SEK tranche), BofA Merrill Lynch, JPMorgan, Morgan Stanley, Nomura (joint books); Rule 144A and Regulation S; non-callable for two years; redeem private senior notes, fund distribution to shareholders, repay revolver and general corporate purposes; Malmo, Sweden-based provider of security systems; roadshow Nov. 9-14.

LINK MOBILITY GROUP ASA: €30 million tap of 4¾% secured notes due Feb. 24, 2022; ABG Sundal Collier ASA, Danske Bank; Proceeds to provide funding for future acquisitions; Oslo-based provider of mobile solutions and mobile services in the Nordic and Baltic countries; roadshow starts Nov. 10.

NAVIOS MARITIME HOLDINGS INC./NAVIOS MARITIME FINANCE II (US) INC.: $300 million senior secured notes due 2022; Morgan Stanley & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch (joint books), Goldman Sachs (co-manager); Rule 144A, Regulation S for life; 4.75-year tenor, with a springing maturity of Oct. 5, 2021 if at least $130 million or more of the company’s existing 7 3/8% first priority ship mortgage notes due Jan. 15, 2022 remain outstanding on Sept. 5, 2021; callable upon issue at par plus 50% of the coupon; proceeds to refinance its existing 8 1/8% senior notes due 2019 and to pay related fees and expenses; Monte Carlo, Monaco-based shipping company specializing in the transportation of dry bulk commodities such as iron ore, coal and grain.

EAGLE BULK SHIPPING INC.: Bond issue in Norwegian market; Regulation S; Marshall Islands corporation based in New York that owns dry bulk vessels and transports bulk cargoes.

On The Horizon

AMERICAN MIDSTREAM PARTNERS, LP: Bonds; to refinance about $654 million of debt issued by Southcross Holdings and Southcross Energy Partners, LP in connection with its planned purchase of the company; Houston-based owner, operator, developer and acquirer of natural gas midstream energy assets.

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 as lead arranger and bookrunner; to fund its acquisition of San Jose, Calif.-based internet connectivity platforms and services company 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.

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.

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.

VERISURE MIDHOLDING AB: Senior notes due 2023; to redeem existing private senior notes and fund a €425 million distribution to shareholders; subsidiary Verisure Holding AB plans new borrowings under senior facilities to fund a further €625 million distribution to shareholders; subject to successful consent solicitation that ends on Nov. 9 with Goldman Sachs International as solicitation agent; Malmo, Sweden-based provider of professionally monitored alarms and connected services.

Roadshows

Started Nov. 6: EAGLE BULK SHIPPING INC.: bonds

Nov. 8-16: WELLTEC $340 million; Goldman Sachs, DNB, Credit Suisse.

Starts Nov. 10: LINK MOBILITY GROUP ASA: €30 million; ABG Sundal Collier ASA, Danske Bank.

Pricing Nov. 13 week: SRC ENERGY; JPMorgan, Credit Suisse.

Nov. 10-14: VERISURE €1,145,000,000; Goldman Sachs, Nordea, BofA Merrill Lynch, JPMorgan, Morgan Stanley, Nomura.

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