High Yield Calendar: $5.2 billion in the market

January 24 Week

MINERVA MERGER SUB, INC. (ATHENAHEALTH): $2.35 billion eight-year senior notes (Caa2/CCC/CCC+) downsized from $2.5 billion, with $150 million shifted to term loan B; Goldman Sachs (left books), JPMorgan, BofA, BMO, Barclays, Deutsche Bank, Morgan Stanley, KKR, Credit Suisse, RBC, MSBC, Truist, Jefferies, Macquarie, Mizuho, Nomura, Wells Fargo, BNP Paribas, MUFG, US Bancorp, SMBC, KeyBanc, Fifth Third, Citizens, IMI, Santander, TD, Scotia, Stifel, Credit Agricole (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus $5.75 billion term loan, $1 billion delayed-draw term loan, $2.36 billion of preferred equity, and approximately $6.2 billion of new common equity, to fund the acquisition of athenahealth by Bain Capital and Hellman & Friedman from Veritas Capital and Evergreen Coast Capital; Watertown, Mass.-based provider of cloud-based enterprise software solutions for medical groups and health systems; investor call Monday; roadshow Monday through Wednesday, pricing thereafter; initial talk low-to-mid 6% area.

CERDIA FINANZ GMBH: $600 million five-year senior secured notes; Jefferies, Barclays, BofA, Credit Suisse, Deutsche Bank, Goldman Sachs, NatWest, UBS (joint); Rule 144A and Regulation S for life; non-callable for two years; to refinance capital structure; financing subsidiary of Cerdia, a Baden-Wurttemberg, Germany-based chemical company; roadshow Monday through Thursday; pricing Thursday; initial price talk 11% area, big order came in at 10½% at 97.

EMBECTA CORP.: $500 million eight-year senior secured notes (expected ratings Ba3/B+); Morgan Stanley (left books, bill and deliver), BNP Paribas, Citigroup, JPMorgan, MUFG, USBI, Wells Fargo (joint books), Cititzens Loop, PNC, Santander, Siebert Williams (co's); Rule 144A and Regulation S for life; non-callable for five years; to fund the spinoff of the company from Becton, Dickinson and Co., including cash distribution to Becton, Dickinson, expected to close in second quarter of 2022, and for general corporate purposes; Franklin Lakes, N.J.-based diabetes care company; roadshow started Monday; investor call Monday; pricing expected Friday; initial talk high 4% area to 5% (debut issuer).

COVIS FINCO SARL (COVIS PHARMA): $850 million two-part five-year senior secured notes (B2/B): $475 million dollar-denominated notes, initial talk 7½% area, and $375 million equivalent euro-denominated notes, initial talk 7% area; Barclays (left books), HSBC, Mizuho, MUFG, BNP Paribas, RBC (joint books); Rule 144A and Regulation S for life; non-callable for two years; proceeds plus $350 million term loan to refinance debt, including debt incurred to finance products acquired from AstraZeneca; Zug, Switzerland-based specialty pharmaceutical company; investor call 10 a.m. ET on Jan. 20; books close 5 p.m. ET on Jan. 26, pricing thereafter (debut issuer).

ACURIS FIANANCE US, INC. and ACURIS FINANCE SARL, doing business as ION ANALYTICS: $850 million equivalent eight-year senior secured notes (expected ratings B2/B) in tranches of dollar-denominated notes, initial talk low-to-mid 6% area, and euro-denominated notes, initial talk mid-to-high 4% area; UBS (left books), BNP Paribas (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after two years at par plus 50% of respective coupons; to refinance debt incurred in the Backstop acquisition, to fund a dividend for repurchase of shares from certain minority shareholders in one or more parent companies, to partially prepay amounts drawn under the credit facility and for general corporate purposes; London-based market analytics and data provider; launched on Jan. 25 investor call; pricing expected Friday (debut issuer).

BAUSCH HEALTH COS. INC.: $1 billion secured notes; also $2.5 billion seven-year senior secured term loan via Barclays, set to kick off on June 19 lender call; to help redeem in full 6 1/8% senior notes due 2025, refinance all term loan B debt, and partially redeem 9% senior notes due 2025; Laval, Quebec-based health care company; possible business for Jan. 17 week; initial guidance mid-5% area.

On The Horizon

ENTEGRIS INC.: Up to $895 million 364-day senior unsecured bridge loan, and up to $4 billion term loan B; Morgan Stanley; proceeds plus cash on hand to fund the cash portion of the acquisition of CMC Materials Inc., expected to close in the second half of 2022, also refinance certain CMC and Entegris debt, to fund working capital and for general corporate purposes; Billerica, Mass.-based Entegris and Aurora, Ill.-based CMC Materials supply products and services to the semiconductor industry; financing disclosed in 8-K filed with SEC on Dec. 16.

MCAFEE CORP.: $2.32 billion senior unsecured bridge facility, which may be replaced with senior notes; also $7.66 billion credit facilities; debt commitment from JPMorgan, BofA, Credit Suisse, Barclays, Citigroup, HSBC, RBC, CPPIB, UBS, PSP; to help fund its acquisition by an investor group led by Advent International Corp., Permira Advisers LLC, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Ltd. and Abu Dhabi Investment Authority, expected to close in first half of 2022; San Jose, Calif.-based provider of online protection for consumers; information from 8-K filed with SEC on Nov. 8.

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.

SPX FLOW INC.: $570 million senior unsecured bridge loan expected to be replaced by senior notes issue; also $1.74 billion senior secured credit facilities; debt commitment from Citigroup, BofA, RBC, Truist, BNP Paribas, Deutsche Bank; to help fund buyout by Lone Star Funds, expected to close in first half of 2022, to refinance debt and for general corporate purposes; Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets; disclosed in PREM14A filed on Jan. 11 with SEC.

Roadshows

Started Jan. 19: COVIS PHARMA $850 million; Barclays

Started Jan. 24: ATHENAHEALTH $2.35 billion; Goldman Sachs

Started Jan. 24: EMBECTA $500 million; Morgan Stanley

Started Jan. 24: CERDIA FINANZ $600 million; Jefferies, Barclays, BofA, Credit Suisse, Deutsche Bank, Goldman Sachs, NatWest, UBS

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