High Yield Calendar: $2.73 billion and €2 billion equivalent deals in market

January 18 week

INEOS QUATTRO: €2 billion equivalent dual-currency four-tranche offering; €1 billion equivalent secured notes split between euro-denominated and dollar-denominated tranches; initial talk 4% area for dollar-denominated tranche, 3% to 3¼% for euro-denominated tranche; €1 billion equivalent unsecured notes split between euro-denominated and dollar-denominated tranches; initial talk low 5% area for dollar-denominated tranche and mid-4% area for euro-denominated tranche; no-call two years for all tranches; Citigroup lead for dollar-denominated tranches, Barclays, HSBC and JPMorgan leads for euro-denominated tranches; proceeds to repay bridge loan, refinance term loan and pay the deferred considerations for acquisition of BP’s aromatics and acetyls businesses; roadshow until Jan. 20.

TRUCK HERO INC.: $550 million eight-year non-call three-year senior notes (Caa2/CCC); early whisper 7% area; Rule 144A and Regulation S; Jefferies, BofA Securities, KKR Capital Markets and Stifel Nicolaus; proceeds to fund the acquisition of Truck Hero by L Catterton and CCMP Capital; Ann Arbor, Mich.-based marketer of accessories for trucks and jeeps; pricing expected Jan. 20.

DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP and DRAWBRIDGE SPECIAL OPPORTUNITIES FINANCE CORP.: $400 million senior notes due 2026 (S&P: BBB); Wells Fargo (left), NAB (joint); Rule 144A for life; par call two months prior to maturity, otherwise non-callable; to fund tender for 2021 notes, with remaining proceeds to pay recourse debt; private investment partnership registered in Delaware; investor call 11 a.m. ET on Tuesday; pricing Wednesday.

BEASLEY MEZZANINE HOLDINGS, LLC (BEASLEY BROADCAST GROUP, INC.): $280 million senior secured notes due 2026; Goldman Sachs (left), BofA (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to pay off term loan B, revolver, outlaws note and the Beasley note, with remaining proceeds to the balance sheet and for general corporate purposes; Naples, Fla.-based radio broadcast company; virtual roadshow Tuesday through Thursday; investor call 11 a.m. ET on Tuesday; pricing Thursday.

BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS INC.: $350 million five-year second-lien notes; Credit Suisse (left lead), JPMorgan (joint books), Wells Fargo (co); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; proceeds plus borrowings under ABL facility to pay off existing first lien term loan and ABL facility; provider of concrete pumping services and concrete waste management services; investor call 11 a.m. ET on Tuesday; pricing later in Jan. 18 week.

TECHNIPFMC AND TECHNIP ENERGIES: $850 million senior notes due 2026; JPMorgan; Rule 144A and Regulation S; non-callable for two years; to repay and terminate some of TechnipFMC’s debt and for working capital and general corporate purposes; oil and gas services company is based in London; initial talk low-to-mid 7% area; pricing expected Friday.

COLGATE ENERGY PARTNERS III, LLC: $300 million seven-year unsecured notes; Credit Suisse (left lead), Jefferies, Wells Fargo, Truist, RBC (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to repay debt under revolver and fund distribution to members; Midland, Texas privately held independent oil and gas company; investor call 10:30 a.m. ET on Wednesday; pricing expected Friday.

On The Horizon

ADTALEM: $1.65 billion first-lien term loan/senior secured notes; Morgan Stanley; also $400 million revolver; to help fund its acquisition of Walden University from Laureate Education Inc., expected to close first quarter of fiscal year 2022; Adtalem is a Chicago-based workforce solutions provider. Walden University is an online health care education provider.

CARDTRONICS: $450 million senior notes backed by $450 million one-year bridge loan and $1.5 billion credit facility to help fund the acquisition of the company by Apollo Global Management Inc. and Hudson Executive Capital LP, with an enterprise value of $2.3 billion, including net debt, expected to close during first half of 2021; RBC, Barclays, Deutsche Bank and Mizuho are the joint lead arrangers on the credit facilities and bridge loan; Houston-based ATM owner/operator; disclosed in Jan. 7 SC 13E3 filed with SEC.

CENTENE CORP.: $2.831 billion bridge financing backing acquisition of Magellan Health Inc. for a total enterprise value of $2.2 billion, expected to close in second half of 2021; JPMorgan provided debt commitment; Centene is a St. Louis-based health care enterprise; Magellan Health is a Phoenix-based managed health care company; disclosed in Jan. 4 press release.

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%).

ENDURANCE INTERNATIONAL GROUP HOLDINGS INC.: $470 million senior notes and $2.03 billion bank debt; JPMorgan, BofA, Deutsche Bank, UBS are joint bookrunners on debt financing (BofA administrative agent on bridge loan); also $980 million equity; to help fund its acquisition of the company by Clearlake Capital Group LP in a transaction valued at approximately $3 billion, expected to close first quarter of 2021; Burlington, Mass.-based provider of cloud-based business services; disclosed in PREM14A filed with SEC on Dec. 1, 2020.

VERISURE HOLDING AB €2.42 billion notes: €1.15 billion secured notes and up to €1.27 billion unsecured notes; proceeds to fund redemption of 5¾% senior notes due 2023; announced on Jan. 7 in connection with consent solicited from holders of €700 million senior secured floating-rate notes due 2025 and fixed-rate notes due 2023, Goldman Sachs and JPMorgan solicitation agents, expires Jan. 13; Linkoping, Sweden-based supplier of commercial and home security systems.

Roadshows

Started Jan. 15: INEOS QUATTRO €2 billion equivalent dual-currency four-tranche offering; Citigroup (dollar-denominated tranches), Barclays, HSBC and JPMorgan (euro-denominated tranches)

Started Jan. 19: BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS $350 million; Credit Suisse

Started Jan. 19: COLGATE ENERGY $300 million; Credit Suisse

Started Jan. 19: TECHNIPFMC $850 million; JPMorgan

Jan. 19-21: BEASLEY BROADCAST $280 million; Goldman Sachs

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