High Yield Calendar: $2.1 billion in the market

January 31 Week

PMHC II, INC. (PRINCE INTERNATIONAL CORP.) $1.256 billion two-part notes: $500 million senior secured notes due 2029 (B3/B-) initial talk mid-to-high 5% area, and $756 million senior unsecured notes due 2030 (Caa2/CCC+) initial talk low-8% area; Barclays (lead books, bill and deliver), Credit Suisse, Goldman Sachs, Jefferies, KeyBanc, Deutsche Bank, HSBC, BofA (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after three years at par plus 50% of respective coupons; to help fund acquisition of Ferro Corp. and repay debt (proceeds to be escrowed pending acquisition; mandatory par call if acquisition not consummated by Aug. 11, 2022); Houston-based supplier of mineral-based products, engineered additives, and specialty coatings; roadshow through Feb. 2.

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; roadshow was scheduled to end Jan. 26 (debut issuer).

On The Horizon

ACURIS FINANCE 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, price talk 6% area (initial talk low-to-mid 6% area), and euro-denominated notes, price talk 4¾% area (initial talk mid-to-high 4% area) tranche sizes to be determined (expected $500 million and $350 million equivalent euro); 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 (delayed as of Jan. 28).

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.

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. 28: PRINCE INTERNATIONAL $1.256 billion; Barclays

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