High Yield Calendar: $3.5 billion and €3.11 billion deals being marketed

June 18 Week

ENERGIZER HOLDINGS INC. $1.25 billion equivalent eight-year senior notes (B2/BB-): ENERGIZER GAMMA ACQUISITION, INC. $500 million dollar-denominated notes, also ENERGIZER GAMMA ACQUISITION BV $750 million equivalent euro-denominated notes; Barclays (joint books, bill and deliver), JPMorgan, BofA Merrill Lynch, Citigroup, MUFG, TD, Standard Chartered (joint books); Rule 144A and Regulation S for life; non-callable for three years; 101% poison put; to support the acquisition of Spectrum Brands' global batteries and portable lighting businesses; St. Louis-based manufacturer of primary batteries and portable lighting products; international roadshow June 14-20, pricing thereafter.

TEEKAY OFFSHORE PARTNERS LP and TEEKAY OFFSHORE FINANCE CORP.: $500 million five-year senior notes (expected ratings Caa2/B/B); Citigroup, DNB Markets, Credit Suisse, Credit Agricole (joint books), ABN Amro, BNP Paribas, ING, NIBC, Nordea (co's); Rule 144A and Regulation S for life; Treasuries plus 50 bps make-whole call for first two years then callable at a premium; 101% poison put; to fund tender for 6% senior notes due 2019; Hamilton, Bermuda-based provider of transportation and services to the offshore oil industry; roadshow June 13-22; pricing June 18 week.

TDC A/S via DTK FINANCE: €1.4 billion equivalent five-year senior notes in dollar- and euro-denominated notes; Deutsche Bank; non-callable for two years; to fund the acquisition of TDC by Macquarie Infrastructure and Real Assets and three Danish pension funds; Copenhagen-based telecommunications provider; U.S. roadshow starts June 12, European roadshow June 18 week; initial guidance on dollar-denominated notes in 9% area.

SCHMOLZ + BICKENBACH AG: €150 million add-on to the Schmolz + Bickenbach Luxembourg Finance SA 5 5/8% senior secured notes due July 15, 2022; Credit Suisse (left books), Commerz, UBS (joint books); Rule 144A and Regulation S; make-whole call at Bunds plus 50 bps until July 15, 2019, then callable at 102.813; 40% equity clawback at 105.625 until July 15, 2019; to repay debt under senior secured syndicated revolver used in funding acquisition of the majority of the Asco Industries SAS sites and facilities, to fund working capital requirements; Lucerne-based steel producer; roadshow starts June 14; pricing expected June 18; original €200 million issue priced at par in April 2017; add-on notes will become fungible with the original notes.

CIRSA GAMING CORP. SA via LHMC FINCO SARL €1.56 billion equivalent three-part seven-year senior secured notes (expected ratings B2/B+) in dollars and euros: Euro-denominated floating-rate notes with one year of call protection, euro-denominated and dollar-denominated fixed-rate notes with three years of call protection (special calls allows issuer to redeem 10% of notes annually at 103 during non-call period) and three-year 40% equity clawbacks; Deutsche Bank (joint global coordinator, joint bookrunner, bill and deliver), Barclays, UBS (joint global coordinators, joint bookrunners), BBVA, Credit Suisse, Jefferies (joint bookrunners); Rule 144A and Regulation S for life; to finance the acquisition by Blackstone, including the repayment of certain existing debt of the target or its subsidiaries; Madrid-based gaming company; European roadshow June 14-18, U.S. roadshow June 19-21.

High Yield Bridges

WANDA MERGER CORP., to be merged into NATIONSTAR MORTGAGE LLC $2.75 billion three-part one-year senior unsecured bridge loan: $1 billion Libor plus 500 bps, 1% Libor floor, 50 bps fee, to be taken out by five-year senior notes, Also $1 billion Libor plus 550 bps, 1% Libor floor, 50 bps fee, to be taken out with eight-year senior notes, Also $750 million Libor plus 575 bps, 1% Libor floor, 50 bps fee, announcements of bridge caps pending; Credit Suisse (left books), Jefferies, Deutsche Bank, HSBC, Goldman Sachs, KKR, Morgan Stanley (joint books); to finance the merger between WMIH Corp. and Nationstar and refinance Nationstar existing debt; WMIH is a Seattle-based reinsurance business; Nationstar is a Dallas-based non-bank mortgage servicer; lender call April 19; commitments due April 27.

T-MOBILE USA INC.: $27 billion bridge loans to be replaced with secured notes, unsecured notes or other financing in connection with merger of T-Mobile and Sprint Corp.: $19 billion 364-day senior secured covenant-light bridge facility (low triple B ratings expected) and $8 billion one-year senior unsecured covenant-light bridge facility ($4 billion expected to convert into eight-year debt, and $4 billion expected to convert to 10-year debt) (mid-to-high double B ratings expected), also $11 billion credit facilities; Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets, joint lead arrangers and bookrunners on the debt (Goldman Sachs agent on the secured bridge, agent for unsecured bridge not named in the commitment letter); to refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be based in Bellevue, Wash.; announced in April 30 8-K filing with Securities & Exchange Commission.

On The Horizon

COMSTOCK RESOURCES INC.: New senior notes and a new revolver; to refinance its senior secured toggle notes due 2020, 7¾% convertible secured PIK notes due 2019 and 9½% convertible secured PIK notes due 2020, associated with Arkoma investment in Comstock and related acquisitions, expected to become effective April 1; Frisco, Texas-based oil and gas acquisitions, exploration and development company.

DOMETIC GROUP AB: Benchmark euro-denominated five-year senior notes (Ba3/BB); Deutsche Bank; to repay debt and for general corporate purposes; Stockholm-based manufacturer/supplier climate, hygiene, sanitation, food and beverage applications for the RV, marine, and automotive industry.

FINCANTIERI SPA: €300 million minimum fixed-rate senior notes with a five-year to seven-year maturity; Banca IMI, BNP Paribas, Deutsche Bank, Goldman Sachs International, HSBC and UniCredit; Regulation S; Trieste, Italy-based shipbuilder.

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.

SHAMARAN PETROLEUM CORP.: $240 million new bonds; proceeds to refinance $186 million of outstanding bonds and to finance the company’s $60 million acquisition of a further 15% working interest in the production sharing contract for the Atrush Block, Kurdistan Region of Iraq and some other assets from Marathon Oil KDV BV; Kurdistan-focused oil development and exploration company based in Vancouver, B.C.

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.

STARS GROUP INC.: $1.4 billion senior notes and $5.5 billion credit facilities; debt commitment from Deutsche Bank, Goldman Sachs, Macquarie and Morgan Stanley; fund cash portion of the Sky Betting & Gaming acquisition, refinance Stars’ existing first-lien term loan and repay Sky Betting’s outstanding debt; Stars is a Toronto-based provider of technology-based products and services in the gaming and interactive entertainment industries; Sky Betting is an online betting and gaming company; debt announced on April 23 conference call.

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

June 13-22: TEEKAY OFFSHORE $500 million; Citigroup, DNB Markets, Credit Suisse, Credit Agricole.

June 14-20: ENERGIZER $1.25 billion; Barclays, JPMorgan, BofA Merrill Lynch, Citigroup, MUFG, TD, Standard Chartered.

Starts June 12 in U.S., June 18 in Europe: TDC A/S €1.4 billion; Deutsche Bank.

June 14-21: CIRSA GAMING €1.56 billion; Deutsche Bank, Barclays, UBS, BBVA, Credit Suisse, Jefferies.

Starts June 15: SCHMOLZ + BICKENBACH €150 million; Credit Suisse, Commerz, UBS.

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