High Yield Calendar: $600 million in the market

July 18 Week Business

CAMELOT RETURN MERGER SUB INC (CORNERSTONE BUILDING BRANDS INC.): $600 million six-year senior secured notes; Deutsche Bank, UBS (co-left lead books), Barclays, BNP Paribas, RBC, SG, Goldman Sachs, Natixis, Jefferies (joint books); Rule 144A and Regulation S; non-callable for two years; proceeds plus $410 million first-lien term loan and $464 million of CD&R contributed PIK HoldCo debt to purchase 51% of shares outstanding by affiliates of Clayton, Dubilier & Rice; Cary, N.C.-based manufacturer of exterior building products; roadshow July 13-19; investor call July 13.

Expected July Business

PEGASUS MERGER CO. (TENNECO INC.): $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes; also $2.4 billion senior secured credit facilities; to help fund acquisition of Tenneco by Apollo (enterprise value approximately $7.1 billion), expected to close during second half of 2022, and refinance some existing debt; also $1.65 billion of equity; Skokie, Ill.-based aftermarket auto components supplier; pre-marketing was underway during July 4 week; expected mid-to-late July business.

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).

MONEYGRAM INTERNATIONAL INC.: $500 million unsecured bridge loan and $800 million senior secured credit facilities, debt commitment from Goldman Sachs, Deutsche Bank and Barclays; proceeds plus $810 million equity to fund the buyout of MoneyGram, a Dallas-based digital P2P payments company, by Madison Dearborn Partners LLC; disclosed in 8-K filed with the SEC on Feb. 16.

TENGA INC.: $1.496 billion senior secured bridge loan and $2.715 senior unsecured bridge loan; also $4 billion senior secured credit facilities; debt commitment from RBC, BofA, Goldman Sachs, Truist, BNP, Credit Suisse, Jefferies, Mizuho, TD, Barclays, Deutsche Bank, MUFG, Citizens, SMBC; to help fund its acquisition by Standard General LP, expected to close in second half of 2022; Tysons, Va.-based media company; information disclosed in PREM14A filed on March 25 with SEC.

Roadshow

July 13-19: CORNERSTONE BUILDING BRANDS $600 million; Deutsche Bank, UBS.

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