High Yield Calendar: $2.85 billion and €470 million deals being marketed

June 10 Week

AKER BP ASA: $500 million senior notes due 2024 (expected ratings Ba1/BB+/BBB-); Barclays (global coordinator, bill and deliver), BNP Paribas, HSBC, MUFG (global coordinators), BMO, Citigroup, ING, JPMorgan, Wells Fargo (joint books), ABN Amro, Credit Agricole, Danske, DNB, Nordea, SEB, Swedbank, UniCredit (co's); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; two-year 40% equity clawback at par plus coupon; 101 poison put; to pay down revolver; Oslo-based oil and gas exploration and production company; investor call 10 a.m. ET on Tuesday; price talk 4 7/8% to 5 1/8% (initial talk low 5% area); pricing Wednesday.

CUMULUS MEDIA NEW HOLDINGS INC.: $300 million senior secured first-lien notes due 2026; BofA (left books), Deutsche Bank, Morgan Stanley (joint books), Credit Suisse, Fifth Third, JPMorgan (co's); Rule 144A for life; callable after three years at par plus 50% of coupon; 40% equity clawback at par plus coupon; 101% poison put; to repay term loan; content provider to radio broadcast industry; roadshow June 11-12; initial price talk low 7% area.

LABL ESCROW ISSUER, LLC to be merged with and into W/S PACKAGING HOLDINGS, INC.: $1.39 billion two-part senior secured notes: $650 million notes due 2026 (expected ratings B2/B), initial talk low 7% area, and $740 million notes due 2027 (expected ratings Caa2/B-), initial talk low 9% area; BofA (left books), Deutsche Bank, Barclays, BMO, Credit Suisse, Houlihan Lokey, Morgan Stanley (joint books); Rule 144A for life; notes in both tranches non-callable after three years at par plus 50% of respective coupons; proceeds, together with cash on hand, an equity investment and borrowings under the senior secured credit facility to help fund acquisition of Multi-Color by Platinum Equity LLC, and merger with W/S Packaging Group, expected to close third quarter of 2019; Multi-Color is a Cincinnati-based label maker; roadshow June 10-13.

PGS ASA (Petroleum Geo-Services): $150 million senior secured second-lien notes due January 2025 (Caa2/CCC+/CCC+); Barclays (joint books, bill and deliver), JPMorgan, DNB, Clarksons (joint books), ABN Amro, NatWest, Nordea (co's); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; two-year 35% equity clawback; 101% poison put; proceeds, together with a $525 million first-lien term loan, cash on the balance sheet and second installment from the sale of Ramform Sterling, to redeem senior notes due 2020, repay term loan B and pay down revolver; Lysaker, Norway-based provider of seismic services to the energy industry; global roadshow June 7-11; initial price talk 12% area.

U.S. RENAL CARE, INC. (BCPE CYCLE MERGER SUB II, INC., prior to the consummation of the acquisition): $505 million senior notes due 2027; Barclays (lead left books), BofA, BMO, Macquarie, RBC, SunTrust (joint books); 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 help fund the buyout of the company; Plano, Tex.-based provider of dialysis services; roadshow June 10-14, pricing thereafter.

HARSCO CORP.: $500 million senior notes due 2027; Goldman Sachs (left books), Citigroup, BofA, BMO, HSBC, RBC, US Bancorp, KeyBanc (joint books), Fifth Third, PNC, ING (senior co's), Huntington, Santander (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds, together with borrowings under the revolver, to fund acquisition of Clean Earth Inc. from Compass Group Diversified Holdings LLC; Harsco is a Camp Hill, Pa.-based provider of diversified industrial services and engineered products to steel, aluminum, energy and railway sectors; Clean Earth is a Hatboro, Pa.-based specialty waste processing company; roadshow June 10-13, pricing thereafter.

DIOCLE GENERICI (DOC GENERICI): €470 million senior secured floating-rate notes due 2026 (expected ratings B2/B); BNP Paribas (global coordinator, sole physical books), UniCredit (global coordinator), Credit Agricole (joint books); Rule 144A and Regulation S; callable after one year at 101; to refinance debt incurred in the spring when Intermediate Capital Group and Merieux Equity Partners acquire Doc Generici from CVC Capital Partners; Milan-based generic drugmaker; roadshow through June 13.

Expected Early June Business

QMAX FINANCIAL HOLDINGS INC. (Q'MAX SOLUTIONS INC.) $225 million secured notes due 2024 (Caa2/B-); Pareto; Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; two-year 35% equity clawback at par plus coupon; to help fund the upcoming acquisition of Mountain Mud, repay debt and buy out certain existing equipment leases; Houston-based multi-national oilfield services provider; roadshow mid-to-late May.

ATLANTICA TENDER DRILLING LTD.: $140 million four-year second-lien notes; DNB, Pareto (global coordinators), Danske, SpareBank1 (joint books); also $100 million four-year first-lien term loan; to refinance bank and bond debt; Houston-based oil and gas drilling services provider; deal subject to market conditions, pre-marketing mid-to-late May.

OBSIDIAN ENERGY LTD.: $100 million five-year senior notes; Pareto; to refinance Obsidian Energy’s existing $48 million secured notes maturing between 2020 to 2025 and for general corporate purposes; Calgary, Alta.-based oil and natural gas production company; roadshow mid-to-late May.

DDM HOLDING AG via DDM DEBT AB: €100 million three-year secured floating-rate notes; Arctic Securities AS and ABG Sundal Collier ASA (joint lead managers); Stockholm-based investment services provider; investor meetings started March 20; guidance three-month Euribor plus 850 bps to 950 bps.

High Yield Bridges

CENTENE CORP.: $8.35 billion senior unsecured bridge loan; Barclays; to help fund acquisition of WellCare Health Plans Inc., expected to close in first half of 2020; Centene is a St. Louis-based provider of services to government sponsored and commercial health care programs; WellCare is a Tampa, Fla.-based provider of government-sponsored managed care services; information disclosed in March 27 8-K filed with SEC.

DIAMOND SPORTS GROUP LLC a newly formed, wholly owned subsidiary of SINCLAIR BROADCAST GROUP INC: $2.55 billion senior secured notes and $2,325,000,000 senior unsecured notes backed by bridge loans, also $3.6 billion credit facilities to help fund the acquisition of 21 Regional Sports Networks and Fox College Sports from the Walt Disney Co.; JPMorgan, Deutsche Bank, RBC and BofA provided debt commitment; Hunt Valley, Md.-based television broadcasting company; from information in an 8-K filed with the Securities and Exchange Commission on May 6.

HARSCO CORP.: $500 million senior notes backed by senior unsecured bridge via Goldman Sachs and Citigroup; to help fund its acquisition of Clean Earth Inc. from Compass Group Diversified Holdings LLC; Harsco is a Camp Hill, Pa.-based diversified industrial company; Clean Earth is a Hatboro, Pa.-based specialty waste processing company; disclosed in 8-K filed with SEC on May 13.

INMARSAT: Up to $1,125,000,000 senior notes backed by bridge loan (Libor plus 425 bps, 0% Libor floor, spread increases 50 bps every three months up to specified cap, BofA administrative agent) and $3.3 billion credit facilities (Barclays administrative agent); Barclays, BofA, UBS are global coordinators on the debt; to help fund the acquisition of Inmarsat by Apax, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board for about $3.4 billion, expected to close in fourth quarter of 2019; London-based satellite telecommunications company; details in March 25 press release.

NESCO HOLDINGS INC.: $400 million senior notes backed by $400 million second-lien increasing rate bridge loan; also $350 million senior secured asset-based revolver; JPMorgan Chase Bank, Fifth Third Bank, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. provided debt commitment; to repay Nesco debt in connection with the acquisition of Nesco by Capitol Investment Corp. IV, expected to close in second quarter of 2019; specialty rental equipment to the electric utility, telecom and rail end-markets.

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.

SIRIUS COMPUTER SOLUTIONS INC.: $300 million senior unsecured bridge loan led by Citigroup, commitments due May 17; also $940 million credit facilities via Credit Suisse, Citigroup, UBS, Barclays, Deutsche Bank, Goldman Sachs, Macquarie, MUFG, Natixis, Nomura, RBC and SunTrust; financing for Clayton, Dubilier & Rice's buyout of the company from Kelso & Co.; San Antonio-based provider of mission-critical IT infrastructure solutions.

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

CALPINE CORP.: $1.4 billion bonds and $600 million bank loan; to fund capital expenditures related to the Geysers geothermal renewable energy project in northern California; San Jose, Calif.-based power generator; heard Dec. 11, 2018 from market sources.

DIAMONDBACK ENERGY INC.: Expected high-yield notes; to help fund $9.2 billion acquisition of Energen Corp., expected to close in fourth quarter 2018; Citigroup is financial adviser to Diamondback, JPMorgan and Tudor Pickering Holt are exclusive financial advisers to Energen.

E.W. SCRIPPS: $1.85 billion term loans and unsecured debt; Morgan Stanley, Wells Fargo Securities LLC; to fund acquisition of eight TV stations in seven markets from the Nexstar Media Group Inc.-Tribune Media merger divestitures; Cincinnati-based broadcasting and digital media company.

GENERAL ELECTRIC DISTRIBUTED POWER: $600 million high-yield bonds; to help fund the acquisition of General Electric’s Distributed Power business for $3.25 billion by private equity investor Advent International, expected to close in fourth quarter of 2018; provider of gas engines, power equipment and services focused on power generation and gas compression; debt capital markets transactions expected in third quarter of 2018.

NEXSTAR MEDIA GROUP INC.: New bonds and loan to fund the cash consideration of its acquisition of Tribune Media Co., expected to close in the third quarter of 2019; BofA, Credit Suisse and Deutsche Bank committed to $6.4 billion financing; Nexstar is an Irving, Tex.-based diversified media company; Tribune is a Chicago-based owner of television and digital properties; disclosed in Dec. 3 8-K.

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.

Roadshows

June 7-11: W/S PACKAGING $1.39 billion; BofA.

June 7-11: PETROLEUM GEO-SERVICES $150 million; Barclays.

June 10-14: U.S. RENAL CARE $505 million; Barclays.

June 10-13: DOC GENERICI €470 million; BNP Paribas, UniCredit, Credit Agricole.

Started June 10: HARSCO $500 million; Goldman Sachs.

June 11-12: CUMULUS MEDIA $300 million; BofA.

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