High Yield Calendar: €500 million in the market

April 29 Week

LA DORIA SPA: €500 million long five-year senior secured floating-rate notes (/B/B+); Deutsche Bank; proceeds to fully refinance €346 million bank debt due 2028 and 2029, to fund a €125 million one-off dividend payment to shareholders and for general corporate purposes; pricing expected April 30

On The Horizon

ABERCROMBIE & FITCH CO.: New debt to refinance $300 million Abercrombie & Fitch Management Co. 8¾% senior secured notes due July 2025; JPMorgan; New Albany, Ohio-based specialty retailer; possible fourth-quarter business

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, 2022)

ASDA GROUP: £1.75 billion of other senior secured debt; also €1.05 billion term loan via joint physical bookrunners Barclays, Deutsche Bank, JPMorgan, HSBC, launches on April 23 investor call; proceeds plus balance sheet cash to refinance majority of 2026 maturities; Leeds, U.K.-based supermarket chain.

CONNECT HOLDING II LLC (BRIGHTSPEED): $1.865 billion senior secured notes; to support the carve-out acquisition of Lumen Technologies’ incumbent local exchange carrier (ILEC) assets and all associated operations across 20 states by Apollo Global Management, Inc.; Brightspeed, a broadband and telecom services provider, will be based in Charlotte, N.C.; postponed September 2022 due to market conditions.

ENDEAVOR GROUP HOLDINGS INC.: $8.5 billion debt financing to help fund Silver Lake LBO, equity value $13 billion, expected to close first quarter of 2025; debt commitment from JPMorgan, Morgan Stanley, BofA, Goldman Sachs, Barclays, Deutsche Bank, RBC; also $6.38 billion equity from Silver Lake and $500 million preferred equity from DFO Private Investments and Thirty Fifth Investment; Beverly Hills, Calif.-based sports and entertainment company; disclosed in SC 13D/A filed April 3 with SEC.

GLOBAL AIRCRAFT LEASING CO. LTD. (GALC) and GLOBAL SEA CONTAINERS II LTD. (GSCL II): $1.95 billion five-year senior PIK toggle notes (Ba2//BB-); Rule 144A for life and Regulation S; non-callable for two years; asset sale call for up to $1 billion at 102 during non-call period; Morgan Stanley (sole); to repay Global Aircraft Leasing 6½% notes due 2024; GALC is an indirect, wholly owned subsidiary of Bohai Leasing Co., Ltd. (controlling shareholder HNA Group) which owns 70% of Avolon Holding Ltd. outstanding shares, a leading independent aircraft leasing company, GSCL II is a Bermuda registered transport and container leasing company (both GALC and GSCL II controlled by HNA Group Co., Ltd.)

GRIFOLS SA: Announced intention to pursue issuing new senior secured notes; to refinance 3.2% senior unsecured notes due 2025; Barcelona-based health care company; disclosed in April 10 press release.

STATION CASINOS LLC (RED ROCK RESORTS): $750 million unsecured debt, disclosed among details on $1.32 billion term loan due 2031 (BB+) via JPMorgan, Deutsche Bank, launched on March 4 lender call, commitments due March 7; to refinance an existing $1.45 billion term loan B due 2027, to refinance $512 million revolver due 2025 and to pay down $154 million term loan A due 2025; Las Vegas-based gaming, development and management company

TEMPUR SEALY INTERNATIONAL INC.: New secured and unsecured financing to help fund its acquisition of Mattress Firm Group Inc. for approximately $2.7 billion, expected to close during the second half of 2024, and repay Mattress Firm’s outstanding debt; JPMorgan is sole financial adviser to Tempur Sealy; Goldman Sachs, Barclays and Jefferies are financial advisers to Mattress Firm; Tempur Sealy is a Lexington, Ky.-based bedding products company; Mattress Firm is a Houston-based mattress specialty retailer; disclosed in 8-K filed May 9 with SEC

TWITTER INC. (X HOLDINGS): $3 billion one-year senior secured bridge loan and $3 billion at SOFR plus 675 bps, 0% floor, 50 bps step-ups every three months up to a specified cap, and $3 billion one-year senior unsecured bridge loan at SOFR plus 1,000 bps, 0% floor, 50 bps step-ups every three months up to a specified cap, expected to be replaced with $3 billion senior secured notes and $3 billion senior unsecured notes; proceeds plus $7 billion credit facilities to help fund acquisition of Twitter by an entity wholly owned by Elon Musk; San Francisco-based online social networking service

Bridge Loans

EVERI HOLDINGS INC./INTERNATIONAL GAME TECHNOLOGY INC. (IGNITE ROTATE LLC): $1 billion senior secured bridge loan expected to be replaced with the issuance of senior secured notes or other high-yield debt securities, also $3.22 billion senior secured credit facilities to fund merger of Everi with International Game Technology plc’s Global Gaming and PlayDigital businesses, enterprise value roughly $6.2 billion, expected to close late 2024 or early 2025; Deutsche Bank and Macquarie Capital (USA) Inc. (joint lead arrangers and bookrunners); after closing, Everi, a Las Vegas-based gaming technology company, will change its name to International Game Technology; disclosed in 8-K filed Feb. 29 with SEC

MASONITE INTERNATIONAL CORP.: $980 million senior secured bridge loan and $1.8 billion senior secured term loan B to support its acquisition of PGT Innovations Inc. in a transaction valued at $3 billion, expected to close in middle of 2024, debt commitments from Jefferies, Sumitomo Mitsui; financing also to include $350 million of mandatory convertible equity, cash on hand and borrowing under existing credit facilities; Tampa-based Masonite is a designer, manufacturer, marketer and distributor of interior and exterior doors and door systems, North Venice, Fla.-based PGT is a designer and manufacturer of patio door and window solutions; disclosed in 8-K filed on Dec. 18 with SEC

SIRIUSXM HOLDINGS INC.: $1.1 billion senior secured 364-day bridge loan to support combination of Liberty Media Corp.’s Liberty SiriusXM tracking stock group and SiriusXM to create a new public company, expected to close early third-quarter 2024, commitment from Morgan Stanley, BofA and JPMorgan; SiriusXM is a New York-based audio entertainment company; Liberty is an Englewood, Colo.-based media company (combined company will continue to operate under the SiriusXM name and brand); disclosed in 425 filed Dec. 13 with the SEC.

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