High Yield Calendar: $5.22 billion deals being marketed

March 26 Week

COTY INC. $1.5 billion equivalent three-part senior notes (B2/BB), downsized from $2 billion, revised from four-part deal with the withdrawal of proposed dollar-denominated 10-year notes tranche: euro-denominated five-year notes with two years of call protection, price talk 4% area, euro-denominated eight-year notes, price talk 4½% area, and dollar-denominated eight-year notes, price talk 6% to 6¼%; both tranches of eight-year notes come with three years of call protection; Morgan Stanley & Co. LLC (joint books, bill and deliver for the dollar-denominated notes), BNP Paribas Securities Corp. (joint books, bill and deliver for the euro-denominated notes), J.P. Morgan Securities LLC, BofA Merrill Lynch, Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Securities (USA) LLC, ING, Mizuho Securities USA Inc., RBC Capital Markets LLC, UniCredit (joint books), BBVA Securities Inc., Banca IMI, Scotia, SMBC Nikko (co's); Rule 144A and Regulation S for life; proceeds, together with new credit facilities, to repay in full and refinance existing credit facilities; New York-based beauty company; roadshow started March 22; books close 10 a.m. ET on Wednesday, pricing thereafter.

MCDERMOTT TECHNOLOGY (AMERICAS), INC. and MCDERMOTT TECHNOLOGY (US), INC. (MCDERMOTT INTERNATIONAL INC.) $1.5 billion senior notes (B2/B-): $950 million notes due 2024, callable after three years at par plus 50% of coupon, initial price talk 8 3/8% to 8½%, and $550 million notes due 2026, callable after three years at par plus 75% of coupon, initial price talk 3/8% behind the six-year notes; Barclays (joint global coordinator, joint bookrunner, bill and deliver), Credit Agricole CIB (joint global coordinator and joint bookrunner), ABN Amro, Goldman Sachs, MUFG, RBC (joint bookrunners), Standard Chartered (co-manager), Pareto (Nordic manager); Rule 144A and Regulation S for life; both tranches 35% equity clawback and par plus coupon and 101% poison put; coming in connection with the merger of McDermott and CB&I, with proceeds from the bonds to repay McDermott and CB&I debt, general corporate purposes; McDermott is a Houston-based engineering and design company, CB&I is a Netherlands-based provider of technology and infrastructure for the energy industry (combined company will be based in Houston); roadshow March 22-28.'

CHARLES RIVER LABORATORIES INTERNATIONAL INC.: $500 million senior notes due 2026 (expected ratings B1/BB+); J.P. Morgan Securities LLC; non-callable for three years; to help finance the acquisition of MPI Research for $800 million in cash; Wilmington, Mass-based provider of research and development services to pharmaceutical and biotechnology companies, government agencies and academic institutions; pricing expected March 28; initial talk 5½% to 5¾%.

WYNDHAM HOTELS & RESORTS, INC.: $500 million senior notes due 2026 (Ba2/BB-); Barclays (joint books, bill and deliver), Deutsche Bank Securities Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Wells Fargo Securities LLC (joint books), MUFG, Scotia Capital, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; three-year 40% equity clawback at par plus coupon; 101% poison put; to finance the cash consideration for the LaQuinta acquisition, and for general corporate purposes; Parsippany, N.J.-based hotel franchisor; roadshow March 26-28, pricing thereafter.

W/S PACKAGING HOLDINGS: $250 million notes due 2023 (expected ratings B3/B); BofA Merrill Lynch; non-callable for two years; Portland, Ore.-based packaging products supplier; initial guidance 8¾% to 9%; pricing expected March 28.

PLY GEM HOLDINGS INC.: $645 million eight-year senior notes (expected ratings Caa1/CCC+); Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank, Barclays, Goldman Sachs & Co., BofA Merrill Lynch, RBC Capital Markets LLC, Jefferies, MUFG, Natixis, SG, Credit Agricole CIB (joint); Rule 144A for life; non-callable for three years; to help fund the buyout of Ply Gem and Atrium Windows & Doors by Clayton, Dubilier & Rice; Cary, N.C.-based building products manufacturer; roadshow March 23-29, pricing thereafter (investor call March 26); initial price talk 7% to 7¼%.

April 2 Week

AMERICAN GREETINGS CORP.: $325 million eight-year senior notes (Caa1/CCC+); Deutsche Bank Securities Inc.; non-callable for three years; to support Clayton, Dubilier & Rice’s acquisition of a 60% ownership stake in the company (financing also includes $445 million term loan and $250 million revolver); Cleveland-based greeting card company; roadshow starts March 26; pricing expected April 3.

Expected March Business

UNILEVER SPREADS (FLORA FOOD GROUP): €1 billion high-yield notes and €3.9 billion equivalent term loans via Credit Suisse, Deutsche Bank, KKR Capital Markets, BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, SG CIB, UniCredit; to help fund KKR’s acquisition of Unilever’s margarine and spreads business; Unilever is a consumer goods company based in Englewood Cliffs, N.J.; bonds expected early March.

On The Horizon

CENTENE CORP.: $1.6 billion bonds; Barclays to be involved; $2.3 billion of new equity, including share consideration, to fund its planned $3.75 billion acquisition of Fidelis Care; Centene is a St. Louis-based managed care and specialty health care services provider; expected during first quarter of 2018.

ENERGIZER HOLDINGS INC.: Up to $720 million senior notes backed by one-year bridge at Libor plus 500 bps with 1% Libor floor, Barclays left lead arranger, JPMorgan joint arranger; also $2.04 billion credit facilities; to fund its acquisition of Spectrum Brands’ Global Battery and Portable Lighting Business, expected to close before the end of 2018; St. Louis-based manufacturer of primary batteries and portable lighting products.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Wells Fargo Securities LLC, Citizens Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC; to finance the acquisition of Pinnacle Entertainment Inc., expected to close in the second half of 2018; Penn National is a Wyomissing, Pa.-based owner and manager of gaming and racing facilities and video gaming terminal operations; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

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.

SS&C TECHNOLOGIES HOLDINGS INC.: $1.25 billion bridge loan to be taken out with high-yield bonds and/or IPO of common shares, Credit Suisse, Morgan Stanley; proceeds, along with about $7.15 billion of bank debt, to help fund its acquisition of DST Systems Inc. and to refinance existing debt; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services; targeted to close in third quarter of 2018; announced in Jan. 11 press release.

TUI AG: €400 million seven-year notes; Barclays, Commerzbank, HSBC, Credit Agricole CIB; for general corporate purposes; travel and tourism company based in Hannover, Germany.

TWINSET SPA: €170 million five-year senior secured floating-rate notes; private; to redeem the €150 million senior Euribor plus 587.5 bps secured floating rate notes due 2019, partially repay a shareholder loan and cancel the existing hedging arrangement; Capri, Italy-based supplier of luxury women's apparel and accessories.

WMIH CORP.: $2.75 billion senior notes backed by bridge loans; Credit Suisse Securities (USA) LLC, Jefferies LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.; to help fund the acquisition of Nationstar Mortgage Holdings Inc., expected to close in the second half of 2018, and refinance around $1.9 billion of Nationstar’s existing senior unsecured notes; WMIH is a Seattle-based reinsurance business; announced in Feb. 14 8-K.

Roadshows

Starts March 22: COTY $2 billion; Morgan Stanley, BNP Paribas, JPMorgan, BofA Merrill Lynch, Credit Agricole CIB, Deutsche Bank, HSBC, ING, Mizuho, RBC, UniCredit.

March 22-28: MCDERMOTT $1.5 billion; Barclays, Credit Agricole, ABN Amro, Goldman Sachs, MUFG, RBC.

March 23-29: PLY GEM $645 million; Deutsche Bank, JPMorgan, UBS, Barclays, Goldman Sachs, BofA Merrill Lynch, RBC, Jefferies, MUFG, Natixis, SG, Credit Agricole.

March 26-28: WYNDHAM HOTELS & RESORTS $500 million; Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Wells Fargo.

Starts March 26: AMERICAN GREETINGS; Deutsche Bank.

Pricing expected March 28: CHARLES RIVER LABORATORIES $500 million; JPMorgan.

Pricing expected March 28: W/S PACKAGING $250 million; BofA Merrill Lynch.

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