High Yield Calendar: $8.1 billion being marketed

October 25 Week

ARMOR HOLDCO, INC.: $350 million senior notes due 2029 (Caa1/CCC+); Goldman Sachs (left books), BofA, Deutsche Bank, Lloyds (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus $900 million equivalent term loan to support the combination of Equiniti and AST, to refinance, and for other transactions, with remaining proceeds for general corporate purposes; Equiniti is a London-based financial services outsourcing company; AST is New York-based financial services provider; roadshow through Thursday; investor call 11 a.m. ET on Monday; price talk 8¼% to 8½% (initial talk high 7% to 8% area); pricing Friday.

LIFESCAN GLOBAL CORP.: $800 million two-part senior secured notes due 2026 (expected ratings B3/B); fixed-rate notes with two years of call protection, initial talk high 6% to 7% area, and floating-rate notes with one year of call protection, initial talk Libor plus 625 bps at 99 to 99.5; BofA, Deutsche Bank, Goldman Sachs, Jefferies, Barclays, RBC (joint); Rule 144A and Regulation S; notes in both tranches subject to special call for 10% of respective tranches annually at 103 during non-call periods; to repay debt; diagnostic systems manufacturer focused on diabetes, with headquarters in Malvern, Pa., and Zug, Switzerland; investor call Thursday; roadshow through Oct. 28.

PETROFAC LTD.: $500 million senior secured notes due 2026 (Fitch: BB-); Goldman Sachs; non-callable for two years; to refinance debt; Saint Helier, Jersey, U.K.-based oilfield services provider; investor call Wednesday; telephone roadshow Wednesday-Thursday; whispered in 10% area.

BELLIS ACQUISITION CO. PLC (ASDA): £500 million senior secured notes due Feb. 15, 2026 (Ba3//BB+); Barclays (left physical books, bill and deliver), Deutsche Bank (joint physical books), BofA, Lloyds, Morgan Stanley, Rabobank, HSBC (joint books); Rule 144A and Regulation S; callable Feb. 15, 2023 at par plus 50% of coupon (maturity and call dates are the same as those of the existing sterling-denominated 3¼% senior secured notes); to repay amounts drawn on bridge facility; U.K.-based supermarket chain; investor call Wednesday; price talk 4½% to 4¾% (initial talk 4¾% to 5%); pricing Friday.

MONITRONICS INTERNATIONAL, INC.: $1.1 billion senior secured first-lien notes due 2028 (Caa1/B-); JPMorgan, Citigroup, PNC (joint), Credit Suisse, Imperial (co’s); Rule 144A and Regulation S; non-callable for four years; proceeds plus new credit facilities to pay off existing credit facilities, with any remaining proceeds for general corporate purposes; Dallas-based security and alarm monitoring services provider does business as Brinks Home; pricing expected Wednesday; initial price talk 10% area.

November 1 Week

TEVA PHARMACEUTICAL INDUSTRIES LTD.: $4 billion equivalent sustainability-linked senior notes (Ba2/BB-/BB-) in four bullet tranches: Dollar-denominated 5.5-year notes, initial talk in 4¾% area, dollar-denominated 7.5-year notes, initial talk in 5% area, euro-denominated 5.5-year notes, initial talk low 4% area, and euro-denominated 8.5-year notes, initial talk high 4% area, tranche sizes to be determined, approximately even split between dollar- and euro-denominated issuance expected; BofA, BNP Paribas, HSBC, JPMorgan (joint active books), Citigroup, Goldman Sachs, Mizuho, MUFG (joint passive books), Intesa, PNC (co's); to fund tender for up to $3.5 billion notes and for general corporate purposes; Tel Aviv-based pharmaceutical company; roadshow started Wednesday through Monday; pricing expected on Tuesday.

PECF USS INTERMEDIATE HOLDING III CORP. (UNITED SITE SERVICES CO.): $1.3 billion two-part notes: $550 million senior secured notes due 2028 (expected ratings B2/B-) initial price talk low-to-mid 5% area, and $750 million senior unsecured notes due 2029 (expected ratings Caa2/CCC) initial price talk high 7% area to 8%; BofA, Goldman Sachs, Morgan Stanley, Barclays, Deutsche Bank, Jefferies (joint); Rule 144A and Regulation S; notes in both tranches callable after three years at par plus 50% of respective coupons; to fund the acquisition of United Site Services by a Platinum Equity Continuation Fund, and refinance debt; Westborough, Mass.-based portable toilet rental company; investor call Nov. 1; roadshow through Nov. 4.

RAILWORKS HOLDINGS: $325 million seven-year senior secured second lien notes; JPMorgan, BMO; Rule 144A and Regulation S; non-callable for three years; to fund the acquisition of the company by Bernhard Capital; Chicago-based company builds and maintains the transportation infrastructure; roadshow started Oct. 28; pricing expected Nov. 4.

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; Huntersville, N.C.-based tire distribution business; non-deal roadshow during Feb. 8 week; offering expected to launch Feb. 15 week; initial yield expectation 8½%.

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.

CDW CORP.: $2.5 billion 364-day senior unsecured bridge loan backing acquisition of Sirius Computer Solutions Inc. from Clayton, Dubilier & Rice, expected to close in December 2021; JPMorgan provided debt commitment; CDW is a Lincolnshire, Ill.-based information technology company; Sirius is a San Antonio-based technology company; disclosed in 8-K filed with SEC on Oct. 18.

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.

COOKE OMEGA INVESTMENTS INC. and COOKE OMEGA FINCO, INC.: $580 million senior notes due 2029 (Caa1/CCC+); BofA, DNB, BMO, HSBC (joint), Desjardins, CIBC (co's); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus new credit facilities to refinance debt and a distribution; Blacks Harbour, N.B.-based seafood producer; initial talk high 5% to 6% area.

COVANTA HOLDING CORP.: $1.5 billion senior unsecured bridge facility to be replaced by unsecured notes, also $1.94 billion credit facilities; debt commitment from Barclays, Credit Suisse, TD, BNP Paribas, Credit Agricole, Goldman Sachs, RBC, Citigroup, Stifel, MUFG, Fifth Third, Citizens; to help fund its acquisition by EQT Infrastructure, expected to close in fourth quarter of 2021; Covanta is a Morristown, N.J.-based provider of sustainable waste and energy solutions; disclosed in PREM14A filed with SEC on Aug. 19.

DIASORIN SPA: $500 million one-year bridge loan and $1.1 billion term loan due 2026 via Citigroup, BNP Paribas, Mediobanca and UniCredit; to help fund its acquisition of Luminex Corp., enterprise value approximately $1.8 billion, expected to close in third quarter of 2021; DiaSorin is an Italy-based producer of reagent kits used by diagnostic laboratories; Luminex is an Austin, Tex.-based provider of biological testing technologies and products; April 12 news release.

GRAY TELEVISION INC.: $1.475 billion bridge loan (increased from $1.35 billion), and $1.45 billion incremental term loan; Wells Fargo; funding for acquisition of Meredith Corp., expected to close fourth quarter of 2021, $2.7 billion total enterprise value; Gray Television is an Atlanta-based broadcast company; disclosed in 8-K filed on June 3 with SEC.

HUNTINGTON INGALLS INDUSTRIES: $1 billion senior notes and $650 million term loan; to fund acquisition of Alion Science and Technology expected to close second half of 2021; Credit Suisse was financial advisor to Huntington Ingalls, Macquarie was financial advisor to Alion; Huntington Ingalls is a Newport News, Va.-based military shipbuilding company; details disclosed in July 9 8-K filed with SEC.

PRINCE INTERNATIONAL CORP.: $1.26 billion senior notes and $2.27 billion credit facilities, debt commitment from Barclays and Credit Suisse; proceeds plus $200 million of equity to help fund its acquisition of Ferro Corp., expected to close in the first quarter of 2022; Prince is a Houston-based supplier of specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets; disclosed in PREM14A filed with SEC.

STANDARD INDUSTRIES HOLDINGS INC.: $955 million senior unsecured bridge, also $2.95 billion senior secured credit facilities; debt commitment from JPMorgan, BNP Paribas, Citigroup, Deutsche Bank; to help fund its acquisition of W.R. Grace & Co. in transaction valued at around $7 billion, expected to close in fourth quarter of 2021; Standard Industries is a New York-based industrial company; W.R. Grace is a Columbia, Md.-based specialty chemical company; details disclosed in PREM14A filed SEC on May 24.

Roadshows

Through Oct. 28: LIFESCAN GLOBAL $800 million; BofA, Deutsche Bank, Goldman Sachs, Jefferies, Barclays, RBC

Started Oct. 25: ARMOR HOLDCO $350 million; Goldman Sachs

Started Oct. 26: UNITED SITE SERVICES CO. $1.3 billion; BofA, Goldman Sachs, Morgan Stanley, Barclays, Deutsche Bank, Jefferies

Started Oct. 27: TEVA PHARMACEUTICAL $4 billion; BofA, BNP Paribas, HSBC, JPMorgan.

Started Oct. 28: RAILWORKS $325 million; JPMorgan, BMO.

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